I'm eager to consumer everything from the Aspen Institute's event #FOCAS. But, I've decided to take it one bite at a time. So Steve Outing reports that he feels a "bit better" after the event. I commented on his blog that, from my perspective, this is an exciting time:
Steve,
You should feel more than a bit better.
I am a marketing and advertising veteran, which gives me two insights many content and technology experts do not have. I am excited that the industry is asking themselves "What will consumers pay for?" It is a long-time coming.
I left a big ad firm in 1990 because I observed the value of
advertising declining. Many media
companies were in trouble then, as today.
But the industry was lulled into believing that their troubles were over
during the 1990's internet boom. In reality, the only internet brands to
survive the boom DID NOT spend money on traditional advertising - e.g., Google,
eBay, Amazon.
The demise of traditional advertising is a long-time coming. It is wise for media leaders to break the advertising dependency. AND when media is not dependent on advertising, there will be a lot more freedom to adopt neat, consumer-oriented innovations.
Ironically, these innovations will probably create new
opportunities for media to help 3rd party marketers connect with their audience. These opportunities may not be called
"advertising." But ROI for marketers will be clearer and much higher
than today's advertising and therefore media will command a premium to today's
advertising.
Which brings me to the second insight - my marketing perspective sees a lot of opportunity for traditional and new media to build stronger brands than ever. The internet offers an opportunity to market directly to consumers. Most traditional media have relied on 3rd party distributors to connect.
I suggest the game-changer for media brands is to reverse their
relationship with distributors.
Distributors should distribute and be paid for this service. Media brands should collect the money, market their product
directly to consumers, manage that relationship, and communicate directly with
them for feedback on innovations. For more on a marketing plan to address the
"5 reasons newspapers are failing" (via Bill Wyman
http://bit.ly/MiZUA), link here: http://bit.ly/SktXI.
The industry is smarter about the internet than in the nineties, the demand for ideas is high, and focusing on what consumer will pay for is an inherently financially sound objective. This is exciting!
@comradity
