What we've seen in the media industry over the past six months has been extraordinary. Some may find this shocking, while others may say it was inevitable. No matter how you slice it, the rapid reduction of the media workforce and the closure of some of our favorite news organizations and platforms will have a major impact on the world of public relations.
But remember, this is not the first time something like this has happened.
Twenty years ago, I worked at an agency that focused almost exclusively on magazine PR. MAXIM, Staff, Blender, Sporting News, others. At the time, the luxury magazine had a monthly readership of 3-4 million people and was just beginning to develop its digital presence.
So what happened? Glossy, testosterone-fueled products quickly became obsolete. Sports and news are now all online. Even titles released with great fanfare become obsolete within a few years.Remember Tina Brown? talk magazine?
Panic erupted among media personnel, PR professionals and brands alike. However, many magazines still live on. Magazine racks have not been removed from local supermarkets or airports, and newsstands can still be found on many street corners in New York City.
Destruction of technology media
Currently, layoffs in the media industry are being paralleled by layoffs in startups and technology companies.
One reason is that private equity takeovers of media companies leave people inexperienced in running day-to-day operations and focus only on the bottom line rather than a great product.
Then there's the product. So many outlets are following the same stories as the world's leading brands. What about all the small businesses doing meaningful work?
And of course, there's monetization like banner ads, pre-roll ads, in-text ads, subscriptions, PPV, exclusive content, memberships, etc. There's a reason no one has solved the problem of monetization in media. That's because there is no one magic solution.
But not all hope is lost. Most of these layoffs are happening in the world of “tech” media, where bubbles exist within bubbles. Some media sectors are also thriving, such as local media and trade/vertical media.
Yes, mainstream media has a lot of work to do. They need to decide how much to cover hard news versus just politics, find the right business model, identify the consumers who still need to be served, and refine their voice.
Concentration is important
This is you and me, the general public relations people our clients have asked us to interview. tech crunch—You should do it in the meantime.
- Focus on the client's (or brand's) story and value proposition. Press releases about new employees or product features are great and keep reporters' attention. But with fewer reporters, there needs to be more emphasis on “value” and “why.”What is value Would you like to tell your audience about my client's products or services? why Should readers buy your customer's product?
- Focus on outlets that can help drive your business. Yes, technology media is affected, but trade and vertical media are thriving. These publications may not have millions of readers, but they do reach the client's target audience. It will reach the buyer!
- Focus on delivering value elsewhere. Media relations is the foundation of PR, but it's not everything. We help clients prioritize the content they own and identify customer champions who tell their stories.
- Focus on being intentional. Create every plan, strategy, pitch, and touchpoint with purpose.
By staying focused on the core elements of public relations during this time of change and uncertainty, you are more likely to help your clients achieve their goals and your own professional goals.
David Barkoe is co-founder and CEO of Carve Communications.
