The decline of print media
We’ve been predicting the death of print media for years, as Newsweek becomes the latest print casualty, but like most entrenched industries, it will always take way longer than anyone would expect. Despite Priceline and Kayak, there are still travel agents, albeit less of them. And print will go on in some form because in some cases, it’s still a useful way to distribute information.
We’ve seen the demise of the medium predicted as publishers cannibalized their own revenues by giving away all their content online for free with the hopes of selling banner ads. We saw a race to the bottom with banner inventory prices that was further ballooned by the rise of bloggers who, without the same barriers to entry as printing, were able to go toe to toe with some of the largest publications in the world. But forget large bloggers – there are just… so many bloggers that even if on average a blog gets 50 hits a month, times a million blogs, that’s still 50 million eyeballs the big players are missing.
When people argue against the end of print, you have to wonder if they somehow had access to hundreds of millions of dollars in investment capital, what they’d think if newspapers never existed and someone came to them with the following idea to invest in:
“Newspaper Business Plan”
“Reading the news online is great, but sometimes we miss a more artistic and tactile approach. Our plan is to take yesterday’s news, quickly create a beautiful “layout” with computer software and designers working day and night, then print millions of copies overnight in a huge printing plant using millions of dollars in equipment. We’ll then send these “newspapers” to distribution points all around the city. From there, we will utilize an army thirteen-year-old boys on bicycles who will distribute the newspapers door to door in their neighborhood after school in exchange for gratuities from our customers so they can go buy Topps baseball cards, Silly String, and Now-N-Laters. And we’ll support the whole thing with advertising. We think printing last week’s help wanted ads and apartment listings will be a surefire revenue driver!”
Why print media is destined to die
Bananapants, right? But that’s what exists. And that’s why its death is inevitable, because it’s essentially a zombie industry whose legacy allows it to borrow against its future, a future that’s dwindling faster than Tim Tebow’s playoff hopes.
Why has the death of print taken so long? While technology allowed for the dissemination of the same information print offered, only faster and for free, the same technology had not caught up to the same aesthetic and user experience that readers are used to in print. We still want a beautiful layout, or even a layout that looks like David Carson went on a meth binge. But being limited to a handful of fonts and fairly straightforward layouts most definitely curtailed online media’s ability to compete. Even though it’s faster and more timely to get information online, we still love to turn pages.
The tablets changed all that. Slowly, we’re seeing digital versions of publications that let us flip through the pages like a magazine or newspaper that have not only the same beautiful design as a printed piece, but even embed video and animations in a way that doesn’t seem weird. We now live in the future. It’s only a matter of time before everyone catches up.
The fudging of distribution numbers
Print is further hampered by the fact that, as opposed to highly trackable and audible online media, for its entire existence, print’s numbers were, well, bullshit.
The standard readership numbers went something like “Well, so we printed 100,000 copies and sent them to 100,000 homes. We figure each home has 8 people living in them, plus, you know 5% of homes were burglarized by second time offenders who had literacy training in prison, and our cousin had a plumbing problem so you know that whole work crew was in his house last week, therefore, if everyone who came within 50 feet of the publication dropped everything and read it cover-to-cover, then clearly at least 4 million people read it (if not like 8 or even 30 million on a good day!) and we have a feeling because of all the pretty colors and its proximity to the last 1000 words of our hard-hitting expose on the 100% rise in toothpick-related fatalities from 1 to 2 in the past year, they especially paid attention to your 1/4 page ad on page 168. Did we mention sometimes after people throw the publication out, the garbage collectors read it on their break?”
Print is on the way out. But you can still take advantage of it as a marketer.
Print on the long tail
Forget buying a full page ad in the New York Times. Media rates at that level are determined more by supply and demand than what their real ROI is going to be to an advertiser. What I’m talking about is local newspapers, college newspapers, anything with a circulation below 10,000 or so. Trying to build a new brand with a broad target market on a budget? As opposed to a major publication, who may not return your phone call even if you do have a check for $50,000, that same money could be spent to advertise in 50-100 small publications and actually reach more people.
Of course, in the digital age, how do we translate our print to online effectively? Creating brand awareness is great. But if you’re used to the instant gratification of seeing your analytics pop up in real time, the glacial speed in which print moves can be quite frustrating.
