We are a
storytelling society. Think about someone you know, or perhaps someone famous
and think about what attracted you to them. Chances are it could be the way
they communicate and their ability to tell a good story.
Storytelling
doesn't mean making things up, though a good old fashioned 'tall tale' can be
very entertaining. In business, the art of telling a good story often comes
down to your ability to communicate effectively the highlights of your business
purpose. Telling someone facts about your company, but doing so in an engaging
and effective way is a key to communication, and thus sales.
I talk a lot
about the story the media industry has to tell. And despite the regular
beatings our advertising department's take with advertising agencies and other
advertisers, I still think the story the industry has to tell is a great one.
Digital
continues to disrupt every segment of our lives daily. It was just announced
that Amazon was purchasing Whole Foods. The impact of just that one transaction
will send ripples of innovation and change throughout even more areas of our
life, including the way we purchase food. The digital disruption of the media
industry, I believe has the potential to be our friend if we harness the power
of the changes happening all around us. For that pending battle of local media
companies, the newspaper industry still has the high ground on the digital
battlefield. Look at our competitors,
and tell me what you see.
Broadcast
radio has seen tough audience and revenue declines. As their audience
transitions from a analog to a digital platform, where are they going? Very few
local radio stations have successful live streaming of their products online.
Most of the audience looking for a digital alternative are going to Pandora,
Spotify, Amazon or Sirius/XM for digital music. The ESPN app, Fox News and CNN
apps do well with digital content for talk radio listeners. The digital
migration is away from the local radio station's content, and thus away from
their ability to sell ads and make revenue.
The same is
true with TV and cable. Netflix and Hulu are doing very well with original
programming. Amazon has recently jumped into that mix too. Even Facebook is
reportedly in Hollywood now looking for original programming. The largest
network for video content is now
YouTube! Cable TV is taking a hit too, thanks to Apple TV, Tivo and others who
create a world of cable through the internet. The DVR that comes with my cable
subscription is also a way for me to zap out a lot of commercials, either by
fast forwarding through the commercial content or by watching shows on-demand.
Sure, there are some commercials on-demand but the inventory is significantly
less.
The
fragmentation of the radio, TV and cable industries is making the large
audience more elusive than ever. But when a newspaper subscribers stops their
newspaper subscription, where do they go for local news? They are going to the
newspaper's own website. Sure, our subscribers are also going to other websites
like CNN.com, FoxNews.com or others for national and international news. But
when the local school wants a bond to build a new school, that information is
still content that the local newspaper will get. In many (most, perhaps?)
markets, the local newspaper and its website will be the only place that can be
found.
In a world
full of fake news, the reliability of a newspaper in a local community is more
important that it has ever been. And our ability to explain to readers and
advertisers why we are doing what we do, and why it is so important to the
community we serve is extremely important.
