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BREAKING NEWS & VIEWS
A Media-Saturated World With a Scarcity of True Media Brands It appears as though the media industry is on top of the world: At a glance it's a vibrant industry ripe with promise and financial upside. Actually, I’m not so sure that's true. Media platforms and companies have long operated under a model that is based upon two foundational variables: 1. Distribution: The definition of the term, medium, in the first place—the idea that a medium represents a unique distribution pathway that enables content to flow from its source to an audience. 2. Audience: The medium’s ability to aggregate an unduplicated audience that is highly desirable to marketers. Historically, distribution pathways were relatively fixed and a bit more proprietary. Newspaper circulation networks were required to disseminate news to a particular community/market. Network television affiliates were required to broadcast television signals across a coverage area (Designated Market Area). The technology was not particularly “friendly” to redundant systems. Thanks to digital/mobile technologies, new distribution platforms can and will spring up with limited cost or infrastructure required. Much like the human body that can generate a new blood flow when an arterial route becomes clogged, new media will find new distribution pathways to avoid any “clogs” in a metaphorical sense. Distribution pathways are no longer proprietary. The same holds true for audiences. Historically, audiences were much more proprietary than they are today. Media consumption tended to be more concentrated around particular vehicles/properties. Today, in a world of hyper media consumption, it is quite rare that any particular medium can and will attract a truly unduplicated audience that cannot be found elsewhere. Ask any media buyer, and they’ll agree that no single media property is a “must buy” anymore. A buyer can literally buy around any property and still accumulate audience reach. The old model is broken: Any medium that defines its strategy by virtue of either its mechanism for content distribution and/or its ability to aggregate an audience will, likely, fail. There is nothing proprietary or particularly compelling in distribution pathways or audiences. The media, themselves, are becoming a commodity. The commoditization of media will open up an opportunity for those who understand classic brand management and can apply some timeless principles to the media business. For one, media brands must live by the same rules as any other brand. Some media brands truly understand the essence of what they promise to their audiences, and they can do so without having to name the who or the how in their promise. A few favorite true media brands come to mind: • HBO: In a Cannes Lions case study submission, HBO was referenced as a “brand of preeminent storytellers.” This promise creates a clear sense of purpose that can take the HBO brand across any media platform and appeal to any audience that wants to engage with a good story. • Martha Stewart: This brand "promises to enrich everyday lives." In her mission statement, Martha goes on to describe the who and the how. But the promise is clear, and can stand alone. • Real Simple: Enough said! The name speaks for itself. The promise is clear, relatable and applicable across platforms and audiences. True media brands are, unfortunately, the exception and not the rule. It’s clear that the media industry has a fair amount of brand management work to do. Getting the brand right is only half the battle. How do you flawlessly execute your brand behavior to consistently reinforce your promise? Can you make the hard call and edit out activity that may be appealing from an audience or revenue perspective, but is clearly off brand? Why does this matter? In a world where new technologies can spring up overnight and no one can claim ownership of an audience, your only hope is a powerful media brand that can move where the marketplace will go, and do so while remaining true to its promise. Minsider Judy Franks is the founder and president of The Marketing Democracy, a consultancy that helps world-class marketers bridge the creative and media divide that exists in today’s unbundled marketing services industry. If you have breaking news to share please contact Steve Smith at ssmith@accessintel.com COMMENTS
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