With new tools, technologies and trends continuing to reshape the media landscape, established companies must reinvent core business models to affect real change. It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change. As an often cited reference from Darwin, this adage rings especially true when discussing the current state of today’s evolving media landscape.
In order to successfully compete in today’s fragmented and complex media environment, established companies must adopt the three strategic tips to outperform industry competitors.
Tip 1: Know Your End Goal
Always set a framework of intent and objectives to help clarify your end goal, priorities, pain points and long-term objectives to drive home change initiatives. How can data help you better target and engage your desired audience? Do you have the bandwidth, talent and/or wherewithal to realistically support and deliver on these endeavors?
Taking time to develop a roadmap that answers and aligns with company-specific initiatives can help drive higher performance and better margins.
Tip 2: Agility is Not Optional
Take a page from Darwin’s book and be prepared to tackle digital disruption at any given moment. Remain agile enough to respond to the demands of a volatile landscape, while also ensuring your day-to-day business model remains unaffected by these intermittent bouts of change.
Tip #3: Learn From the Best
Zero in on the crème de la crème of digital-first enterprises and determine what strategies contribute to their winning formula. Note their key success enablers, best practices, how quickly they respond to change and the technologies and systems that help support their overall infrastructure. In doing so, you can identify, cultivate and apply the digital success strategies that best align with your own business verticals.
Companies must take a hard look at their operating models not just for today but also for the future. They need to deliver growth in average revenue per user across a connected world at a higher rate than they currently are on traditional desktop. In doing so, their operational cost structures, processes and systems must also evolve rapidly to meet the needs of their customers. Without these assessments and difficult decisions, their businesses are in peril thus putting at risk the free flow of information that a well-funded advertising model affords.
Connected devices, fragmented audiences, an ad model reliant on the consumption of free information–among many other factors–will force you to navigate your tech ecosystem differently. Your choice: evolve or die. Which will you choose?