The American Business Media Annual Conference last week in Jacksonville, Florida, was a really interesting one, for a whole lot of reasons. This year's conference was certainly the last of a breed.
With the ABM membership voting last week to approve a merger with the Software & Information Industry Association, the ABM is no more, at least as the 107-year-old independent entity it once was. Now, really, all is up in the air. Whether CEO Clark Pettit stays on board beyond the fall is an open question. Probably not. Same for CFO Todd Hittle. I'll be following up in the days ahead with the SIIA chief, Ken Wasch, for answers on these and other questions.
In the meantime, some observations:
â˘ I had a brief conversation with Wasch at the Saturday night dinner hosted by Glenn Hansen and the folks at BPAWW. There were perhaps 30 people at that dinner, which was a terrific networking event. But I was there in prior years when that BPA dinner was three times as large as it was in 2013. That dwindled group was somehow symbolic of the state of the ABM itself.
â˘ Back in the day, in the 1990s, the ABM eventâthen called the Spring Meetingâwas a true annual gathering of anyone who mattered in the business-information space. It included all the big players of the big companiesâmostly middle-aged men whose surnames were also their companiesâ names. Everyone wore tuxes and gowns to a formal event on the Tuesday night. (One of those meetings, at the Greenbriar Resort in 2001, especially stands out.) Those executives were the core of the ABM, and there were enough of them to support a robust association. Some are still around, but not enough. It was left this year to Roger Friedman, whose father founded Lebhar-Friedman in 1925, to offer a final tribute to that old American Business Press.
â˘ Later, into the final years of the 1990s and the early 2000s, the ABM meetings were where operating executives and their private-equity backers converged to do deals. The brokerage firms would be there in force, hosting invitation-only dinners and sponsoring lavish cocktail parties and golf. This year, I saw one person from JEGI, and he might have been the only investment banker I saw, other than John Wickersham of Atwood Capital Partners, who noted from the stage that there were no private-equity firms there this year. Again, a barometer of the health of the association.
â˘ The ABM board members and senior staff were remarkably frank about the financial state of the associationâone of the reasons for the merger with SIIA was a small cash reserve and a burn rate that might have jeopardized the association's existence by the end of the year. It was striking.
â˘ I think what happened to the ABM was several things:
1. The disintermediation of marketing communications caused a flood of dollars into search, into lead-generation, and into marketers' own Web efforts, and out of b-to-b media companies.
2. Spending on digital advertising doesn't generate the same amount of revenue as print did.
3. Data providers and information companies became much more important, and they didn't join ABM.
4. Digital-only startups proliferated and began achieving scale, and they also didn't join ABM.
5. Technology media companies like Ziff Davis, IDG or UBM either stopped being involved in the association or they downsized themselves into oblivion.
6. Traditional b-to-b media companies struggled through the recession and vast secular changes, and some opted not to be members of ABMâwhich as a staff-dependent organization charged relatively high dues.
7. As ABM revenue declined, so did its level of services, causing an acceleration of the pattern.
â˘ At any rate, here we were at ABM 2013, watching the last of the independent ABM conferences. Many sessions were strong, and told of the great amounts of innovation among ABM companies. Wickersham in particular offered one of the most insightful looks I've seen of what the traditional model of b-to-b media looked like, and what the advanced model needs to look like (see accompanying slides). The merger with the SIIA seemed promising to most people, and the larger association gives ABM members access to rich resources from like-minded companies.
â˘ One session perhaps summarized the conflict that the ABM of the last 10 years has faced. Rafat Ali, founder of Paidcontent.org and more recently of the b-to-b travel-industry site Skift, called out Northstar Travel Media by name, even as Northstar CEO Tom Kemp sat in the front of the room. Ali lit Northstar up, claiming that the company (and other traditional players in the space) are basically resting on their laurels, have an old-school approach to media, donât link to other sources in stories, are not innovative, are afraid to take on major advertisers, and don't have a cohesive view of the travel industry that includes air travel, hotels and destinations under a single umbrella.
