The internet and digital technology have brought significant change and, occasionally, death to many industries. The newspaper industry is no exception, as advertising revenues and reader subscriptions have plummeted. A return to the old days is not going to happen. But does that mean that newspapers are doomed? Not yet, but certainly likely, if they maintain the status quo and follow innovative leadership ideas.
Check out our thoughts on building innovation.
Here is a recommended roadmap for reinvention that I would pursue if newspaper ownership was my livelihood:
Carefully study the trailblazers and what they have learned
Over the past 5 years, there are many lessons. Here are a few of the best ones to start with: Huffington Post, Voice of San Diego, Business Insider, and Tech Crunch.
Innovative leadership … make customer engagement a top priority
A top priority in all reinvention ideas. Build communities for your readers and your business advertisers.
Your biggest customers, other businesses, are also going through significant change … make their success the centerpiece of your reinvention.
Related: 13 Motivators for Creating a Change and Adaptability Culture
Innovative leadership characteristics … become a more predominant business leader
Look throughout the region. Be a hands-on leader, spokesman, and creator of change and improvement in ways that local governments have not been able to do.
Make the leadership to change the flagship of your new brand.
Go hyper-local
Hyper-local with the predominance of your news and information. Limit the state, national, and international news to summaries only.
Frequently solicit ideas
Solicit from your customers on all critical issues.
Make crowdsourcing a competency
And use it for both internal as well as local issues. Experiment, prototype, and test fearlessly … iterate often. Make business model experimentation a top priority.
Note that 80% of the game-changing ideas over the last 100 years came from people outside the fields where the new ideas were successful.
Employ all emerging media platforms
Consider platforms such as video and mobile, two important examples. Identify creative, synergistic ways to integrate them.
Encourage new, innovative ways to collaborate with other businesses
Look for inventive partnerships that can yield win-win opportunities.
Become a medium for entertainment and local social sharing
On-line internet games and learning are in their infancy and would be a great place to start.
Many of the issues that your readers and businesses face are multi-faceted and complex.
Be more innovative in ways to present information and data visually
Look to improve education and bring clarity to these issues.
Finally, many of these ideas (and others) will require new skill sets.
