It is not a question in anyones mind that newspaper circulation is down and that newspaper marketing agency have their work cut out for them. Newspapers have the option to learn from their past success and convert that into higher revenue.
In the last 10 years newspapers have been slowly losing more and more customers to online news sources and advertisers shifting revenue. Newspapers enjoyed decades of high profit margins and were slow to adapt to the changing world around them. Now the time has come to change the way they do business before it is to late.
How can the newspapers stop the slow bleed and increase their revenue before it is to late? The number one way to increase revenue will be for newspaper advertising to diversify their revenue model immensely. Then the newspapers will have to expand their brand in a big way.
Newspaper sales were a direct result from newspaper marketing. Newspapers used their brand and recognition to sell subscriptions to more and more people. The product they commoditized was information. People could now know all of the things that transpired throughout the world.
Revenue was generated via newspaper circulation subscriptions and through placed ads within the content of the paper itself. With the advent of online marketing and advertising newspapers sale are in decline along with advertising revenue.
The plus side to all of this news is that newspapers have the ability to learn from their past success and make positive changes. The first change newspapers can do is encourage more and more people to use their websites for a source of local news and information.
The second thing newspapers should do is leverage their brand by co opting other successful models such as Craigslist and eBay. By offering a platform for people to exchange goods for little to nothing in limited quantities their website would see a drastic boost in traffic. As demand grows newspapers can charge additional fees for listing position, images, bold fonts, colors and the like.
Thirdly, newspapers handle most of their marketing internally. With the technology available newspapers could bring in advertising revenue by brokering advertising across all platforms of media. Newspaper could profit by offering advertising packages that cover print, billboard, radio and digital.
Newspapers have the ability to increase their revenue by changing their advertising and circulation model. The old ways of doing business for newspapers has passed and the future holds ample opportunity to rake in stray advertising dollars.
The ability to adjust business models is still within reach of newspapers. The changing model will reflect the need to branch out into more markets, across multiple platforms and expanding their brand online. The key will be to match their existing local brand to a brand that is recognized on the worldwide internet platform.