April 11, 2008
The End of Newspaper Advertising? Adapt or DIE…
Newspaper advertising is in big trouble and and in its current form it will die in the next 10-15 years. The newspapers need to step up to consumer demands and adapt quicker.
“According to new data released by the Newspaper Association of America, total print advertising revenue in 2007 plunged 9.4% to $42 billion compared to 2006 — the most severe percent decline since the association started measuring advertising expenditures in 1950.”
Some of my suggestions to adapt:
- Come up with 2 different formats - A home version and a ‘travel version’. Have you ever tried reading the New York Times on the subway? UK newspapers are starting to get smaller and some major North American publishers have cut the size slightly to make it more manageable, but to truly get portable, have a power summary edition in a magazine size. Smaller will be key especially with everyone going green and with the paper wastage.
Start Selling your product - Newspapers have just gotten lazy over the years, and think that people ‘need’ their product and that people will just buy it. Start pitching it again. Remember the paper boys that used to be on the street corners selling newspapers or the kid who used to come to your house once a week and collect the ‘paper money’? How could you cancel your subscription from a pimply 12 year old trying to earn a buck. Or even the homeless guys selling them at major red light intersections. I used to buy one from them even if I didn’t really want one.
- Give it away FREE - Create a free version that is super small and handed out at major hubs and subway stops. Most major cities already have several small free entertainment or news type mini papers that are giving out free, the major players shouldn’t be giving away the market share to these small players.
- Customized newspapers - OK, we’re still away’s off with this one, but users should be able to fully customize the paper they receive. Until the fully customization options are scalable, users should be able to at least pick and choose which sections or the current paper they receive. My Dad only reads the sports section or the paper, I only read entertainment and business. Why do we need 20 sections if we only read 2-3?
Time is running out big boys, adapt or die slowly and painfully.
