Newspaper Transition & Web Revenue Strategy 2009 Mel Taylor Media Online Revenue Strategy for Local Media www.MelTaylorMedia.com 267-625-5313 A Pop Web Group Company. [email_address] 12/3/08
Newspaper Transition & Web Revenue Strategy 2009 This report is a ‘best practices’ summary of observations, experiences and facts that were collected over the past 18 months. We believe it’s a realistic roadmap for local Newspaper media to follow, in 2009. It’s primarily focused on business, sales structure, and web revenue models. It touches lightly on content. Much of the information contained within, applies to local Television & Radio Broadcasters as well. Contact us if you are interested in the Radio or Television version of this report.
questions we ask local media managers your advertisers are moving online. are you offering web to all of them?
what % of your traditional clients use online advertising ? do your reps know? questions we ask local media managers
what % of your traditional clients want to use online advertising, but don’t know how ? questions we ask local media managers
BIG question we ask what % of your traditional clients are regularly offered web? typical answer: not sure, but probably well less than 25%
newspapers capture large share of local online revenue, yet they still leave a lot of money on the table that’s alot of upside for newspapers to gain… and for pure-plays/competitors to go after how pure-plays are gaining LOCAL share
compensation must become primarily, commission based.
bonus & penalty when selling web. no longer ok for sales rep to hit print number, and miss web number. In this case, rep loses print bonus.
threat of sales staffers quitting greatly reduced in this environment, due to lack of available jobs. radio reps are strong candidates as replacement hires; they’re used to cold calling, direct sales & creative cross-platform packaging.
culture transition via job description modification
no longer a newspaper company
now a local news & info company
aggregate, distribute & sell… multi-platform
how newspapers are fixing that issue management transition > legacy managers , no matter how successful they’ve been, may not be best suited to build the web business > creation of ‘vp advertising’ or ‘chief revenue officer’ understands and is responsible for all revenue opportunities.
how newspapers are fixing that issue management transition > consistent training for top & middle managers how can they manage what they don’t fully understand?
newspaper tactics to grow local, online revenue share
online only sellers & multi-platform super sellers
consistent training of traditional sales force
specialized web training of top & mid management
change job description & commission structures
target print, broadcast, & interactive budgets
creation of local ad networks
how newspapers can own local, online news/info space
low cost of video news gathering & production
leverage new tech: video cell phones, wireless, etc.
leverage large newsrooms
reporters becoming MOJO’s : indie mobile journalists
leverage publishing & layout experience
24/7 web-first newsroom
local blogger network & aggregator strategy
notable newspaper initiatives specialty sites determine online content & revenue hole in market, and fill it with a separately branded web site. leverage power of legacy assets: content development, IT & design staff, marketing & sales staff, advertiser relationships, etc. www.Metromix.com www.LVBrideandGroom.com www.ToastedRav.com www.PHrequency.com
Expert Web sales training; how to overcome common objections
Overhaul of sales presentation & packages
Set goals, get input from local staff
Co-development of all materials, strategy
Return day before event; training/prep
Up to 3 sessions a day, over 2 days
optional sessions: retail, agency, real estate, etc
In the field calls, day after
call or email for more info. we specialize in building web revenue. guaranteed. Mel Taylor Media Online Revenue Strategy for Local Media www.MelTaylorMedia.com 267-625-5313 A Pop Web Group Company. [email_address] 12/3/08