Bridges to digital
• Contests: Using print as a way to supplement a contest being held via social media is a great way to get more people involved. The key here is the “carrot.” It makes no sense to spend $50,000 to give away a $50 gift card or 10% off the purchase of your mediocre product. Be imaginative with the prizing. Find something bespoke on Etsy made by someone who has a great following and leverage their social audience as well. Buy something bizarre on eBay. Make something compelling enough that I’m going to grab my phone and find your contest right now, while I’m looking at the ad. And sure, use a QR code if you must for tracking, but remember that for most of us, QR codes are ugly and make us throw up in our mouth a little.
• Experiential and Events: Hold some sort of special event in a local market that requires an online RSVP. Or use it to announce that your experiential tour van is going to give away free samples at a set time and place and anyone who pre-registers online gets a special incentive. Remember, when we use the long tail print above, you’re in local and college newspapers – people tend to actually pay more attention if you’re taking about something going on in their community. For example…
• Making a difference in the local community is a great way to translate print to digital. You can pay Facebook $1 per like by buying ads, or you could donate a dollar to the local homeless shelter or community garden, or even let people vote on what difference they want made in their community. Even if it’s used to grow Austin weird.
Enjoy it while you can
Once your have your print pointing to digital, you can consider a feedback loop. Follow up the print with ads featuring photos of the event you held, pointing to a microsite where the people who attended can download them. Update it with news on the progress of the community activation, so people can see that you did use the funds to have 3D Chalk Dude draw the rival school’s mascot being sucked into the fiery pits of hell.
As print becomes less popular, ad rates will continue to fall. It won’t last forever, but smartly integrating print into your digital is something you can enjoy while you can.
Bite-sized retail: Macy’s plans to move out of malls
(BUSINESS MARKETING) While Macy’s shares have recently climbed, the department store chain is making a change in regards to big retail shopping malls.
I was recently listening to a podcast on Barstool Sports, and was surprised to hear that their presenting sponsor was Macy’s. This struck me as odd considering the demographic for the show is women in their twenties to thirties, and Macy’s typically doesn’t cater to that crowd. Furthermore, department retail stores are becoming a bit antiquated as is.
The sponsorship made more sense once I learned that Macy’s is restructuring their operation, and now allowing their brand to go the way of the ghost. They feel that while malls will remain in operation, only the best (AKA the malls with the most foot traffic) will stand the test of changes in the shopping experience.
As we’ve seen a gigantic rise this year in online shopping, stores like Macy’s and JC Penney are working hard to keep themselves afloat. There is so much changing in brick and mortar retail that major shifts need to be made.
So, what is Macy’s proposing to do?
The upscale department store chain is going to be testing smaller stores in locations outside of major shopping malls. Bloomingdale’s stores will be doing the same. “We continue to believe that the best malls in the country will thrive,” CEO Jeff Gennette told CNBC analysts. “However, we also know that Macy’s and Bloomingdale’s have high potential [off]-mall and in smaller formats.”
While the pandemic assuredly plays a role in this, the need for change came even before the hit in March. Macy’s had announced in February their plans to close 125 stores in the next three years. This is in conjunction with Macy’s expansion of Macy’s Backstage, which offers more affordable options.
Gennette also stated that while those original plans are still in place, Macy’s has been closely monitoring the competition in the event that they need to adjust the store closure timeline. At the end of the second quarter, Macy’s had 771 stores, including Bloomingdale’s and Bluemercury.
Last week, Macy’s shares climbed 3 percent, after the retailer reported a more narrow loss than originally expected, along with stronger sales due to an uptick in their online business. So they’re already doing well in that regard. But will smaller stores be the change they need to survive?
Why you must nix MLM experience from your resume
(BUSINESS MARKETING) MLMs prey on people without much choice, but once you try to switch to something more stable, don’t use the MLM as experience.
MLM experience… Is it worth keeping on your resume?
Are you or someone you know looking for a job after a stint in an MLM? Well, first off, congratulations for pursuing a real job that will provide a steady salary! But I also know that transition can be hard. The job market is already tight and if you don’t have much other work experience on your resume, is it worth trying to leverage your MLM experience?
