Media Adviser: 10 Tips for Creating Your Strategic Plan
➍ Price your products and services so that they are competitive and match your customers’ value expectation for the medium in which they are provided. It may be more difficult to command premium prices in various digital media platforms. For example, print and digital editions of a publication may have similar price points for single issues and subscriptions, but consumer price expectations for mobile products are generally much lower—if not free.
➎ Develop your products across all appropriate media platforms (print, Web, digital editions, mobile, video, social). Publishers now must truly become multimedia, and be sure to offer your products digitally.
➏ Seek continuous innovation for your products, business models and operations. Never settle. It is often difficult to focus on innovation while trying to manage your current product portfolio. Innovation takes time and investment, but the payoff can be significant.
➐ Fine tune your marketing programs and push for breakthrough creative and operational performance. Continue to test new creative designs and offers that will improve your retention and new-customer-acquisition performance. And continue to find ways to reduce your cost of customer acquisition and retention.
➑ Be social. If you don’t have a social media game plan, then develop one—or be left out. Consumers are increasingly focused on engagement with your brands and other readers. Make sure that you can facilitate this interaction. The short-term return on investment may be difficult to see, but the longer-term impact on your business could be substantial.
➒ Streamline your operations: organization structure, operational processes and decision making. And don’t forget to do what it takes to develop your most important assets—your staff.
➓ Set realistic financial goals. Manage your margins, invest in growth opportunities and have patience (easier said than done).
Try to make your strategic plan as simple as possible. It easily can become too complex. Set a few, significant and tangible goals that you can achieve with some significant stretch. Get your employees involved in developing your plan. If they are involved in the process, then they will understand it, embrace it and make it happen. PE