Authors of Our Own Demise
The headlines continue to report more doom and gloom for the media business. Newspapers in particular suffered tremendous losses this past week with the shutdown of Denver’s 150-year-old Rocky Mountain News, and the Philadelphia Inquirer joined a growing list of publications making a mad dash for bankruptcy protection.
Meanwhile, it appears that the broadcast business is also on life support. MediaPost’s Diane Mermigas reports that Barclays Capital and J.P. Morgan nearly doubled their forecast decline in overall TV station local and national spot revenues to a negative –15.5% for 2009, warning it could go lower. Other analysts predict that profits at CBS will decline 65% to 70% as revenues fall 35% to 40% this year.
No matter how you spin it the media business is at a critical point its own historical narrative – and is suffering the added insult of having to write its own obituary. But perhaps not…
Of course news organizations have a moral obligation to report the facts to the public. However, I would assert that they also have an obligation to themselves — to uncover numerous other stories of success that are occurring throughout the media business.
We all know that headlines have the ability to drive a story, just as well as they report it. But sharp editorial staffs do more than just report grim facts. They compel their reporters to dig deeper — to provide balance and context. Otherwise, they run the risk leaving the public in a state of perpetual hopelessness. The psychological impact of nonstop of barrage bad news bears a heavy toll. Readers, advertisers and even news professionals can become resigned and start to question why they even bother.
What makes this all the more challenging is understanding that while news organizations are earnest in their efforts to provide well-rounded coverage of others, they are not so comfortable seeking balance when covering their own industry. Yes, there are legitimate fears about being perceived as self-serving or breaching the public’s trust. But editors must begin to challenge these fears or risk no longer having a platform to explore them.
Newspapers and television, as we’ve known them, may be struggling to survive, but good journalism and popular entertainment will always have a healthy-sized audience. Jeff Jarvis, the noted columnist and media arts professor, continues to chronicle stories of bold new journalism initiatives like ProPublica and Daylife, which are aggressively reinventing the news business.
Those of us who have spent much of our time in traditional media bear much of the blame for this current crisis. We’ve been late to arrive at the scene of our own story – and hardheaded about acknowledging the facts.
There is much to learn from similar situations throughout business history. I recall learning in grade school about how the railroad barons lost their massive fortunes. They were well-positioned to invest in the then fledgling airline industry but chose to ignore signs of its imminent growth. Their grandest mistake was losing sight of the fact that they weren’t in the railroad business; they were really in the transportation business. Henry Ford lost dominance of the auto industry to GM by refusing to offer consumers more than just the standard black Model T.
There have been just as many stories of triumphant comebacks. Having all but missed the PC revolution of the 1990’s, IBM reportedly had just 100 days of remaining cash reserves before Lou Gerstner turned them around. Apple was written off around the same time, until Steve Jobs regained the reigns and led an upward spiral of growth and innovation that still makes his rivals dizzy.
It’s not too late for the media business, if we are willing to meet these mighty challenges with bold and immediate action. With the advent of more mobile devices like Apple’s iPhone and Amazon’s Kindle, newspapers are waking up to the fact that future fortunes will be found online. They’ll recover sooner by being willing to embrace and become fluent in video. People want to see and experience the world in full-motion and if it is presented in compelling ways readers and advertisers will be willing to pay for it.
CBS Can’t Die
I was blindsided when I read that the future of CBS network might be in jeopardy. Reports surfaced in mid-December that Viacom Chair Sumner Redstone could be forced to sell his controlling interest to pay off massive debts. Then MediaPost analyst Diane Mermigas listed the network among her predicted casualties for 2009. I had to read it twice to make sure I wasn’t missing something. Surely, this couldn’t be true.
Other analysts predicted there would be plenty of interest in Viacom’s attractive portfolio of cable assets that includes MTV and Nickelodeon. But, “few would want CBS, even at bargain prices.” Was the sky falling? First the 160 year-old Tribune Company files for bankruptcy protection. Now, nobody would want CBS?
