Welcome to the Media EconomyWelcome to the Media Economy https://c-suitenetwork.com/advisors/wp-content/uploads/sites/5/2021/04/taras-shypka-iFSvn82XfGo-unsplash-1024x683.jpg 1024 683 Tyler Hayzlett https://secure.gravatar.com/avatar/d6f7f281e5635ce5ce7e903b02a021a9?s=96&d=mm&r=g
A Marketing Lesson From a Media Mogul
This Leveled the Playing Field
In 2006, Conde Nast purchased Wired Magazine for $25 million.
Later that year, one of the original founders of the magazine, John Battelle, was recognized as being one of the first media moguls to point out the fact, that for the first time in history, there’s absolutely nothing stopping brands from actually becoming media companies.
The emergence of digital communication platforms has enabled brands to attract customers seeking information online by creating content that educates, informs, and inspires communities to support their mission.
Own Versus Rent
In the past, brands had to pay publishers like Wired and others, to advertise to a specific audience they wanted to reach in their industry publications, magazines, newspapers, TV programs, and trade shows.
Until now we had to rent consumer attention from publishers.
Today, we can build our own. All of the tools to create an audience for our businesses are everywhere.
Playing the Long Game
The long game is building a digital audience for our businesses.
We now have the ability to build an online following of people who share similar interests and passions.
Today, there’s nothing stopping us from becoming the publishers for the audiences we aim to serve.
But What’s the Catch?
Unfortunately, when consumers can choose from limitless amounts of content, on their own terms and on their own devices, the battle for their attention becomes the obstacle.
Over time, companies have recognized these developments and we’re all reaching the same conclusion.
We all are in the media business now…
Ready or not, we’re all in the media business. We just happen to be selling products and services.
This Changes Everything…
In the past businesses only competed against 3 differentiating factors; Speed, quality, and price.
Businesses today are competing on a 4th factor, getting customers to follow their content.
Moving forward, the success for most businesses will be judged on their ability to create engaging content.