Ali described his own startup company as one that doesn't sleep, that works on weekends, and doesn't need to own the "story," just the "conversation." In response, Kemp sarcastically noted that itâs true Northstar has an "old-school" problem: Itâs called revenue. In response to that, Ali tweeted that, âa 60mn company, with tiny margins, isnât exactly a revenue behemoth in travel, for being decades old.â
Goodbye, American Business Media.
Tony Silber is General Manager of FOLIO:. Follow him on Twitter: @TonySilber.
âThis was supposed to be a list of engineers at the car manufacturers. Why have you got so many people in here at supplier companies, like Bosch and Goodyear?âIt was aÂ reasonable question. The BPA statement for our automotive industry magazine showed the circulation neatly categorized by vehicle manufacturers and automotive parts suppliers, and then by job. I should have had no problem delivering a list made up only of design engineers at companies like Ford, GM, and Honda.Or so you would think.As I explained to the sales rep fuming over the list heâd requested, all those BPA numbers really represented was how many people checked a particular box on our subscription form and had one of twelve words in their job title. Yes, we had suppliers who checked the car manufacturer box, just as we had design engineers at Ford who checked âotherâ because (as they would explain in precisely lettered corrections) âthere is no manufacturing at this location.âMy ten year old son accidentally put it best, when he said something about Dad needing âmore describers for his magazine.âÂ Â âThatâs right, Matt,â I told him. âI donât just need more subscribers. I need subscribers who describe themselves the right way.âTwenty-five years later, that remains an issue with b-to-b audience databases. We pride ourselves on how much we know about our audiences. We can target by industry, by job function, by annual revenue, by products bought or specified. Yet almost all our information still comes from a controlled circulation process with inherent weaknessesânot the least of which is relying on individual customers to categorize themselves.Who knows if some respondents are genuinely confused by our questionnaire, or just not paying attention, or trying to make sure they get a free subscription?Â The end result is people at big companies saying they have less than $100,000 annual revenue, while mom-and-popsÂ show up among giant multinationals. Auto glass repair shops mysteriously become window and door manufacturers; a Dennyâs restaurant gets classified as a fine dining establishment.Or, as happened to me with a publication called Big Builder, hundreds of subscribers who workedÂ for the single biggest homebuilding company in the country, at the height of the housing boom, claimed their firm sold fewer than 100 homes a year.Maybe this wasnât such a big deal back when our primary focus was the BPA statement. After all, everyone dealt with pretty much the same errors, so our overall numbers were still valid for comparing one magazine to another. But today, our clients want to target the audience database in new ways, to find contacts in very specific companies and markets.âI want to reach the owners of the top 25 kitchen and bath remodeling companies in 32 metropolitan areas.âÂ Thatâs a typical request. A list of whoever checked the K&BÂ box on our qual form doesnât quite cut it.We need a new structure for the b-to-b audience database, one built around companies as well as individual audience membersâa structure that can function as a business directory and contact management system just as much as a list for sending magazines and newsletters.For the Big Builder magazine I mentioned above, we stopped reporting subscribers by the answers they gave individually. Instead, we linked subscribers back to their companies, and then used published data to identify how many homes those companies built annually, how much revenue they had, and so on. Not only did this give us a more impressive BPA statement (and yes, the whole process was audited), but the information was far more accurate than what we were getting from individuals puzzling over a subscription form.Linking audience by company is not a simple matter. You have to struggle with endless variations and misspellings of company names, keep track of mergers and takeovers, figure out who is the parent or subsidiary of what. We need to push our fulfillment and database companies for tools to make that process easier and more accurate, and move away from the focus on the sacred qualification form.Our clients donât sell to people who check boxes. They want to reach specific companies, and the right people in those companies. Theyâre looking to us to identify our audience in the same way.
In the midst of a national crisisâa senseless shooting in Newtown, CT, a natural disaster in Joplin, MO, or a terrorist attack in Bostonâsocial media becomes a source for instant information.
And the recent events surrounding the Boston Marathon underscore just how complex managing these social channels has become. Misinformation spreads on Twitter, the front pages of major newspapers identify innocent men as suspects and witch-hunts begin in forums like Reddit.
