Code of Conduct in Journalism
Need for a Code of Conduct In recent months, the media world has been hit with several scandals related to the way in which they have tried to manipulate the system for their benefit. If in the UK, the Rupert Murdoch owned NewsCorp was caught bribing the police to access personal details of people and […]
Internet Marketing Strategy
Introduction The internet is considered as a channel partner. Hence online marketing is to be considered as a channel marketing strategy. An Organization needs to define specific objective from internet marketing and building communications as well as scheme around it. Internet marketing is one form customer touch point where companies directly interact with existing as […]
Online Sales Promotions and Advertising Methods
Sales Promotion and Advertising is one of the major activities of any Marketing Function in any business. Sales promotion and advertising is always drawn up based on the sales strategy combined with the nature and composition of the market. Audio, visual, print media advertising besides sales promotional campaigns have been the normal set of activities […]
Development of International Logistics and International Retail
Logistics services happen to be the backbone of Retail Operations. Traditional Logistics was referred to mean transportation services by road, rail, air and ocean freight. However, along with the evolution of International Retailing, Logistics too grew as a discipline encompassing not only freight but a host of logistics related activities including Origin and Destination Services, […]
Adapting Marketing to the New Economy
Companies in 21st century have to adapt to ever changing environment. At present, companies represent a curious mix of old as well as the new economy. A great deal of research has already been done with respect to the old economy, but for the new economy, companies are learning it rather hard way. Companies have […]
There are many experts who have been claiming that the age of newspapers is over and hence, the future of media is digital. However, if statistics are anything to go by, print media are still relevant and their bottom lines are healthy in Asian countries. However, the future of print media lies in transforming themselves to complement digital media and concurrently retain the print aspect. To actualize this, print media need a longer-term strategy and at the same time a plan to stay viable in the short term. This article discusses some of the strategies that print media can follow as they transition to a digital media complementary business model and at the same time remain competitive in the short term.
The basic premise of this article is that while consumers read news in the digital medium for real time needs, they read the newspapers for views and opinions that the digital and visual media often fail to provide in the 24/7 saturated coverage model.
The key aspect of a longer-term transformation of the print media business model into a model where newspapers coexist with digital formats is the funding of the journey from print to combination of print and digital. This means that media houses would need to restructure costs, increase revenues, and maintain near-term shareholder value. The bottom line imperative is that the print media cannot win without funding and getting the team that is needed to build the organization as it transforms is not likely to happen without some early wins in the process. Hence, many studies have concluded that the print media need to think out of the box when they are faced with transforming themselves over the longer term and at the same time ensure that they do not go out of business in the near-term.
The media houses embarking on the transformation have to visualize the end state of the process i.e. whether they would like to have digital complementing print, or supplementing it, or a digital alone strategy.
The point here is that when synergies are sought to be achieved by having any of these outcomes, the media houses must first determine the optimal outcome according to their capabilities and competencies. This involves estimating the costs of the transformation, finding the funders, and conceptualizing the organizational changes needed for the transformation. As has been mentioned in the previous section, the double whammy of finding funding and building the team without short-term wins means that the task before the media houses is indeed arduous. This is the reason why media houses with visionary leaders often make the cut whereas traditional media houses, though respected, often go out of business because they are unable to manage the transition.
Given these imperatives, the media houses that are embarking on the transformation should focus on high quality content and strong editorial voices. After all, the print as well as the digital media are driven by content and where content is king and content rules, the focus on quality must not be sacrificed at any cost.
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