No, it’s not your GPS.
Niche CEOs in both B2B and B2C gathered at the Niche CEO Summit in Washington DC last week to talk about how to transform their current revenue models. They discussed the latest ideas on strategy, growth and the demands of leading an organization to success.
Media companies need to transform their digital revenue strategy.
Kevin Novak, a keynote speaker and digital publishing whiz, shared his insights on how media businesses can make changes that produce results. Not surprisingly, everyone listened closely. If you weren’t able to attend this year, we interviewed Kevin about why publishers should consider making changes in the digital space. Here he shares a case study to illustrate the point.
First, evaluate ways to leverage your data.
“An advertising and circulation-based traditional publisher focused in the financial banking and accounting industry is currently transforming their business model. The publisher’s model was formerly based in print advertising across its many publications. Like Hanley Wood, which attendees heard about during the Summit, it recognized the types and amount of data it is collecting across its many digital properties and identified ways to leverage the data into new products, new research and leverage with advertisers.”
Then identify action items and visualize for growth.
“The subsequent transformation required hiring knowledgeable staff, acquiring and implementing the right technology and data management platforms. They also had to determine ways to deepen and grow its data repository to include industry, subject matter and prospect and current audience attributes.
Most importantly, the transformation required stepping away from how it traditionally operated and conducted business to see how it could evolve, transform and adapt to digital and plot its path forward into the new digital economy. It also required identifying whom the publisher wanted and needed to be going forward and selling off existing publications, shutting down products and changing the staff complement.”
Don’t be afraid to get tough.
“Each element of the transformation towards a new digital revenue model requires making hard and realistic decisions. Time is of the essence and the market doesn’t have the patience to wait for you. Your competitors are moving forward, take the hard look, identify your strategy and path and get started.”
Editor’s Note: Looking for more digital strategy and ideas? The Niche Digital Summit takes place September 25-27, in Chicago, and is 100% focused on driving online revenue for niche media businesses.
More about Kevin: Kevin Novak is the Founder and CEO of 2040 Digital, a full-service digital strategy firm. He also serves on the Board of Directors Executive Committee for the Business Information Association (BIA-Connectiv) representing B2B and B2C for profit and non-profit publishers. In addition, Kevin serves on The Board of Directors for the Business Press Education Foundation, and the Board of the Specialty Information Publisher’s Association, He is also serving as an adjunct faculty for the University of Maryland.
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