Innovation Mission 2014 - Top Takeaways from Local Media Association

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lll Local Media Innovation Mission Takeaways – July 11, 2014 Presented by Nancy Cawley Lane, President, Local Media Association, Brandon Erlacher, Publisher, The Elkhart Truth & CIO, Federated Media and Chris Jones, Director of Innovation Wire & Publisher Solutions,
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Local Media Innovation Mission attendees visited with some of the world's most disruptive and forward-thinking technology and media companies. They were on a search for inspiration, new and cutting-edge practices/business models, answers on how to create a culture of innovation and how to fuel growth at their companies. The report yielded 11 top takeaways including some surprising ones such as: Eliminating inter-company email Why you need to 'feed the monster' - Google+ Shareability is the new KPI Integrated sales teams don't work Disrupt yourself Invest in a data manager Visual journalism will help reach younger consumers Native advertising is hot - jump on this bandwagon LinkedIn's new publisher tool & sales navigator product are going to be game-changing And more… Order full report at www.localmedia.org

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lllLocal Media Innovation Mission Takeaways July 11, 2014

Presented by Nancy Cawley Lane, President, Local Media Association, Brandon Erlacher, Publisher, The Elkhart Truth & CIO, Federated Media and Chris Jones, Director of Innovation Wire & Publisher Solutions, Deseret Digital

About the Innovation MissionA six-day study tour to visit with some of the worlds most innovative technology and media companies26 senior-level local media executives participated this yearSearching for new revenue streams, emerging trends, inspiration and an understanding of how to create a culture of innovation

The Innovation Mission is the signature event of the Local Media Foundation. An intense six-day study tour, it is designed for senior-level local media executives that want to be inspired by new and cutting-edge practices being implemented by some of the worlds leading technology and media companies. Top goals for the 2013 tour included: discovering new revenue streams, understanding how to create a culture of innovation, finding sustainable business models on the digital side, learning how to better work with the big guys (Facebook and Twitter) and identifying top vendors/R&D partners to help fuel growth. The Innovation Mission delivered tremendous ROI with some attendees predicting that the impact will be high six-figures. It was a special week for the 17 executives that participated and a priceless opportunity to get an inside look into some of these companies.

2About the Innovation MissionDates: June 1-6, 2014Highlight was a private off-the-record meeting with Allen Blue, co-founder, LinkedInGoal is to provide actionable and disruptive takeaways for the local media industryThe 2014 trip yielded 11 top takeawaysINNOVATION MISSION 2014

The Innovation Mission is the signature event of the Local Media Foundation. An intense six-day study tour, it is designed for senior-level local media executives that want to be inspired by new and cutting-edge practices being implemented by some of the worlds leading technology and media companies. Top goals for the 2013 tour included: discovering new revenue streams, understanding how to create a culture of innovation, finding sustainable business models on the digital side, learning how to better work with the big guys (Facebook and Twitter) and identifying top vendors/R&D partners to help fuel growth. The Innovation Mission delivered tremendous ROI with some attendees predicting that the impact will be high six-figures. It was a special week for the 17 executives that participated and a priceless opportunity to get an inside look into some of these companies.

3Innovation Mission Visits

11 Takeaways From the Innovation Mission

Cultivate a Culture

Creating a Culture of Innovation Requires Major Changes:Open & Transparent Work SpaceImportance of teams/collaboration no silos

INNOVATION MISSION 2014

Cultivate a CultureNon-traditional perks (food, creative days off, etc.) Fun atmosphere!Importance of vision/mission (posting on the wall; employees know it and can recite it)It all starts with leadership; must be visible & accessibleTrust & investing in staff

Open & Transparent First step to building innovative culture

Share and Share AlikeShareability is the new KPIBuzzFeed is obsessed with shareability & we should be as wellShares are most important metric at BuzzFeed; more than page views

Share and Share AlikeSolutions like Muck Rack allow publishers to measure their sharesNewsrooms should measure shares in addition to the other metrics & understand what content lends itself to sharing