As an industry, publishing is in a unique position: Even if weâre not all go-to breaking news sources, we are media outlets whose core mission is to inform.Â
So, how should we handle these sensitive situations? Isnât it our duty to dissipate information? Well, yes, but in order to maintain brand integrity, the info has to be factually correct. And in times of tragedy, early details are often foggy.
Here are my recommendations for what you should do the next time a crisis strikes. Take note: These are intended for lifestyle, trade and small b-to-b publications.Â Outlets such as the NYT, WSJ, AP and Reuters are in a class of their own for breaking news.
Halt Social Media PostsUntil you can assess the severity of the situation and connect with your team (which could take time), pause content sharing so you avoid an awkwardly timed post. And that goes for retweets and shares from other sources.Â
Communicate With Your Team Start an email chain, gather in an office and get on the same page with your editors with everything youâre producing that day. Should the newsletter distribution be halted? Whoâs calling tech to put a hold on the sweepstakes launching on the homepage?
Tip: Work with ad sales to include verbiage in advertiser contracts stating that any social support for brand promotions will be on tentative dates only. In the event you need to cancel or reschedule a tweet or Facebook promotion in the face of a tragedy, you wonât be legally bound to certain dates.
Be Cautious of What You RT and Share
Boston was a prime example of how things can go wrong in the race to be first. Inaccuracies were everywhere. Wiredâs Matt Honan even called for Twitter to offer an âeditâ button. So be judicious with your decisions: Remember that a RT is an endorsement of the content, and itâs your responsibility to make sure that what you are putting in your readersâ newsfeeds isnât bogus.Â
Have a Crisis Plan in Place
If you donât have a basic protocol, make an outline now and ask yourself: Does at least one other person have access to the publishing tool to edit outgoing posts (or halt them altogether?) If the social media manager is unavailable at the time of a crisis, the keys to the kingdom should be accessible to a senior-level editor or publisher. Also worth keeping in mind: Do you need a POV on the subject? In most cases youâll want to offer up very neutral information. If youâre compelled to acknowledge the event, a short and succinct post like Coca Cola or Ebay did for Boston will suffice.Â
In The Aftermath, Consider a Reduced Posting Schedule
In the days that follow a tragic event, edit seemingly frivolous social copy. This is mostly applicable to lifestyle and consumer magazines. Iâd suggest holding any âOMG, can you believe that actress got bangs?â tweets until the media climate has cooled. If youâre a b-to-b or trade pub, perhaps you could hold promotional posts or calls for conference sign-ups.Â Â
Here are three posts and discussions I found helpful below:
Agree? Disagree? Tweet me your POV @StephaniePaige
At ABM's 2013 Annual Conference here in Amelia Island, FL today, membership cast their vote as the final step to approve the merger between ABM and SIIA. The vote came in at 83 for, 3 against, but not without a bit of drama. During the vote count, Lebhar-Friedman's Roger Friedman stood to pay a heartfelt tribute to the ABM of the past, recognizing his own mentors and previous leaders of the b-to-b media association. While acknowledging both the inevitability of the member vote in favor of the merger as well as the momentum of change in the b-to-b media industry, Friedman called this year's annual conference "bittersweet" as he took the opportunity to officially cast his vote against the merger. "I know the merger is going to pass," he said, "but because of my conscience I am casting a negative vote. It's just my way to express my feeling over the whole process."The objection came across as more of sentimental one, rather than a practical oneâwith Friedman taking the opportunity to acknowledge the efforts of some of the "old guard" b-to-b leaders who put so much effort into the organization and how it, in turn, educated its membership over its more than 100 years in existence.His speech, which he admitted to writing at 3 am that morning, drew a standing ovation. It also succinctly drew attention to the reason for the merger in the firstâthat the b-to-b media industry has changed so quickly that it's almost unrecognizable from what it was only a decade ago.
This is the cover for the May issue of Boston magazine. The story behind its creation is equally as awesome (the May issue was just days away from shipping when the bombs went off on that Monday; tweets and Facebook posts were employed to collect the actual shoes from runners.). Editor-in-chief John Wolfson provides the details here.
