Publisher's Summit part 2

Transcript

1. Who Are Your Customers and What Do They Need From You 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. The Key Question: What must community newspapers do to remain relevant (and therefore profitable) in the digital age?
3. “Your strategy is your promise to deliver value: the things you do for customers, now and in the future, that no other company can do well.” Credit: Strategy & consulting group
4. Three Key Strategy Questions Who is your primary customer? How do you currently prioritize customers, employees and shareholders? What performance variables are you tracking? Credit: Robert Simons, Seven Strategy Questions
5. Understanding Your Readers and Advertisers Types of Research Secondary or Syndicated Research Focus Groups Self- Administered Surveys In-depth Interviews
6. What We Know From Our Surveys • Current readers remain loyal, but their habits are changing VERY quickly • Advertisers are confused and searching
7. Four Digital Trends Time spent with digital increasing More user-generated content Pace of change accelerating A dramatic shift to mobile Credit: Mary Meeker - Kleiner Perkins Caufield Byers
8. What We Are Learning About Consumer Behavior During This Period of Transition • Technology is a behavior, not an audience • The news cycle is asynchronous, not continuous - Tom Rosenstiel, API
9. Key Questions: Building Loyal Community on Many Platforms • How many of your current readers are loyal? • Why are they loyal? • What do they care about?
10. What We Know About Building Community and Reader Loyalty on Many Platforms • Our customer habits are changing rapidly Newspapers must cover geographic communities AND communities of special interests
11. Identifying Your Target Customer Segments What does a target customer segment want and need from your newspaper? Does the target customer feel you are solving a problem, or potentially creating one? Why is this target customer acting in a certain way?
12. The Customer Pyramid
13. Key Questions: Pursuing New Revenue • How well is your advertising serving the needs of the advertisers? • How well can your sales team sell across multiple platforms?
14. What We Know About Pursuing New Revenue • Advertisers are confused and want guidance • Local newspapers are still the best advertising mediums for most local businesses • By purchasing two or more mediums, advertisers significantly increase reach and effectiveness Newspapers need to position themselves as multi-platform mediums by revamping rates, compensation, sales strategy and training
15. The Various Uses of Advertising • Create awareness of the need • Create demand for a product • Introduce a product • Encourage purchase • Put consumer and seller together • Encourage re-purchase • Differentiate an existing product • Attribute more value to a product • Reinforce loyalty with existing clients
16. Mapping the Journey of Your Readers and Advertisers Awareness Consideration Purchase Post-Purchase
17. The Art of Pricing Cost Based Demand Based Value Based
18. Establishing New Performance Variables Using Periodic Loyalty Surveys - Asking one simple question to assess current strength Customer Lifetime Value (CLTV) Calculations - Determining long-term revenue potential of a customer segment vs. acquisition and retention costs
19. Assignment: 1 – Identify three high-potential segments of readers in your market, based on their special interests and size of this market. 2 – What are their specific wants and needs? How well are you serving these customers now? What could you do to serve them better?