In the current issue of Strategy + Business Magazine, an article called Reinventing Print Media offers four new strategies offer a path to future profits for today's troubled print industry.
Develop deeper relationships with readers around targeted interest areas.
Strong print brands enjoy a trusted relationship with their audience; readers are loyal to print publications because they provide high-quality content about specific interest areas. Digital media afford opportunities to deepen and extend those relationships.
Tap into revenue streams beyond advertising and circulation.
New publishing models will include marketing services such as custom content, consumer insights, and lead generation, and new offerings for customers such as premium content and data-based applications.
Reinvent the content delivery model (with a particular focus on lowering costs) and emphasize a “profitable core” of unique and brand-defining material.
Print media companies need to avoid the formula-driven approaches to cost cutting that have been prevalent so far, and instead adopt approaches that better align their cost of content with the revenues generated.
Innovate with new products and pricing models.
As the pace of change continues to quicken in the digital world, as new devices for accessing printed content continue to emerge, and as new applications are developed to exploit online content, this will lead to as-yet-untapped opportunities for media companies.
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