Lou's Commentary
Assessing Performance - The First Step to Position for Recovery
Sunday, November 22nd, 2009
Over the next three months I am going to analyze the “Seven Game-Changing Steps to Position for Recovery.” The first step is to assess your publications past and current performance. In order to establish a plan for the recovery, it is important to first understand where you are. Now is the perfect time to step back and rigorously analyze your advertising sales strategy, your circulation numbers, and the performance of your staff.
Asking simple questions like, “How have things changed in the past year, three years, five years?” and “What does our company data really mean?” will give you a clear picture of where you are. Once you have determined the strength of your foundation, it is important to ask three key questions as you build a plan for the recovery.
How do you improve your core activities?
The core activities are the building blocks of your business. One of the biggest mistakes many publications make is to not examine their core offerings and operations. Often there is a routine that many companies get stuck in and continue to count on. This is a new age and things have changed dramatically. Although it is important to understand your core, by not questioning it and evaluating every element of its performance, you risk falling behind and missing your chance for recovery.
Take a look at your mission, your readers, and your advertisers to see how you can improve on your core activities moving forward. What do you do well? What needs work? By focusing on improving your core and not just resting on your routine, you will strengthen your potential for growth and success.
Do you have a defined vision for the future?
Take the time to create a planning committee of key members of your publication and allow everyone company wide to make suggestions for content and business operation improvements. Once you have built a team, make sure everyone stays on the same page as you move forward through a documented plan.
Even though many publications have big plans for the future, there is often a lack of communication between decision makers. It is more important now than ever before to have a “defined” vision for the future. Make it clear, build it on your core products, and make sure everyone involved stays informed and are held accountable for their positions.
How do you communicate a value proposition to your customers?
Today’s readers want more than a free umbrella, old news, and a gift subscription rate. While planning for the recovery, it is essential that you find creative ways to communicate a value proposition to your customers. Most of them have heard all of the “pitches” and they are use to turning an eye to traditional forms of marketing. Figure out something new to offer them and most importantly live up to your promises. More content. Better content. Real-time delivery. These are all things readers are demanding and if you can’t give it to them, they will move on. Another publication is competing for the same readers and might be cheaper, more accessible, and more creative than you. Be prepared to offer something extra and make it count.
Your ability to communicate a value proposition to your customers is integral in order to maintain and grow your readership. If you fall short, you will the opportunity for a new reader or in many cases, keeping the ones you have.
In the next post I will focus on how to innovate and move forward creatively in your recovery process. The most creative and forward thinking publications are going to best meet the dynamic and increasingly demanding needs of readers.
If you would like more information on this topic or have another publishing question, contact me at .(JavaScript must be enabled to view this email address) or visit our website and http://www.sabatierconsulting.com.