Publisher's Summit part 3

Transcript

1. Developing a Digital Strategy 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 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?
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. Revenue Streams and Cost Structure Investing in Key Assets and Capabilities Defining a Unique Value Proposition Understandin g Customer Relationships in a Digital World Competing in a Networked World Reaching Current and New Customers The Components of a Customer- Focused Digital Strategy Credit: Penelope Muse Abernathy, JoAnn Sciarrino - The Strategic Digital Media Entrepreneur
5. Three Types of Problems and Employees • Prospectors Entrepreneurial • Analyzers Engineering • Defenders Administrative Credit: Raymond Miles, Charles Snow et al, “Organizational Strategy, Structure and Process”
6. Identifying Your Key Assets Capabilities that have value to your current customers and prospects Relationships with your employees, vendors, competitors and partners Channels for reaching current and new employees Credit: Paul Leinwand and Cesare Mainardi, The Essential Advantage
7. Reinforcing Your Unique Value Proposition What capabilities support your unique value proposition? Given how customer habits are changing, what capabilities will be needed?
8. A Four-Step Process for Managing Costs and Increasing Investment Lights On Table Stakes Capabilities- Driven Costs Everything Else Credit: Paul Leinwand and Cesare Mainardi, The Essential Advantage
9. Matching Audience Potential with Assets Credit: Penelope Muse Abernathy, JoAnn Sciarrino: The Strategic Digital Media Entrepreneur
10. A Strategy for Each Quadrant Credit: Penelope Muse Abernathy, JoAnn Sciarrino: The Strategic Digital Media Entrepreneur
11. A Strategy for Moving Between Quadrants Credit: Penelope Muse Abernathy, JoAnn Sciarrino: The Strategic Digital Media Entrepreneur
13. Dealing with Competition from: Traditional Rivals Potential New Entrants Substitute Products
14. How Will You Grow? Organically Through Acquisitions With Partnerships
15. Choosing the Right Partner 1: Identify potential partners 2: Identify target audience of potential partner 3: Identify resources and capabilities of potential partner 4: Assess economic value of partnership, long-term and short-term 5: Determine metrics to evaluate success
16. Assignment: 1 – Draft a two or three-sentence vision for your newspaper. This should state your goals for the next three to five years. 2 – Identify three opportunities that will help you achieve these goals, as well as three potential threats.