More E&P Revenue Exclusives
Trust is a foundational element in news media, spanning decades and sometimes even centuries, especially concerning editorial concepts and community connectivity. However, regarding the revenue side of news media, trust is the linchpin for businesses deciding which advertising medium and sponsorship relationships to work closely with to help shape their narrative and value.
In news media advertising, organizations often spend too much time analyzing rates and comparing them to similar-sized outlets. It’s important, but sometimes, focusing too much on rate hinders the ability to assess an opportunity directly. Before immediately delving into pricing considerations, it’s crucial first to identify opportunities aligned with your organization’s goals.
Sleete on Sales
There's a controversial scene in"The Wizard of Oz" where, after receiving a "brain" in the form of a diploma, the Scarecrow famously says: “The sum of the square roots of any two sides of an isosceles triangle is equal to the square root of the remaining side!” Which know-it-alls have noted, is incorrect. That's a right triangle. In sales, there are two math formulas that Jeff Sleete holds as important, that he dusts off and brings out to share annually. Here is this year’s take ...
Implementing new revenue streams, from events to newsletters to podcasts to philanthropy — and even T-shirts — has been the goal of many news publishers for several years. Some don’t require much investment, while others require a major commitment in money and staff time. Some have worked, and others haven’t.
Ad Sales Life
Discipline serves as the foundation for creativity to thrive. The key is consistently maintaining focus on creating vibrant communities through insightful reporting while having the creativity to celebrate the positivity within the community. This ensures the development of resourceful content and attracting revenue sponsorship opportunities.
As the entire world seemingly rushes to embrace the latest iteration of generative AI, whether ChatGPT, Bard or the many similar apps, media sales teams must take a more measured approach. That starts with realizing it is a tool and is not the answer to all needs and challenges. Additionally, the parameters of its use and protections from its erroneous and malicious misuse are not yet set.
Ad Sales Life
Richard E. Brown, senior director of retention for The Daily Beast and a columnist with Editor & Publisher, is convinced that 2024 will be a year dedicated to strengthening the bond between advertisers and audiences, fostering a culture of continuous improvement and collaboration. He says this commitment will ensure that "the future of local news media remains vibrant and aligned with the diverse needs of the communities served. Furthermore, emerging trends complement this dedication, promising continued growth and a positive, sustainable trajectory."
E&P's January "Revenue Roundup"
If a picture is worth a thousand words, newspapers have delivered both types of content for over a century. Television took content one step further with motion, sound and color. Today, video content has exploded across multiple TV platforms and escaped from the TV environment to be available almost everywhere and created by almost anyone.
Ad Sales Life
2023 has been a year rife with layoffs, buyouts and a continuation of a difficult media sales environment. It takes resilience, grit and out-of-the-box thinking to succeed. The 2024 class of E&P Media Sales Superstars stand out in their ability to stand up against these challenging times, stay focused and get the job done for their customers, their communities and the companies they represent.
Advertisers, especially local advertisers and local media sales teams, must understand consumers' spending priorities. However, it is equally important to know where those local advertisers spend their ad dollars and plan to spend future dollars. Without these insights, media ad sales teams can’t help local advertisers maximize their sales and gain a greater share of their ad spending.
Although daunting for some, budget season has always been a therapeutic and comforting time for me. It’s when our focus shifts to the outlook for the upcoming year. This is when we create comprehensive game plans involving contingencies, market nuances and gap analysis and align projects to meet potential objectives and stretch goals. We diligently put everything in place to view things in three dimensions: mitigate risks, address issues head-on and navigate relationships that contribute to the community's perceived value of the organization.
Revenue Roundup
Once upon a time, newspapers had an easy-to-work gold mine: classified advertising. Then, the internet and new technologies made the recruitment process more accessible, and suddenly, the gold mine’s ceiling collapsed, and newspapers lost a lucrative revenue source. Fast-forward to the 21st century, and there are more sophisticated technologies and opportunities for newspapers and all media to re-open the recruitment gold mine with a robust job board.