In last months In The Know we mentioned the exhortation of Rooms To Go founder, Mort Seaman, that advertising be more innovative. No doubt a worthy goal.
But, shouldn’t that also apply to any research being conducted to drive both strategic decisions within newspapers and the ways in which advertising departments are interacting and responding to their customers? That certainly makes sense.
With such notions as catalysts, the following might be ideas worth exploring. They are just that – "ideas". Take them and run with them, or let us know which ones you believe have the most merit. Only time will decide whether or not they do...
Disclaimer: "Ideas" are a dime a dozen. The real challenge is in the EXECUTION. Our hope is that by sharing these, one might actually evolve in to a product serving the industry and/or someone might see seeds of opportunity that alter current newspaper paradigms in worthwhile ways.
Last disclaimer: research – no matter how innovative – does not replace relationships! See what you think...
#1. PREDICTION; not reflection. Most research takes a snapshot of the opinions or demographics or actions of that market. It is only via the trending of such "snapshots" consultants attempt to extrapolate forward. Is there a better way? Should there be?
We’re beginning to see applications that accurately predict behavior, but they are few and far between. Before long I’ll bet there are more available and at a reasonable investment.
Even before we reach that, researching – with accurate findings –thinner verticals and niches will be commonplace. What motivates job seekers? How do consumers in one zone behave differently than another? Maybe even a more accurate view of single copy buying behavior? It’ll be great to have these insights.
#2. Beyond syndication. There are some wonderful tools supporting advertising departments in multiple media built upon syndicated data. They are enormously valuable.
However, any syndication, by definition, limits flexibility. There has to be a "best of both" worlds something on the horizon to allow more of what advertisers are seeking. More depth...breadth...an as yet little used metric that allows newspapers to provide more insights in to the customers of THEIR customers. And, then segments (then, DELIVERS) these findings so the ultimate is achieved – increased advertiser investment, yet with a decreased cost of goods. I like the way that sounds.
If you take an inventory of the standard issues addressed and questions asked in a typical advertising survey you’ll find there hasn’t been change lately. We should maintain metrics which serve us – and customers – and, seek new understanding of evolutionary issues important to those same customers. Readership by section, circulation by day of the week, comparisons to other media, value of TMC’s, how editorial impacts advertising, pre print pass along? Sooner or later we’ll begin to explore these answers – our customers will (in some cases, are!) demand it.
#3. Speed. One of the real Achilles Heel’s of the newspaper business is the inability to act quickly. Check that...to make a decision quickly. Regardless of the reasons for this trait, it needs to change. Soon.
We see evidence of the damning effects of this arrested thought process each time we measure a market in the form of slightly lower readership...or, in a particular category of advertisers who relies on a different ad medium today, when newspapers were THE choice a short time ago (think internet)...or, what about our slowness in realizing how important collaboration can serve us well – that other newspapers are not the enemy. If there is an "enemy" (other than ourselves) look towards other media and note how fast most are acting? We should be taking advantage of the fact the internet has hurt others much more than newspapers.
From a research standpoint, we need to apply methodologies and techniques to find answers quickly. Not necessarily the "just in time" tools occasionally seen in other industries, but awfully close. How else will we keep up with customers demands that change daily.
Think about it – if you visit an internet site and are disappointed in the experience, how often do you return? The same applies to retail/service experiences... we simply don’t tolerate mediocrity when there are so many other choices. Research can help us understand the rapidly changing interests and choices our customers are making and allow us to delight evolving readers and guide advertiser media expenditures, too.
#4. Advertising ROI. How long has the old saw about newspaper advertising working 50% of the time applied. Better yet, how long will we let it? Sooner or later we’ll reliably be able to tell advertising customers who pay our freight exactly HOW MUCH advertising will be the right amount to deliver a desired RETURN. That will undoubtedly mean slicing and dicing segments of the newspaper audience in ways we have not contemplated previously, but so be it.
Stay tuned to this newsletter to learn how Belden Associates is responding to these unfolding opportunities and even attempting to anticipate reader and advertiser needs.
For those attending the NAA Marketing Conference – We’ll be there. Hope we get the chance to visit.