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Can Newspapers Survive?
Just finish reading an article about Warren Buffet's take on survival of newspapers. "Twenty, thirty years ago, they were a product that had pricing power that was essential," said Buffett. "They have lost that essential nature." I agree that times have changed, but like most businesses, you must change with the times. Many newspapers put too much emphasis on selling newspapers. Of course, they want to sell newspapers, but they want more subscribers and more advertisers. Since advertising is where their money is at. Can't have both and still want a couple of coins for the physical piece of paper, not in today's market.
Online has struck a lightning bolt through the industry. Many are scared of losing money. So they develop an online version of their site and charge more money. Wrong!? Most online readers want a quick read. Something they can glance over and get the information as quickly as possible. You have to remember most people are viewing websites during working hours and especially on Mondays. So how do newspapers survive?
Newspapers can survive by focusing on local/regional content. Yes, talk about the national stuff, but acknowledge it. Don't build your newspaper around national or international content. Secondly, focus on more content; every town has a hero and a villain. Many newspapers, news channels, online media are very negative. Minimize that and do positive spins. As well as a newspaper you need the equivalent online. Your website needs to display exactly what is in the paper; allow people to comment and interact.
Here's the kicker! Give it away for FREE. Yes, Free, the online newspaper and physical newspaper. WHAT? If you want to increase the number of traffic to your site and the number of hands your paper is in, then you need to make it as cheap as possible. Free is pretty cheap. You might be asking, How do I make my money? Simply, Advertisers. The more people you have viewing your content on either in print or online, will generate tons of advertisers wanting to get their word in.
I know it sounds crazy, but think of it this way. Continue to do what your doing and see if your readership has increased or decreased. But if your like Warren Buffet and I , you will see a dramatic decrease. So you won't be making any money, anyway.
May 2, 2009