INNOVATION MISSION 2014

Divide & Conquer

Most local media companies in North America rely mainly on integrated sales teams despite the Borrell research that suggests the opposite is the better strategy. Those with higher digital advertising percentages know the value of separate staffs:Russmedia: Digital and print reps compete against each other (digital now accounts for 25% of their total revenue)GateHouse/Propel Marketing: 100 FTE's selling digital-only for PropelBorrell data backs this up - http://tinyurl.com/BAreps

Big Data: Jump on This Bandwagon

INNOVATION MISSION 2014From LinkedIn: When it comes to big data, ask the right questions: Measure the right stuff (even if its not big data) and take actions - learn from them. Dont start with the measure.People are more apt to like and share stories that have more awe (30%), more anger (34%) and more anxiety (21%). They are less likely to like/share stories that convey more sadness (-16%) - LinkedIn

Big Data: Jump on This Bandwagon

INNOVATION MISSION 2014NY Times: launching food and opinion apps based on their data analysis; NYT Now - highly successful 'brief version of NYT' reaches previously untapped audience. BuzzFeed employs 10 data analysts; this helps them sell based on insightsMany of the IM attendees are hiring a data manager as a result of attending the IM even a part-time position should produce ROI in a short period of time. LMIA just released a report on Big Data with a variety of case studies ranging from The New York Times to Shaw Suburban Media.

Complexity for SMBs = Opportunity

INNOVATION MISSION 2014Double down on Digital Agency ServicesSMBs are going to get more and more confused with the new technology and tools entering the marketThis is great news for local media companies that have or will launch digital agency servicesGoogle+ is much more than a social network; it's an SEO play and is a must for SMBs & local media companiesYouTube is second largest search engine in the world; videos need to be presented there (even if you are also using other platforms)LinkedIn's new Sales Navigator tool is about to disrupt sales prospecting; 'social selling' is the new buzzword

Complexity for SMBs = Opportunity

INNOVATION MISSION 2014WordPress platform is perfect for SMBs but they don't have the time or inclination to build the site or post blogsPayPal is about to make the mobile device the wallet of the future; serious implications for SMBsNative is exploding and SMBs don't know where to startMobile is about to explode; 18% of local searches result in a purchase. SMBs need strong, compelling mobile presenceOffline shopping is becoming a new trend with eBay leading the way"Propel's growth has been extraordinary; we are investing even more" - Kirk Davis, CEO, GateHouse Media

You Have Mail (NOT!)

INNOVATION MISSION 2014Say Goodbye to EmailO2 new platform from WordPress that eliminates inter-company emailMore than 1/2 of the IM participants are participating in a beta test with themHelps with efficiency and creating an open, transparent culture

You Have Mail (NOT!)

INNOVATION MISSION 2014IM attendee Red Wing Publishing created similar platform using 'Google Community'Interested in participating in the WP beta? Contact Nancy Lane for details

Turning the Tables:Disrupt Yourself

INNOVATION MISSION 2014eBay/PayPal - Developing and testing strategies that will enable consumers to pay for everything using their phone.

18Turning the Tables:Disrupt Yourself

INNOVATION MISSION 2014LinkedIn Disrupted Monster.com & others and now launching Sales Navigator

Turning the Tables:Disrupt Yourself

Russmedia Two-brand strategy Their free site VOL.AT and their newspaper replica site behind a metered pay wall.WordPress o2 product will change the way people communicate internally.GateHouse New content and design center plus separate business units.INNOVATION MISSION 2014

Visualize the PossibilitiesBuzzFeed Entire site based on visual journalism.

