By: E&P Staff
A new report from the World Association of Newspapers and News Publishers (WAN-IFRA) is aimed at helping publishers who seek new revenue models and practices to sustain their businesses.
“Million Dollar Strategies for Newspapers Companies,” from WAN-IFRA’s Shaping the Future of the Newspaper project, examines new and proven advertising, circulation and cost-cutting opportunities.
“It’s not about only cutting the cost side, it’s about going to go back to rethinking and reinventing the business model, operations and manufacturing models, and asking fundamental questions.” said Sandy Nelson, CEO of Washington-based consultants Aperio International, in the report. “How do we distribute the newspaper? Is there a more efficient model? How are our sales teams performing? Are they going to use rate sheets, or is their entire focus on collaborative selling?”
Using numerous case studies, the report examines various concepts and strategies for more profit: advertising tools and training, consultative sales, yield management, audience focus, product development, power of print strategies, online advertising networks, multimedia ad campaigns, hyper-local ad strategies, loyalty clubs, online-content monetization, audience targeting for subscriptions and advertising, and efficiencies and cost-cutting.
The report cites a recent study of 1,500 chief executives by IBM’s Institute for Business Value, in which respondents cited creativity as the most important leadership competency for successful businesses in the future. They said success requires fresh thinking and continuous innovation at all levels, with creative thinking disrupting the status quo, business models and organizational paralysis, according to the study.