As we all wait for the white smoke to appear above the Time Warner Center, it appears that many areÂ fixated on gaming the odds of one CEO candidate or another. Mr. Bewkes has already announced (after talks broke down with Meredith) that he wants to âspin outâ the magazine assets into a separate company. Recent reports coming from Sixth Avenue indicate that the HR folks are doing all they can to retain their best employees during this period of uncertainty. Not sure how much Laura Lang (outgoing CEO) can and/or will do in the remaining months of her tenure. The departure of chief revenue officer Paul Caine (Time Inc.âs top sales producer) canât be doing great things for customer relationships either. For rank in file dealing with the day-to-day questions from advertisers and fellow employees, time passes painfully. Marketers donât enjoy uncertainty, especially in a quickly changing and highly competitive media landscape. With each passing day the Time Inc. brand risks falling further back down the hill it will need to climb to regain its position of leadership in the publishing industry.While we sit in this holding pattern waiting on this multi-billion dollar media icon to make its next move; my mind is filled with all sorts of suggestions about strategies and tactics where work can be done now in preparation for the ultimate transformation ofÂ the company:1. Knock Down the Walls: Undoubtedly there is a tremendous number of very bright people working for Time Inc., most of whom will be responsible for creating change under the new regime. I have no doubt that given the chance to express their ideas and thoughts these professionals have the keys to unlocking the value of the organization. My advice is to start polling the leadership team in each area of the business along with their direct reports to solicit ideas on ways that their business unit can be more profitable and grow more quickly. Having led several media organizations in my career, I never thought that any one person or leader had the market cornered on creative thinking and/or innovative ideas. Remove the roadblocks to success. How great would it be for the new CEO on his or her first day to be delivered a warehouse filled with thoughts, tactics and new product ideas from the current team of leaders, all laser focused on how they can strengthen the companyâs market position and value?2. Cure Big Data Analysis Paralysis: Time Inc. is sitting on one of the greatest customer profile data warehouses in the world, let alone the publishing industry. My counsel is to go live inside of this database right now. In the coming weeks, get focused on organizing user and prospect profiles into new marketable audience segments. Publishers have a great understanding of the legacy content intersections that have proven to be successful in drawing an audience that marketers and advertisers are willing to spend big dollars to engage. Itâs time to identify new content intersections that are growing in terms of audience concentration and advertiser demand, as well as financial support. Get the audience development and editorial teams to work collaboratively on this project. Assemble the best minds in the search marketplace to help identify key words, phrases, topics,Â volume metrics and audience velocity/ concentration patterns in the marketplace. Just as the cable television business has been able to build micro segments in categories like cooking, entertainment, travel, etc., by understandingÂ audience need and affinity, the goal of Time Inc. must be to identify a network of incremental content types and venues that will provide current readers, newÂ visitors and marketers with relevant platforms where they can experience a unique and compelling Time Inc. experience.3. Trash Can Irrelevant Content: In 2013, we really donât have the luxury of creating irrelevant content. Relevancy is defined by the level of reader involvement and engagement metrics. A failure to monitor this data and adjust our product offering to stay in tune with consumers is deadly regardless of venue (print, online, email, social media ). Today we have the tools that allow us to know much more about our content, so why not leverage these tools? I have always thought that my content colleagues would welcome this insight and accountability. In the coming weeks, the editorial leadership inside Time Inc. properties needs to do an audit of every content connection being made with readers. The day of reckoning in this regard is coming soon, so why not be ahead of it now? We can remain in denial about this issue or embrace the publishing reality and welcome the new CEO with this level of transparency and understanding.Without great content, we have no chance of engaging a community of readers with a shared interest. Itâs pretty simple. As a content provider, if you canât engage the community consistently, marketers and advertising dollars donât show up. The end of that story isnât pretty. 4. Where have all the Advertisers Gone?: Itâs clear that there is a serious revenue problem at the core of this issue. No need to wait on the new leader to start addressing this issue. No doubt the marching orders for the new chief will be to focus on ways to run the business more efficiently and grow revenue in lock step. Time Inc. can increase the overall value of the organization by charting a course to grow revenue in all areas of the business. I have never believed that we can cost-cut our way to market leadership. Revenue needs to be grown by acquiring new customers, retaining the existing customers and most importantly, figuring out a way to win back lost and/or declining customers. Everyone in sales and marketing disciplines within the company needs to begin creating a new strategy for a fresh assault on the market. Leadership should be asking for sales metrics (number of calls, conversion rates, email touch points, call reports, etc.) to understand how much time is being spent in front of customers and prospects. Start working on pipelines that track advertisers by property that have left in the last 12 months and/or decreased spending in Time Inc.'s brands. The boss is going to want to know where these dollars went and why. Be prepared for that.A new day of accountability and focus is coming for the revenue producing side of the business. The solution to the value creation problem is in the market, so they need to have the chops and focus to get after it.Time Inc. is a great company with an amazing legacy as a leader in the communications business. There are surely a lot of folks like myself that would truly hate to see such iconic brands decline due to lack of interest, passion and focus. Time Inc. should be saved and restored to its dominant position in the marketplace. It doesnât need to be âpackagedâ for sale or merged into another media company. There is truly no time to waste over on Sixth Avenue.