Pinterest style designs (including eBay)VOL.AT larger visualsWSJ Added a visual team

INNOVATION MISSION 2014

Visualize the Possibilities

INNOVATION MISSION 2014

LinkedIns SlideShare Largest community of presentations on Web.Upload and shareThe secret Sauce is visual content + SEO (content is evergreen)

A Platform You Can Stand On: WordPressINNOVATION MISSION 2014

PHILOSOPHYPlatform: Simple & elegant, but also powerful and flexibleExtensible: Customize via themes and pluginsRobust APIs: Easily integrate with other servicesRapid iteration: Three major releases every year + easy upgradesOpen: Use your own data and codeWordPress is the most popular CMS on the Web. They power one in five websites, this includes 22% of all new active domains,23,000 plugins and more than 1,500 themes.23Get Social or Get OutPublishers/senior execs MUST participate in social media no longer an optionGoogle + is an SEO play post stories on G+; watch your traffic growYouTube - 2nd largest search engine; post your videos there to extend reachINNOVATION MISSION 2014

24Get Social or Get OutLinkedIn All-Star for personal profilesLinkedIn publisher tools for blogs, etc.INNOVATION MISSION 2014

25Native. It is Here and it Works

BuzzFeed Business model is 100% native Traditional Media Companies - NYT, WSJ, GateHouse and Russmedia all experimentingThe Elkhart Truths Flavor 574 targets food nicheINNOVATION MISSION 2014We are the newsroom for our brand partners. We are helping them react to events that make sense to their brand. Matt Trotta, BuzzFeed

26INNOVATION MISSION 2014Participant Feedback

Eric Bright, VP of E-commerce, Deseret Digital Media: An open and transparent culture is a must-have. Get rid of email. Big data has dominated the scene for a long time now but small data is where you can leverage and innovate. We saw true reinvention in work at Autommatic and eBay. They are responding to the needs of consumers. Finally, it was amazing to listen to Allen Blue, founder of LinkedIn, and also the executives at Automattic. They are truly out to improve the world and not just build a business. Leadership is hard and lonelywe can learn a lot from these leaders.Mark Poss, CEO, Red Wing Publishing: The culture piece of this trip has been the consistent theme for me over the past three Innovation Missions. Culture and vision drive your ability to execute. We have made and continue to make many changes to improve our culture and attract top talent. Other key takeaways for me: shareabilty is a KPI, seeing how the different companies were approaching native was very helpful as I start to craft my own strategy, and Kirk Daviss point about selling digital stuff versus selling a digital business.

INNOVATION MISSION 2014Participant Feedback

Shannon Kinney, Founder and Client Success Officer, Dream Local Digital: I came away with eight top takeaways: SMB confusion is going to increase and they need our help more than ever. LinkedIns new product line around sales acquisition is going to be a game changer. Data matters and we need product management. Big data and audience targeting are getting more and more powerful. No more email! Google agency PIN; this will help us to assist SMBs. Company culture matters a lot. Integrated sales teams dont work.David Arkin, Vice President of Content, GateHouse Media, Inc.: Proper use of data was a big takeaway for me. Our editors are not using data in the right way (BuzzFeed has a criteria on how they approach stories we need to implement something similar). BuzzFeed is obsessed with shares/engagement and we can learn from that as well. The CBS Local visit also touched on data and I particularly like the tailgate videos. Finally, we need to look at WordPress. That was a very impressive visit.

INNOVATION MISSION 2014Participant FeedbackBrandon Erlacher, Publisher, The Elkhart Truth and CIO, Federated Media: Things that we are looking to implement because of the IM: encourage use of Google+ (it directly feeds the index) and use other Google tools to make sure SMBs are found (and us too!). Become thought-leaders utilizing tools on LinkedIn (gives our brand lift). Rename native marketing to content marketing (I liked Buzzfeeds notion of being the newsroom for the brand/client.) Use big data to drive decisions on product, content and helping SMBs. Continue to evolve the culture in our building and businesses.

2014 IM Report How 2 Use ItHave your entire team read it and then schedule a meeting to discuss.

Pick at least three action items to implement by the end of the year.

Call on LMA (Nancy or Pete) for help in any area. INNOVATION MISSION 2013INNOVATION MISSION 2014

QUESTIONS?Nancy Cawley [email protected]

@localmediarocks

https://www.linkedin.com/today/author/11309770 (6 blogs about the IM have been posted here)

Tumblr: http://nancycawleylane.tumblr.com/

INNOVATION MISSION 2014