There is a trend happening in the media which you need to be aware of because it puts your business at risk.
With Media Means Business I focus on why producing and sharing regular media content to serve a specific audience can help boost your business.
It’s the model that media companies have used for ever with the audience they have built then being monetized largely from subscriptions and advertising.
But with traditional revenues falling, media companies are increasingly offering products and services directly to their audience.
While you have a product or service to sell and want to build an audience, media companies have an audience to sell to. This is now more possible than ever as consumers shop online and search on social media.
What are media companies doing?
There are several examples but here are just two.
Radio company Global, which operates the Heart, Capital and LBC brands in the UK among others, has acquired a stake in events company Broadwick Live and acquired more music festivals.
Now we’re not there yet, but it’s easy to see a time when advertising revenue for a radio group could become secondary to its revenue from selling tickets to events.
Meanwhile, Buzzfeed is selling a smartphone-enabled hotplate off the back of its Tasty media brand. One product isn’t going to make much of a dent in other retailers, but you can see the potential for mass disruption.
The point is, these companies and others are leveraging an audience to sell products and services – and you can too.
Social media can be your best salesperson
The social media companies, Facebook especially, know that their continued growth means making the tools they offer more useful to consumers but also to brands.
That’s why selling products and services is becoming easier with integrated solutions such as Facebook Shop and Amazon has recently launched its own social media-style service in the US called Spark.
Social media isn’t the only way to sell online of course, but it is a powerful and relatively low-cost (no cost if you are lucky) way to reach consumers.
What should you do?
While building an audience through content marketing isn’t an easy quick-win, it can give you a loyal and engaged audience that are more likely to buy from you than your competitors.
Those competitors will inevitably, I believe, include more media companies.
If a DIY website is making less money from advertising third parties, why wouldn’t it start selling hammers and nails directly to readers of its content?
Conversely, if you are running a DIY store, why wouldn’t you build an audience with media content and sell hammers and nails directly to them?
Get started sooner rather than later.
This is all about trust.
The old adage of people buying from those they ‘know, like and trust’ is more valid than ever because you have the tools and opportunity to build your authority in your industry using media content and social media platforms.
Just remember that with the right experts on board, media companies do too!
I have 30 years of media experience and can help your business get started with content marketing. Let’s talk about how – contact me today.