Monthly Archives: August 2013

Couple, two, tree thoughts for the NYT.

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The New York Times Company reported a profit for the second quarter and that’s wonderful. It’s been a slog for the NYT but the company is getting its act together. It is divesting itself of non-core properties (Boston Globe, Boston.com), ramping up its digital business and leveraging its worldwide brand by investing in changes to The International Herald Tribune, including a new name.

Print advertising is down but more surprisingly so is digital advertising – off 2.7%. In today’s word that’s just a little bit crazy. Perhaps these numbers are the result, not of NYT.com, but of the other properties. Either way, didge should be growing like a dookie and with the NYT imprimatur, faster than the market.

Here’s a couple of thoughts for The Times to accelerate its recovery:

1. Feed the digital natives with more timely news stories, across more platforms. Online, that will require more video, podcast/audio, and slideshows. Immediacy and “first to report” is a key here.  Your audio video editing suite will need to grow significantly.

2. Keep the analysis for the daily print property, but feed and stream the big stuff from around the world on NYT.com.  Live is better than canned. (Obviously make the paper/paper analysis available online.)

3. Do not rename The International Herald Tribune. As much as I love the NYT, it’s an ethnocentric and brand-selfish.  

4. News cannot be commoditized, so continue to reinvent it. Innovate. Don’t curate. In 20 years, we may still have paper and we still may have broadcast; they are the plumbing. But we will certainly have news — and the organizations that capture it best, with the most accuracy and realism will win the day.

Peace.   

Marketing Achievement Gap.

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The words “achievement gap” are often used when discussing education. When discussing poor schools or the allocation of federal funds in order to fix the societal ills. Pols and social scientists often suggest underachieving populations are so because of class, race, geography, and social perception. I can’t disagree. John Wannamaker’s famous line about advertising (“I know only half my advertising is working, the problem is I don’t know which half.”) could also be said about marketing. And follow similar causative logic.

There is a mad achievement gap in today’s marketing landscape.  The larger companies are more likely to achieve, but it’s not always the case. Mid-size and small businesses (SMB) are more likely to underachieve.

In mid and small companies class equates to budget (amount of money to be spend on marketing). Race equates to diversity of background and thought; mid-size and particularly small companies are more likely to be homogenous. Geography dictates the pool of marketing and creative talent. The burbs don’t index high for brilliant designers, writers and coders.  And when it comes to social perception, mid and small companies often don’t have the luxury to invest in or understand the complexities that are marketing – so they do it themselves or shop for marketing partners at Wal-Mart not Macys.  Perceptually, they undervalue marketing; thinking it’s advertising or a website.

Margaret Mead while working at the American Museum of Natural History made psychotherapy mandatory for her direct reports. Her belief being that people who better understood their own psyches were more healthy.  Small and mid-size businesses can minimize the achievement gap, but they can’t do it themselves or on a shoe string budget. They need to better understand marketing to reduce the achievement gap. Peace.