*Editor's Note: This blog originally appears on FOLIO: sister site, EXPOWeb.com
While the Healthcare Information & Management Systems Society produces an annual tradeshow attended by more than 30,000 industry professionals, The Privacy & Security Forum was its first foray into smaller conference territory. A senior executive wondered out loud to me if we would make any money at all. Well, we did.
The event welcomed more than 250 attendees during a day and a half program with 12 sessions and 26 speakers. There was a small exhibit area where 16 sponsors and exhibitors presented their solutions.
It took meticulous pre-planning, carefully crafted content and marketing, seamless on-site management and thoughtful post-show follow-up. Here are the most important lessons we learned.
Timing is critical. There are many variables that contribute to a successful event and a lot that can go wrong. Having time on your side is a must. Four to six months in market and a couple of months of pre-production time are essential. Everything must be spot-on when you go to market. After the launch you must assess and adjust throughout the process.
In our case, we changed the date of the event three times before finally signing a venue contract. After a competitive assessment we selected a target date of late October, got bids from several venues and then had to redo the process due to a scheduled internal management meeting.
Option 2 was the week of the 2012 presidential election, a distracting time all around but especially for the key government speakers we hoped to secure who would not want to be away from the Capitol that week. Option 3 was the second week of December, a risky choice as event season is winding down and the weather can wreak havoc, but we had committed to doing this event as part of our business plan.
We knew the topic was hot and holding an event outside of the busy season could be an advantage. We decided to go for it, but had burned through a few weeks by the time we had a signed contract.
We spent even more time testing and selecting a registration system. The first one we tested was used in-house to sell paid content, but did not provide a customer-friendly experience for event registration, so we moved to another system that required the same cycle of testing but proved to be the better choice.
We had been building the event web site while all of this was going on and were finally ready to launch. We held our breath and dove in head first.
Content always rules. Stick to what you know and make sure the market wants to hear about the topic you choose. We based our choice for privacy and security on a recent reader survey.
We sent out our first announcement five months in advance of the show. At that time we had the entire agenda complete and 70 per cent of our speakers secured. Our speakers were the leading executives and government representatives that our audience wanted to hear from.
To insure that time out of the office was well spent, we upped the ante by releasing a respected industry report during a dedicated session at the event and provided the report to all of the attendees. We received 12 registrations out of the starting gate, what we thought was a very good sign for a brand new event. We felt like we had a winner on our hands.
Integrated marketing campaigns are essential. You need them to get your message out. We sent out 15 e-mails over the course of the marketing cycle to a targeted segment of our database and the same messages through our social media channels.
We also ran digital and print ads, sent out a press release through a wire service, listed the event in the âWhatâs Newâ sections of regional HIMSS chapters, sent collateral to tradeshows we participated in, ran pre-show editorial on the event and offered discounts to university alumni groups, targeted associations, speaker contacts and exhibitor clients and prospects. Our messaging was tailored for the health care provider and payer audience that we built the event for.
On-site we provided plenty of Q&A and networking opportunities. Interacting is really the point of live events and this human contact and relationship building is why the event business continues to thrive in the age of web seminars, Skype, Twitter, etc.
