Guest Columnist: 6 Survival Tactics for Today's Economy
5. Don’t be paranoid, but know your competition. While your organization may be the only one devoted to your profession or trade, other competitors are, no doubt, developing publications, courses and programs targeted to your audience. Sharpen your competitive marketing IQ by conducting a competitive scan or strengths, weaknesses, opportunities and threats (SWOT) analysis, and then create a business plan to maximize your core strengths and minimize weaknesses. What’s your publication’s niche in the market? Is it clearly defined? In tough economic times, the most innovative and resourceful publishers track the market and plan for growth.
6. Get creative in your ad sales efforts. Yesterday’s approach won’t work. The lines between print and online publishing are blending now more than ever. So get creative in developing new opportunities for advertisers to target your audience through ads on your blog, sponsorships of webinars, digital editions and electronic updates, and other online offerings.
Electronic ad opportunities are no longer a free value-add to close the deal; they’re the meat for many advertisers seeking trackable leads and multimedia marketing. Consider whether you’re fully tapping your market with an integrated approach that sells the breadth and depth of your organization’s offerings to advertisers, and look at what competitors are doing.
An integrated approach ensures customers aren’t bombarded by too many efforts with diminishing returns. Tap into opportunities to build on your magazine’s success by expanding the brand in related publications and online e-news publications, Web sites or blogs to benefit from a fully integrated market.
Survival of the Fittest
Tight times can help you focus on the most critical factors that you may have overlooked before. Use this time to assess your own performance to jump-start publishing efforts in 2009. A little introspection and operations review can help you identify new opportunities for growth in the new year to ensure your survival—and success.