How Well Do You Know Your Market—Really?

How well do you know your market?

Sounds strange, doesn’t it? Why would I ask you about your market, a market that you have been dealing with for many years and have, as they say, in your back pocket?

I wonder?

Recently, I was asked to present at a publishing sales event; the topic of the discussion was “Print Media in the Post Digital Age.” One of the first questions asked was what I meant by the Post Digital Age. I explained that the term “digital” may not have the impact it once had, because nearly everyone in the business was born into the “digital age,” so to them, being digital is no big deal.

The second question focused on the lack of performance data and proven Return On Investment (ROI) of print media. I told my audience that these two linked topics are what will keep their customers up at night. They do need to be addressed, but not with an attack to prove print’s relevance. Instead, state the fact that integration of multi-media is the best and most effective tactic to fulfill the needs of your market and to allow your customers to get a good night’s sleep.

According to a very recent Ad Age Media Works study, digital circulation is growing. It is only 1% of a publisher’s total circulation, but still, this statistic cannot be ignored. The Starch Report indicates that print B2B publications are holding their own in the “Digital Age.” According to a recent online article by Jim Chisholm, digital media needs to rely on traditional media to build their audience base. He also states, “Print will remain the backbone of the revenue stream for some time to come.” Mr. Chisholm’s article is directed at the newspaper channel, but the same type of conclusion can be drawn concerning the magazine segment as well. Jim Chisholm, also featured on inma.org, has provided many valid reasons that will allow your customers to catch up on much needed sleep.

If I were selling media or ad pages, I would focus on the convergence of print and digital venues and start to provide the performance data and ROI that these combined tactics offered. The data is out there for all to see.

Knowing your market is not as strange as it sounds, is it?

At the last three events at which I spoke, I would say that well over 60% of the sales reps did not have an updated understanding of their markets. One reason is that print media sales people have been whacked over the head by the exaggerated reputation of “digital media” and often times sell digital, the easy track to a commission with a higher profit base, for the publication. Yet the long game seems to be integration, convergences of media into a locally targeted media mix.

Need ten great reasons to gain 100% of your client’s media budget? Check out my article from the November/December issue of Publishing Executive: http://www.pubexec.com/article/10-steps-becoming-full-service-marketing-solution-your-clients-418371/1

What do you think? E-mail me about these and other topics in marketing and publishing at: thad.kubis@tifmc.org