Glitches are guaranteed on-site, so make sure your staff is professional and prepared to handle anything. Above all, donât let your attendees know there are any problemsâjust solve them.
One of two key government speakers canceled two days before our event started. She was scheduled to speak the afternoon of day 2. We moved the other government speaker, scheduled for day 1, to her slot because that second afternoon needed a strong session to maintain the interest of the audience.
We asked two CIOs who were speaking in other sessions to take the first dayâs morning session and provide insights into their security strategies. The session was moderated by one of our editors. We quickly printed an addendum to the agenda and announced the changes during the forumâs opening remarks. We made sure the adjustment sounded like a positive development and everything went off without a hitch.
See Also: What's Your Story?
After the event, donât forget to thank your attendees for participating and let them evaluate their experience with one of the numerous easy-to-use online survey tools. We got invaluable feedback on topics, speakers, location and attendee testimonials. In return, we gave them the event presentations and a discount on registration for next yearâs event.
Launching a new event is never a sure bet, but we beat our attendee projections by 27 percent through hard work and planning to ensure that all the parts involved in holding a successful event were moving together like a well-oiled machine.
When the event was over we received numerous inquiries from attendees and vendors alike about next year. Weâve got a few good years ahead of us with this one and have established a strong foundation from which to launch other events. This yearâs Privacy & Security Forum will take place Sept. 23 and 24 at the InterContinental Boston. The topic matter will have the same focus but the facility is larger to accommodate the additional attendees, sponsors and exhibitors that we expect.
Mary Long is a marketing consultant specializing in event management and marketing, audience acquisition and lead generation. She can be reached at firstname.lastname@example.org, on Twitter @marylongac or on LinkedIn.
Content marketing or advertising? This budgetary conundrum challenges not just brand marketers, but the publishers who have witnessed customers divest marketing spend from advertising and invest it into content marketing initiatives outside of their brandsâ reach.Â While a reduction in advertising spend poses an immediate threat to publishers, it also enables the opportunity for nimble publishers to reinvent their business model as well as their client relationships.Publishing sales teams must change their perception of their customersâ roles, as well as their own: Â â˘ The customers of publishers are not advertisers, they are brand marketers. A brand marketerâs responsibility reaches far beyond ad buys; todayâs media companies must perceive them as such and provide the solutions to support their advertising and content marketing initiatives.â˘ The perceived role of a media sales rep must also change in the eyes of brand marketers. This role should not be defined as a media sales rep, but as a marketing strategist. Marketing strategists think beyond their own brand and provide customers the insights and solutions to directly support their marketing objectives.The evolution of this relationship becomes further mutually favorable when marketing services enters the equation. Publishers equipped to support the content development and media production needs of their customers are well positioned for the newest phase of media buying: Integrated marketing packages. By including marketing services within traditional advertising bundles, publishers are able to support their customersâ content marketing initiatives while alleviating their commonly associated challenges.Â Bundle pricing equates to reduced content development expenditures, a modest relief for customer budgetary concerns. In addition, access to industry editors as a component of the Integrated Marketing Package enables brand marketers to produce enough content, engaging content, and a variety of content. Integrated Marketing Packages may even be supplemented with marketing coaching services, allowing entire industries the help needed to run successful content marketing programs. Contrary to what some have predicted, content marketing wonât mean the end of the publishing industry, but a disruption within it; a disruption creating new opportunities and new perceptions.
Weâre addicted to mobile content. We use our tablets to lull us to sleep. We use our smartphones as alarm clocks, we bring our phone to the bathroom for reading material, and we have panic attacks when we realize that weâve left our mobile device at home orâheaven forbidâlost it. According to a poll by Time Magazine, â1 in 4 people check their smartphones every 30 minutes and 1 in 5 check it every 10 minutes. A third of respondents admitted that being without their mobile for even short periods leaves them feeling anxious.â In fact, they compare mobile content addiction to a form of sustenance and point that, âtwice as many people would pick their phone over their lunch if forced to choose.â
So, what are we spending so much time on? According to a new study by Flurry, we spend 80 percent of our time inside of apps. Not all apps are created equal. Some apps we open once in a while and some we check many times a day to read or view real-time updates.
