Media Marketplace Trial & Error
In this article, ‘Three Ways to Leverage Existing Media Assets‘, the author, draws upon OMMA Global New York’s and the Future of Media Forum to outline three significant challenges that impact media companies’ bottom line:
- Creating profitable advertising revenue streams
- Developing online subscription revenues sufficient to support media operations
- Leveraging social media engagement
The author then outlines three ways to leverage existing media assets:
- Access content for specialized niche products
- Extend customer relationships
- Develop new advertising models, particularly ones that extend the brand experience
More than anything, this short article drives home how important it is to identify niche audiences and tailor unique messages (and/or unique products) for each audience. If you have done a decent job of identifying and connecting with your target audience – you have an opportunity to not only learn more about your customers but to provide additional services/products in the future.
Today’s media marketplace is challenging (to say the least) but there are still options that enable smart businesses to extend their reach and achieve profitability – they just require deeper research and careful considering and likely some trial and error. As the articles author states, “There’s no magic formula for a media company to become profitable and competitive in the current market.”
