Publisher_s_Summit_part_1.pdf

Transcript

1. What We Know So Far Penelope Muse Abernathy Knight Chair of Journalism and Digital Media Economics Center for Innovation and Sustainability in Local Media UNC School of Media and Journalism Looking at the Future of Texas Community Newspapers Texas Christian University October 13, 2017
2. Epiphany #1: It is critical that community newspapers survive.
3. What is a community “newspaper”?
4. Developing a 21st Century Definition of “Community Newspapers,” Based on Mission Not Circulation
5. What “Great Thinkers” Say Historically, community newspapers in the U.S. have: • Set the agenda for debate of public policy issues • Encouraged regional economic growth and development • Fostered a sense of geographic identity
6. Epiphany #2: Good journalism alone won’t sustain you if your business model is broken. Epiphany #2: Good journalism alone won’t sustain you if your business model is broken.
7. Fewer Newspapers, Fewer Readers
8. A Decade of Turnover and Consolidation: Where Newspapers Owned by the 25 Largest Companies are Located: 2017
9. The Pros and Cons: Three Current Ownership Models 1) Large chains 2) Private or family-owned 3) Nonprofit or low-profit
10. Epiphany #3: Editors and publishers need to adopt a new way of thinking about and nurturing community.
11. The Experience in Other Industries Cost structure Customer base Revenues
12. Newspapers Must Respond With a Three-pronged Strategy Approach:
13. What You Need To Do Follow the technology Follow the customer Follow the money
14. Follow the technology • You cannot cost-cut your way to long-term sustainability • You must try to skate to where you think the puck will be five years from now
15. Follow the customer • Customer habits and preferences are changing even more quickly than anticipated • The future is mobile
16. Follow the money • Newspapers are leaving money on the table • Your journalists and advertising sales reps must become digital experts
17. The Foundation of a Business Plan Consists of: Your Mission: Why do you exist? Your Vision: What are your goals? What do you hope to accomplish? Your Strategy: How will you accomplish your vision and mission?
18. “Strategy… is the series of choices you make on where to play and how to win to maximize long-term value. Execution is producing results in the context of those choices.” Source: Ken Favaro, strategy+business
19. A Digital Strategy Addresses Three Areas: Content Technology Marketing
20. If You Were Creating a Business Plan from Scratch, You Would Provide Investors with Insight into: Context: The environment in which you will operate Opportunity: Your target customer and size of market Risk and Reward: Everything that can go right or wrong People, Processes and Procedures: What capabilities do you have? Credit: William Sahlman, Harvard Business School
21. The First Step: Performing a SWOT Analysis Strengths Weaknesses Opportunities Threats Internal External
24. Find “Spotlight on Research” here
25. Assignment: 1 - Draft a simple mission statement for your newspaper. (It should be no more than a couple of sentences. If you are stumped, imagine what your community would be like if your newspaper ceased to exist). 2 – Identify three strengths and three weaknesses of your newspaper in its current form. Remember that there are three legs to a digital stool: content, marketing and technology.