Most magazines delivered on mobile apps are in the form of PDFs which often have low star ratings based on their interactivity limitations, dated content, and a long download process. What weâre doing, the industry standard, is clearly not working. We need a new approachârealtime content apps.
Real-Time Content Apps Have 3 Things That Make Them AddictiveLetâs break down what makes a real-time content app addictive:
Area1: A Realtime Content App that is Truly AddictiveA fantastic new example of realtime content app is the free Area1 app for iPhone, powered by GENWI, which has a 5 star rating and 39 reviews currently in iTunes. It gathers interesting content from around the web with a unique content that ranges from neon waterfalls to an inside look at the Porsche Panamera hybrid. For example, in a recent article from Mashable about Ken Block and his romp through Russia with his GoPro camera, the curated includes the article a video clip from YouTube, a link to GoPro website, and bonus materials from Mashable about 10 crazy ways to use GoPro cameras.
Because of the handcrafted curated content, the daily updates, and the tight integration with other relevant digital content, it is sure to become part of your daily app addiction.
Engagement Becomes Hourly Actives. Think TV Primetime.As opposed to the 30-day packaged PDF, real-time content apps open up new possibilities, in terms of engagement and monetization. In the ânewsstandâ world, engagement is a long download. In the web world, we look at daily actives, time spent, unique views, etc., and we treat every hour equally. But, in the real-time content world, we need to think of mobile users more like television viewers. Usage of each device goes in waves throughout the day and peaks at the traditional TV primetime slotâat 9pm, according to a new study by Chitika. Not surprisingly, they also found that smartphone usage is high during commuting hours and tablet usage peaks in the evening.
These trends are incredibly important for creators and curators of real-time content apps. Special content can be delivered at particular times, in specific time zones (based on GPS data), and paired with context-aware advertising. The possibilities are endless. Of course, we canât get there overnight. As in industry, itâs imperative that we begin to experiment to realize the full potential of the realtime content app opportunity.
Yesterday Bloomberg Businessweek reported on a brilliant idea by a Korean tech entrepreneur and magazine professional: Won Hee Chang has developed a strategy for possibly "coercing virality" on the social Web, a move that may help her Seoul-based literary magazine gain new revenue and audiences.
âReaders who share content via social media will be able to access additional articles for free,â writes Businessweek's Caroline Winter. âContent, available in English, will initially be free. When readers log on to the site for the first time, theyâll receive a certain number of pointsâChang calls them âkarma pointsââwhich will slowly be depleted as they click through articles. To restock on points and maintain access, they will have to share the siteâs stories through social media outlets such as Facebook and Twitter. Itâs a bit like multilevel marketingâthe more readers spread articles, the greater their access. Those who bristle at being asked to share content can buy points; five points will cost 99Â˘.â
This is an excellent concept that can extend beyond paid content models. Here are a few examples that could work:
Contests: Setting up a contest or sweepstakes can be a great way to leverage Changâs tactic. Content providers can award readers with points for a contest or sweepstakes if they share articles. The more articles they share, the more points they earn to better their chances of winning the contest or sweepstakes prizeâand publishers can get their brand in front of more readers who may not have been interacting with them on a social basis before.
Discounts: Team up with an advertiser to offer discounts or free products. Users can get access to these special offers or products by earning points for sharing out articles or sponsored content. It provides your advertising partner with instant gratification, and could be part of a larger value-add. In addition to an advertiser, a brand could use this tool to help them to boost subscriptionsâthe more points earned, the lower the price of a yearly print or digital subscription, incentivizing untapped leads.Content: Like Changâs model, provide exclusive content for those who earn points by sharing out links. Put the threshold for points earned at a lower level: If a user shares two stories theyâll earn enough points to get access to an exclusive video, photo gallery or even the rest of a story.
