In a short presentation yesterday afternoon at the BIA/Kelsey ILM East 2011 conference, Peter Krasilovsky presented several slides about the local media industry. In them was, I think, an interesting nugget of information: The seven drivers of interactive local success within a media organization.
- Strategic separation of business units. This is key to develop a solid new business that’s not encumbered by traditional thinking and conservatism. In the words of the BCG Matrix, it reminds me of the need to nurture “rising stars” that will eventually kill “cash cows”.
- Investment. A must. In addition, risk-taking must be rewarded, not punished.
- Social media
- Multiple users and business touches. Fragmentation brings with it the need to re-aggregate to help advertisers make sense of the media/advertising/social media landscape and create substantial value.
- Mobility. Creates ubiquity, permanent access to the internet.
I would add Human resources to that list. You need visionaries/thinkers that can innovate and execute quickly. That’s a huge challenge for traditional media company today.