The short answer? Heck no.
As Ask the Manager puts it, there’s a “strong stigma against [MLMs],” meaning your work experience might very well put a bad taste in the mouth of anyone looking through resumes. And looking past the sketchy products many offer, when nearly half of people in MLMs lose money and another quarter barely break even, it sure doesn’t paint you in a good light to be involved.
(Not to mention, many who do turn a profit only do so by recruiting more people, not actually by selling many products.)
“But I wouldn’t say I worked for an MLM,” you or your friend might say, “I was a small business owner!”
It’s a common selling point for MLMs, that often throw around pseudo-feminist feel good slang like “Boss Babe” or a “Momtrepreneur,” to tell women joining that they’re now business women! Except, as you might have guessed, that’s not actually the case, unless by “Boss Babe” you mean “Babe Who Goes Bankrupt or Tries to Bankrupt Her Friends.”
A more accurate title for the job you did at an MLM would be Sales Rep, because you have no stake in the creation of the product, or setting the prices, or any of the myriad of tasks that a real entrepreneur has to face.
Okay, that doesn’t sound nearly as impressive as “small business owner.” And I know it’s tempting to talk up your experience on a resume, but that can fall apart pretty quickly if you can’t actually speak to actual entrepreneur experience. It makes you look like you don’t know what you’re talking about…which is also not a good look for the job hunt.
That said… Depending on your situation, it might be difficult to leave any potential work experience off your resume. I get it. MLMs often target people who don’t have options for other work opportunities – and it’s possible you’re one of the unlucky ones who doesn’t have much else to put on paper.
In this case, you’ll want to do it carefully. Use the sales representative title (or something similar) and, if you’re like the roughly 50% of people who lose money from MLMs, highlight your soft skills. Did you do cold calls? Tailor events to the people who would be attending? Get creative, just make sure to do it within reason.
It’s not ideal to use your MLM experience on a resume, but sometimes desperate times call for desperate measures. Still, congratulations to you, or anyone you know, who has decided to pursue something that will actually help pay the bills.
This smart card manages employee spending with ease
(BUSINESS MARKETING) Clever credit cards make it easier for companies to set spending policies and help alleviate expense problems for both them and their employees.
Company credit cards are a wonderful solution to managing business expenses. They work almost exactly like debit cards, which we all know how to use, am I right? It is the twenty-first century after all. Simply swipe, dip, or tap, and a transaction is complete.
However, keeping up with invoices and receipts is a nightmare. I know I’ve had my fair share of hunting down wrinkled pieces of paper after organizing work events. Filling out endless expense reports is tedious. Plus, the back and forth communication with the finance team to justify purchases can cause a headache on both ends.
Company credit cards make it easier for companies to keep track of who’s spending money and how much. However, they aren’t able to see final numbers until expense reports are submitted. This makes monitoring spending a challenge. Also, reviewing all the paperwork to reimburse employees is time-consuming.
But Spendesk is here to combat those downsides! This all-in-one corporate expense and spend management service provides a promising alternative to internal management. The French startup “combines spend approvals, company cards, and automated accounting into one refreshingly easy spend management solution.”
Their clever company cards are what companies and employees have all been waiting for! With increasing remote workforces, this new form of payment comes at just the right moment to help companies simplify their expenditures.
These smart cards remove limitations regular company cards have today. Spendesk’s employee debit cards offer companies options to monitor budgets, customize settings, and set specific authorizations. For instance, companies can set predefined budgets and spending category limitations on flights, hotels, restaurants, etc. Then they don’t have to worry about an employee taking advantage of their card by booking a first-class flight or eating at a high-end steakhouse.
All transactions are tracked in real time so finance and accounting can see purchases right as they happen. Increasing visibility is important, especially when your employee is working remotely.
And for employees, this new form of payment is more convenient and easier on the pocket. “These are smart employee company cards with built-in spending policies. Employees can pay for business expenses when they need to without ever having to spend their own money,” the company demonstrated in a company video.
Not having to dip into your checking account is a plus in my book! And for remote employees who just need to make a single purchase, Spendesk has single-use virtual debit cards, too.
Now, that’s a smart card!
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