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The Media The commercial media consist of enterprises that: 1. 2. Create or acquire content. Distribution of content (news, information, entertainment, or data) to an audience. Content ----- Medium ----- Audience (Method of distribution) Packaging or Retail Media Industry Structure Distribution: * Distribution: Segment Content Key Function * Creative data production * Aggregation * Marketing and promotion * Wholesale distribution * Delivery to final customer Examples * Artist/production house * Author/imprint * Journalist/title * Cable channel * Book publisher * Newspaper/ magazine publisher * TV/radio network * Cable systems * Book retailer * Newsstands/postal services * Newspaper delivery * Local TV/radio stations * Billboards Packaging * The Curse of the Mogul, Knee, Greenwald, and Seave, Portfolio, 2009. Retail Mapping to Assess Competitive Advantage D e c r e a s i n g A d v a n t a g e Increasing Competitive Advantage * (# of competitors go down) Content Continuous (ongoing relationship) Mixed Discrete (one time, no scale) Packaging Retail Physical (sales force) Local * Hybrid Mixed Electronic * Barriers to entry *The Curse of the Mogul, Knee, Greenwald, and Seave, Portfolio, 2009. National/Global Media Business Models Advertising Only (Single Rev. Stream) Advertising/ Subscription Transaction Subscription Hybrid Only (Single Rev. (Dual Rev. Stream) (Single Rev. Stream) Stream) TV Cable HBO DVDs Radio Newspapers Newsletters Music Google Magazines Mobile Outdoor Content access is free Content creation, distribution, and advertising-delivery business Movies Content access cost is low Content creation, distribution, access, and advertising-delivery business Content access cost is higher Content creation, distribution, and access business Content ownership cost is highest Content creation, distribution, and retail business Supply and Demand Demand for advertising opportunities is up – – Global ad spending increases every year 2-4% Especially demand for video advertising online and in mobile (online growth +15%, mobile +25%) Supply of advertising inventory has gone from scarcity to abundance – – All TV, radio pricing used to be based on scarcity, now just big, live events are Newspaper and magazine pricing used to be based on size and placement, now it’s a mess The Internet Changed Everything Advertising opportunities – inventory – is abundant, in fact it’s virtually infinite Search (Google) garners about half of all online advertising revenue – – – Performance-based (CPC) pricing Relevance of results A million customers TV CPMs have gone up slightly, but ratings have plummeted, thus revenue is down. The Internet Changed Everything Selling media – – – Ad Words Negotiating more DSPs (demand-side platforms) Buying media – – Networks, exchanges, and trading desks (SSPs, supply-side platforms) Targeting platforms (Blue Kai) Consumers/Customers A consumer uses a product: TV, radio, websites = audience or readers A customer buys a product: newsletters, music,, DVDs Advertisers are customers for radio, TV, magazines, websites—they buy access to audience/readers/users – Subscription revenue is relatively minor except for cable companies – Who is P&G’s customer? In some businesses the consumer and the customer are the same person – – Detergent, razors Purpose of a Corporation To create and keep customers – To serve stakeholders – – – – – Can’t make a profit unless you have customers Consumers/audience Customers/advertisers Society Employees Stockholders (owners, investors, lenders) To survive – – Need profits Need to innovate and adapt (innovator’s dilemma—disruptive technologies) Create a Customer Must satisfy unmet consumer/audience needs and wants—benefits sought (might be unrecognized) – – – Create a differential, sustainable, promotable competitive advantage that will get customers/audience and keep them – – Stories Search Social media Best way – high barrier to entry (TV stations, cable) Next best – great products Create a business model that monitizes content/audience/traffic Media Selling What Is Selling? Selling is about getting customers and keeping them It involves a process of helping customers/buyers get what they want It is not a manipulative process in which salespeople get customers/buyers to do things they don’t want to do Selling is about building trusting relationships, and guided by three basic relationship rules Basic Relationship Rules (For Sellers and Buyers) 1. Do unto others as they would have others do unto them. – 2. People like and trust people exactly like themselves – 3. Treat them the way they want to be treated. Find similarities and areas of mutual interest. People don’t care how much you know until they know how much you care Purpose What is the Purpose of ad-supported media? – – – – “To bring our audience and advertisers together” KOMC/KRZK, Branson, MO “To help people sell more Fords,’ Lowry Mays, former of CEO Clear Channel Communications To “create a customer” - Peter Drucker Ad-supported media are in the advertising delivery business Thus, agencies and the media are co-dependent Objectives What are salespeople’s objectives? 1. To get results for customers 2. 3. 4. Should be – not universal Buyers need to teach salespeople this objective To develop new business To retain and increase current business Increase customer loyalty with insight selling Insight Selling The Challenger Sale – – – Teaching Tailoring Taking control of the conversation Strategies What are salespeople’s sales strategies? 1. 2. 3. Sell solutions to marketing/advertising problems Reinforce the value of advertising and of their medium Create value for their product 4. 5. Before negotiating or discussing price Become the preferred supplier Innovate Big Ideas Packages and sponsorships Functions Salespeople’s functions (key skills) 1. 2. Create a differential competitive advantage in a buyer’s mind Provide insights 3. 4. Including how to buy the medium (Google) Manage relationships Solve problems – – – Big Ideas Insights Easy to buy Related Functions To represent the customer to sales management (inside selling) 1. Reinforce and help salespeople with this function – Give them justifying arguments To provide customer service To monitor the marketplace for sales management 2. 3. – Help salespeople, don’t lie to them Biggest Problem In Sales Organizations People do what they are paid to do Wrong incentives lead to wrong, counterproductive behavior – E.g.. Wall Street and bankers and the sub-prime mortgage debacle led to the Great Recession Buyers Ask all salespeople how they are paid (their incentives) – – If primarily on commission, they are out for themselves, not the company and they will lower rates to get an order, to maintain relationships, and keep their list intact. If primarily on making budget, virtually the same as being on commission, but will drop rates more near the end of the month or quarter. They are in a dilemma, but their short-term interests come first. Learn to trade favors, if you trust the salesperson Learn negotiating skills – – – – – – Talk price early Open low, come up slowly Have an effective concession pattern (get smaller) You never get anything you don’t ask for Competitors vs. cooperators See Advanced Negotiating Seminar at http://www.charleswarner.us/AdvancedNegotiating.p pt If a salesperson’s company/product is important to you, get to know the salesperson’s top management (highest level possible) and negotiate with him/her Manage these relationships with important vendor management assiduously and objectively in your self-interest (your organization’s and your own). – – Network , cable TV Top six websites (70%) Carefully design your career – – Media becoming ever more important Focus on planning – Exchanges and trading desks taking over buying Specialize TV Online Mobile