What's the research ROI?
Talk to us...demand it...take advantage of the
decades
of experience and tens of thousands of interviews
conducted annually to make our relationship even more
valuable.
We know our "growth" and "quality"
resolutions will naturally occur if we are
successful and accomplish the other stated goals. If
you know of them and help hold us accountable,
there's a better chance we all will benefit. Thanks in
advance.
A good client - and friend - expressed their "vision"
(that's almost the same as a resolution, isn't it?) for
not only the paper he works at, but this genuinely
applies to the entire industry, in words which should
resonate strongly. See what you think...
"Regardless of whatever hi-tech, internet future we
are headed towards (if that's really where we're
headed) RIGHT NOW, this good old fashioned, time
tested and oh so comfortable broadsheet generates
90+% of our revenue and more than that of our profit.
Therefore, the better we understand our AUDIENCE,
the longer we'll maintain and maximize the existing
financial model and the better off we'll be migrating or
niching to whatever our future holds."
(Italics and CAPS for emphasis and this is paraphrased,
but the spirit lives in those words.)
What seems to be the most important takeaway is
that no matter what metric you are using to size your
audience or how you
are measuring success - circulation, readership, RBS,
EBITDA, OCF, retention, churn, unique visitors, cost
per thousand, you name it - we still don't know
enough about our CUSTOMERS! We must make that
an immediate and persistent priority no matter what
strategic challenges confront us.
Admittedly, this means more research! But, it also
means more investment in systems and database
management and technology and automation and
training. More systematic communication with
customers so that market and product development
are lockstep in stride with each other. So that we're
not struggling to keep up with a Craig's List or
perpetually hoping a new retailer will come to the
market and allow us to achieve that unrealistic budget.
Put another way: Let's fight for what is ours!
Demography (aging baby boomers, a wonderful
customer segment) and technology (internet, pda's,
S.P.O.T. watches, Tivo, you name it) and dramatically
increased competition (3000 seemingly non stop
advertising messages a day from surprising directions)
are all wreaking havoc on our once comfortable
space. Until we have a thorough understanding of all
the ways the multiple customer segments we serve
(and, this will come to mean one-to-one
marketing when our advertising customer's request it)
want to consume their news and information and link
that across our entire platform (s) we are not fighting
hard enough.
Not just the numbers of readers by section or zip or
particular demo, but also their emotional connection
(or disconnect) to our enterprise. That will become
more and MORE important...if it is not too late,
already.
As an example: With all the focus on declining single
copy sales, what IS being done to understand the
hearts and minds of this important audience segment?
For as long as most of us have been toiling in this
great industry advertisers have been asking for more
single copy insights. What do we know? More
importantly, when WILL we know the basics like
frequency, where ab=nd why purchased, demographics
and what emotional relationship exists with our single
copy customers.
It is time to circle the wagons, make the required
investments and earn what we have long treated as
an entitlement by taking magnificent, smile inducing
care of ALL OF OUR CUSTOMERS!!