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Two years ago, while developing a strategic plan to launch my enterprise studio, Evernomic, I started looking for ways to distinguish myself and build a competitive advantage. This is how the strategies we rely on today, which distinguish our business from similar corporations, were developed.
One thing we stuck to was our initial focus on media-based startups. Simply put, I’ve identified what I think we’ll be competing for in the future – skills, experience, network, capital, and so on. The fact is that the majority of the above are prerequisites that every company must have. However, if we had a strong portfolio of audience-focused offerings, we could leverage them in many ways to maneuver forward.
Hassle-free networking
In the media industry, almost every demographic can profit from your work in some way, from corporations looking for a promotion to consumers looking for information. This marks a unique stage for networking. The broad reach and appeal of media can open doors to priceless environments and opportunities that will otherwise remain unavailable.
For example, in the case of the local digital newspaper we manage in the Netherlands, we form strategic partnerships with other local organizations and associations, offering them free coverage of their initiatives. Naturally, we’d like to take care of the quality of our content, so we are quite selective about the organizations we approach. Nevertheless, this local network strengthened our social ties and provided us with invaluable contacts for our international projects.
Promoting your personal initiatives
Media platforms offer a unique channel for direct-to-audience marketing projects and initiatives. This direct line of communication lets you shape the narrative and control the message around your products or services, ensuring that your promotional activities are perfectly aligned with your brand voice and goals.
You should never make the most of your audience’s trust and spam them with promotional materials. However, you understand the preferences of the audiences you manage higher than anyone else, so you may effectively engage in such campaigns.
By consistently communicating with your audience through these platforms, you may build a loyal customer base that is more receptive to your latest and existing offers. This strategy increases brand visibility and drives engagement and sales more effectively than traditional promoting channels.
Recycling of recipients
One of the most strategic moves in media is the ability to repurpose an existing audience to profit other projects or brands in your portfolio. An ideal example of this is our approach to one of our leading media brands with a highly engaged audience. Instead of continually promoting our other ventures to the same audience, we cross-promoted with other creators and media brands. However, as an alternative of mutually promoting our media brand, they might encourage us to pursue one other enterprise. This tactic allows us to present our projects to several audiences, using one audience, without additional acquisition costs.
Access to market analyzes
Running a media entity provides greater than just an outlet for content; offers invaluable market intelligence based on audience data and content interactions. This constant stream of knowledge includes consumer preferences, behavioral trends and engagement metrics, which are critical to adapting content and marketing strategies.
Such insights also enable media corporations to anticipate market trends, adapt more quickly to consumer needs, and make informed decisions that are in line with current and future market dynamics. The ability to research these insights gives media investors a significant advantage in staying ahead of the competition.
Influence in strategic partnerships
The influence gained from successful media projects is priceless in forming strategic partnerships and negotiating contracts. Media corporations can leverage their reach and visibility to draw and secure helpful partnerships with other brands, sponsors and influencers. This influence acts as a currency that gives media owners with the leverage they should negotiate favorable terms and collaborate on projects that may increase mutual success.
Whether on a local or international scale, when trying to partner with latest startups, the commonest obstacles they encounter are exposure and ineffective marketing. Our media portfolio has proven to be an invaluable asset in resolving such obstacles with minimal inconvenience on our part.
High profit margins
Media projects offer attractive profit margins, especially when there are already established audiences. Media corporations can significantly increase profitability through various revenue sources corresponding to promoting, subscriptions and sponsored content.
After the initial setup and audience building phases, content production costs often decrease and revenue potential increases with the size and engagement of your audience. Scalability and the ability to make use of content across multiple platforms increase profit margins, making media investments particularly lucrative.
I encourage you to go searching the global business landscape, the most modern organizations have been rapidly building or acquiring media assets for some time. Especially given more efficient paths to content creation, establishing media subsidiaries needs to be a strategy that every one corporations should consider.