Some brands are already taking steps in this direction: Entertainment Weekly rolled out 11 covers in anticipation of the new season of HBOâs True Blood last June. Before the newsstand reveal, Entertainment Weeklyâs social media editor leveraged the 11 covers to gamify her Facebook posts, slowly revealing the covers and then asking users to comment to see more. It was the most viral post of the monthâit drove nine times more likes, five times more comments, and 19 times more shares on Facebook than the average post. The issues also garnered the second highest number of single copy sales, likely a result of the increased consumer awareness.
This same approach could be taken, but instead of doing the reveal on Facebook for generating comments, users could get this exclusive content from the points they earn from sharing out the promotion, and brands could develop a special landing page on their own sites to reveal the, in this case, exclusive cover photos.
T.J. Raphael is the Associate Editor of FOLIO:. Follow her on Twitter: @TJRaphael
Based on my experience planning and buying millions of dollars in advertising for events, and seeing the results first hand, platform allocationâthe share of dollars invested across various media platforms like newspaper, radio, TV, outdoor, digital, etc.âis the most important driver of campaign performance.It defines who sees your messages and the size of the advertising package you deliver to them. If you get this wrong, no follow-on media buy variables (i.e. rates, placement, timing, etc.) will make much of a difference. If you want the best resultsâas many attendees as possibleâmake sure your platform allocation syncs with the current media habits of your target audience.â¨â¨Don't over-focus on "getting the best deal." Yes, that is important, but it is secondary to platform allocation. Who cares that you got a great rate on an ad purchase if you are not efficiently reaching your target set with the right media mix?Another error to watch out for is "shiny object syndromeââchasing the newest, coolest media. It can kill your ROI through misallocation of dollars. You need to stay on top of the latest media, but don't outrun your audience.At the same time, if you are afraid to move out of your comfort zone and continue to invest in legacy media strategies that are now underperforming digital media, you will also hurt your ROI.Platform allocation also affects your ability to achieve optimum reach and frequency. If you spend your dollars across too many platforms, your media buy will be spread too thin to achieve the necessary frequency to move the needle. On the other hand, if you concentrate your dollars too tightly, you will overspend on certain targets, while failing to reach other potential pools of attendees.Finally, platform allocation can help you balance risk and reward in your media buys through diversification, especially beneficial as you spend more and more money in new digital media.
The mobile Web has been a challenge, to say the least, for even the largest content publishers, and when it comes to city and regional magazines, strategies range from exploratory to non-existent.
This monthâs issue of FOLIO: has put a spotlight on city and regional magazine publishers and their strategies for reaching audiences, and advertisers, in the digital marketplaceâour report shows that some publishers in this market are, in fact, responding aggressively to the changing marketplace despite previously held reservations.Â
âMost city and regional magazines are struggling to grow digital divisions because weâve been print publications all along,â Ralph Martinelli, publisher of New York-based 55,000-circ Westchester Magazine, told FOLIO: in our April issue. âWeâre expanding our digital division into a separate entityâone of our main goals is to do a tremendous amount of daily digital-only content that does not appear in print, and weâve brought in digital-only editors. From a sales point of view, our digital-only reps partner with the print ad reps to present complete packages that includes print, digital and events.â
The mobile, digital advertising market could be the next big thing for city and regional magazinesâat least according to a new forecast from BIA/Kelsey, a local media and advertising research and consultancy firm.
The firm predicts that mobile local advertising revenues will grow from $1.2 billion in 2012 to $9.1 billion in 2017, representing a compound annual growth rate of 43.9 percent. For the total U.S. mobile ad spending market, the firm estimates this sector to grow from $3.2 billion in 2012 to $16.8 billion in 2017.
âThis puts locally targeted mobile ads at 38 percent of overall U.S. mobile ad spending in 2012, growing to 54 percent in 2017,â a statement from the company says.
While search and display is top of mind, the firm notes that other areas of mobile are also growing:
Since local mobile ad revenue is estimated to account for a whopping 54 percent of overall U.S. mobile ad spending, city and regional magazines are well positioned to tap the national advertising market in ways they never dreamed of. Local communities not only trust city and regional mags, but these brands have the audience infrastructure and local knowledge to offer national ad partners exciting new options in their quest for local ad messaging.
T.J. Raphael is the Associate Editor of FOLIO:. Follow her on Twitter: @TJRaphael