Entries for month: December 2011
How to encourage new business ideas from within
21 December 2011 · By Sandy MacLeod
Recently, a junior employee in our organisation brought forward a business idea designed to grow the Star Media Group audience penetration in the under-20 crowd. On the surface, the idea has merit. But it is just an idea. Much more information and research is needed before we — or any other organisation — can decide if it is worth pursuing these types of potential growth opportunities.
It's a tough time for newspapers. Advertising revenues continue to decline and print circulation is under severe pressures. At the same time, digital revenues are growing but not fast enough.
Clearly, newspapers must change to survive. To do that, we must get more people engaged in new ventures, new digital ventures in particular. At Star Media Group, we have a mandate to diversify revenues so that we rely less on print advertising revenues over time. That mandate forces us to seek new business ventures and innovative ideas to build new revenue streams. That's why it's critical to have ideas coming forward from all levels across the organisation.
Strategically, it makes sense to have more people involved in the process. Practically, it presents two key problems: First, how do you filter out the good ideas from those that really have not passed even the most basic business principles? And second, how do you do so and not discourage people from proposing other ideas in the future?
One of the greatest ways to ensure you don't discourage people from offering new ideas is to offer them a set of questions they can answer on their own. Often, they will come to their own conclusion on the viability of the idea. If it has merit, you take it to the next step. If not, the idea has been given fair consideration at an early stage.
...[more]The appealing audience: who are they and where will they be next week?
13 December 2011 · By Anne Crassweller
Every business has its myths, and advertising is no different. Look around. It is easy to see who advertisers think are buying most of their products and services. I have been in this business for more years than I prefer to count, and the general case appears to be this: your product must appeal to the young and hip.
While there is no doubt the age of acquisition for most adults is somewhere between 25 and 35, and the youth of today seem to want and acquire many expensive toys, what about everyone else? Don’t they buy “stuff”? Who has the money? And who reads daily newspapers?
It’s all about the “boomers.” Again. Still.
- 18- to 34-year-olds represent about 31% of the population and control, approximately 23% of total personal income earned in major markets in Canada.
- 35- to 64-year-olds represent 53% of the population and earn 64% of total personal income.
- Those 65 and older represent only 16% of the population, most of whom are retired, and still account for 13% of total personal income earned.
As the baby boomers move into their retirement years, their personal incomes will decline — the oldest boomers are just reaching their magic 65th birthday — but will they change their spending habits?
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Culture of change leads to innovation
07 December 2011 · By John Newby
As most within the newspaper industry have already done, I have spent countless hours contemplating why newspapers appear to be so risk adverse and slow to innovate. I have come to believe it really comes down to one basic and simple mindset, the mindset of change.
No, I don’t mean the simple act of just accepting change, most of us have figured out how to accept “forced upon us” change. What I mean is the real art of actually mastering change. I believe that by mastering the “Art of Change,” we can then become true change agents as we then begin seeking new opportunities in which we can master our new skill set. Make no mistake; mastering the “art of change” is far different than “accepting” change. Most of us can accept our fates, whatever they may be; but it is rare to find those that create their fates through the constant efforts to change.
This thought process reminds me of an experience I had nearly 10 years ago while a circulation director with another newspaper. In the mist of literally dozens of changes within our department in a relatively short period of time, I was accused by the managing editor and others of instigating and creating change just for the sake of change. My response was that they are absolutely correct, and I considered his statement an honour to be associated with. I went on to say, change is like any other talent that we must master, it must be routinely practiced in order for each of us and our staff to perfect the skillful art of change. Furthermore, learning to change on our terms was quite essential in order to meet the challenges and drastic changes that are sure to be coming in the future.
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