Digital technologies affected the way we produce and consume news deeply. Now, we use our mobiles to snap photos of ongoing demonstrations and publish them either on our own blogs or Facebook feeds. We barely ever turn on the TV during the evening news program, preferring to follow the headlines on our iPads, using native apps or visiting our most trusted news portals.
Despite the announced change and despite dealing with the digital transformation of means of production and consumption of news for a couple years now, the media branch still struggles to find new revenue streams. Can the traditional business model for media companies, which relies on advertisement model, still sustain magazines, newspapers, TV channels and even online initiatives? How can media companies compete with new entrants, from the IT-branch such as Apple, Facebook and Google, in terms of distribution and indexation of news? How can magazines, newspapers, TV channels and online portals rely on ads when most users use applications such as AdBlocker to prevent the marketing campaigns from running?
During the Media Days, in Munich, the editor-in-chief at Wirtschaftswoche, Germany's leading business magazine, asked for more creativity. According to Miriam Meckel, AdBlocker and similar apps are only successful because "ads are badly done". "Users are every day more annoyed by the bombardment of advertising", she said.
In times of digital disruption, the selling of any product — being it a news article, a gadget or a service — is even more closely related to tolerance and expectation levels of your customers. The purchase journey begins way before your customers type your brand's name at a search engine, clicks on your domain or enter your store. Generation Y customers expect to be heard, to have a say on the product's design or service configuration, to be invited into the very manufacturing process. They also expect to be pampered, to enjoy extra benefits by associating themselves with your brand and purchasing your product.
Companies from various branches awaiting to be digitally disrupted, such as banking and transportation, shall profit from the lessons learned by magazines, newspapers, TV channels and online portals. Preparing for the change is essential and can spare corporations to struggle for years on end with the consequences of digital disruption in their consumers' sensibilities and buying patterns.
Photo Credits: Javier Ignacio Acuna Ditzel, Flickr - Creative Commons 2.0 / Attribution (Cover)
Transportation, energy and utilities and other industries on the waiting line for digital disruption can profit from the lessons learned by the latest struggles of media enterprises
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