MARK JURKOWITZ ASSOCIATE DIRECTOR PEW RESEARCH CENTER’S PROJECT FOR EXCELLENCE IN JOURNALISM...
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Transcript of MARK JURKOWITZ ASSOCIATE DIRECTOR PEW RESEARCH CENTER’S PROJECT FOR EXCELLENCE IN JOURNALISM...
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MARK JURKOWITZA S S O C I AT E D I R E C TO R
P E W R E S E A R C H C E N T E R ’ S P R O J E C T F O R E XC E L L E N C E I N J O U R N A L I S M
Building a New Revenue Model
Pew Research Center’s Project for Excellence in Journalism
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Building a New Revenue Model
The Core GoalIndustry wide, newspapers are struggling trying to replace lost print dollars with new digital dollars
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Building a New Revenue Model
Success StoriesThe industry numbers are grim, but there are outliers
What can we learn from them?
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Building a New Revenue Model
What Successful Papers Are Doing• Focusing on growth areas—even if they are small
• Building non-traditional revenue streams
• Retooling sales staff, from who is hired to how they are paid
• Changing the culture, not just talking about it
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Building a New Revenue Model
Successful Papers are Focusing on Growth Areas • These include mobile, video and smart targeting
• They aren’t bringing in much yet, but Borrell says targeted display will dominate local online by 2015
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Building a New Revenue Model
“You place your bet on every screen” Bigger papers are doing more in the growth areas
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Building a New Revenue Model
44%
75
All Newspapers Largest Newspapers
Who is Selling Video Ads?
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Building a New Revenue Model
Who is Selling Smart Targeted Ads?
42%
100
All Newspapers
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Building a New Revenue Model
Successful Papers are Generating Non-Traditional Revenue• These revenue streams include everything from “retail malls” to “digital agencies”
• Outliers have a better track record in non-traditional
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Building a New Revenue Model
“You can’t be a little bit pregnant in a transformational era”
One executive on the need to invest seriously in non-traditional revenue
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Building a New Revenue Model
Successful Papers are Changing their Sales Staff
Overall0
2
4
6
8
10
12
14
16
Print Ads Digital AdsMix of Both Print and Digital Ads
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Building a New Revenue Model
Hire More Digital SellersRecruiting is a challenge, but outliers had as many digital sellers as print sellers
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Building a New Revenue Model
Retrain the Sales Staff• Digital coaches and managers
• Digital proficiency testing
• Closer tracking of sales performance
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Building a New Revenue Model
Make Digital Pay Off for The Sales StaffSignificantly changing compensation to encourage more digital selling
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Building a New Revenue Model
“Culture change. It’s huge. But I don’t think it’s happening
as much as people say.” 10 out of 13 news executives identified
internal cultural tensions as the chief obstacle to success at their company
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Building a New Revenue Model
“The most difficult thing to do is change a corporate culture”
“No one is willing to take that chance”
“Who are going to be the leaders and who are going to be the followers”
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Building a New Revenue Model
Successful Papers are Transforming, not Talking• Don’t fear staff turnover
• Paid online content can facilitate change
• Streamline and speed up decision making
• Act aggressively, communicate clearly