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9. Rethink your Internet strategy. This may seem basic to some, but many publishers still simply put their print product on the Web. This lack of innovation then produces low Internet CPMs. Put new, innovative products on the Internet. Don't let your legacy print products hold back innovation online.
10. Put less ink on paper through effective use of the Internet and live events. In direct mail and print advertising, there is often a "push" strategy (i.e., pushing magazine copies and direct mail out to existing or new readers). Your Internet strategy should be a "pull model." If your content and products are unique and properly targeted, new readers will find you on the Internet. Print is more limiting; usually only those mailed to will see your promotion.
11. Take a fresh look at your legacy products, especially the "money losers." You should have a P&L on every product that you produce. Ask the question: "Why are we publishing this publication?" The world is changing, and the good, old days are over. Eliminate your losers.
12. Set your goals high. There should be excellence in everything that you do. In today's difficult times, it is easy to accept mediocrity due to heavy workloads and lower budgets. But competition is also higher than ever. Avoid talking or thinking about the good, old days. Reminiscing is non-productive. Be forward-looking and question/re-evaluate everything that you've done in the past. PE
John (Jack) Craven is president of John F. Craven, Certified Public Accountant LLC, a financial advisory accounting firm. He has consulted as a senior media advisor to Conway, Del Genio, Gries & Co. LLC, the financial advisory and restructuring firm. Formerly, he served as executive vice president and CFO of American Media, group controller of the Working Woman/McCall's Group, senior vice president and CFO of Lear Publishing, senior vice president of operations and CFO of Jobson Publishing, among others.