A younger generation may be immune to matters of corporate consolidations and liquidations that seem to take place on a weekly basis. After all, they’re not watching CBS anyway. But for “old media” diehards like me, this is a major upset.
CBS was the “Tiffany Network” — the house of Edward R. Morrow, Walter Cronkite. They wrote the rules of broadcast journalism that informed and inspired several generations. This was the network that pioneered with such series as “All in the Family” and “M*A*S*H,” and before them “The Honeymooners” and “I Love Lucy.” Of course they also gave us “The Dukes of Hazard,” and “The Beverly Hillbillies,” but it all added to a memorable mix of pop culture entertainment.
I partially jest in suggesting that if given the choice between bailing out the American auto industry vs. CBS, I’d pick CBS. Entertainment is arguably America’s most significant export. Plus, if you factor in the music legacy left by CBS Records it is something to consider. The “hearts and minds” of our former enemies have been won because they seek to emulate our culture, which they witness through our entertainment.
What many may miss is that the legacy media brands were built by people that shared a unique sense of purpose and passion about their work because of the high level of responsibility that came with it. As one of just two or three networks delivering the news and high quality entertainment the stakes were always extremely high.
That’s not meant to diminish the hard work and passion that goes into creating content for cable and other newer platforms. That’s a world I know equally well. However, “back in the day,” working for one of the “big three” was a true sign of accomplishment.
While in my twenties, I was fortunate to be hired by broadcast veteran Bob Shanks to serve as the west coast producer/director for the CBS Morning Program, featuring Mariette Hartley. It was among the many short-lived and failed attempts to compete with NBC’s stalwart “Today” show.
I can recall the day I directed my first live Los Angeles feed into the coast-to-coast broadcast. This was from the same control room and studio where Carol Burnett and Sonny & Cher had originated. Could this really be happening to me? That session and many more went off without a hitch — but it was a defining moment in my career.
Years earlier, right out of college, I was hired to join the team that launched CNN. Visionary Ted Turner had this crazy notion that people would want to watch 24 hours of non-stop news. The naysayers questioned whether there was enough going on in given day to warrant such a venture? Today we have three news networks and many still pose that same question.
It didn’t help that we were launching an entire network with a budget that was a fraction of what CBS was spending on its half-hour evening news. Often brash and rarely predictable, Ted Turner made an unsuccessful bid to acquire CBS in the mid-1980’s. Say what you will about Ted, but he always saw beyond conventional wisdom and was often right.
Many of the old guard at CBS will admit to being envious of CNN and still regret that they were unable to convince their management at the time to make the bold move that Ted did in launching the network. CBS as the brand behind “America’s most trusted news network,” would have made perfect sense.
But wait. Perhaps it’s not too late to ponder the possibilities. Time-Warner, now owner of CNN, is often mentioned as a likely suitor for the troubled CBS assets. Ted Turner was Time Warner’s Vice-Chairman and biggest stockholder until he stepped down in 2006. He’s a senior statesman in the media business at this point in his career. But perhaps Ted has one more visionary move to orchestrate: the brokering of a deal that would preserve the legacy of CBS News by merging it into the Time-Warner/CNN family. Plus, TBS, TNT and the other Turner networks would certainly benefit from having the CBS entertainment library.
The Charisma Factor
What comes to mind when someone hears your name?
Personal Branding is all about leaving a positive and memorable mental image in the mind of your customers. The next level is having favorable name recognition among people who have yet to meet you. Further still in the hierarchy of Personal Branding is single name recognition, like Oprah, Tiger, or “The Donald.” But you don’t have to be a super celebrity to put Personal Branding to use.
Charisma is the fuel that drives success at Branding YOU. It’s having that “larger than life” persona that fills a room. Having character traits that could be easily mimicked on “Saturday Night Live” makes you distinctive.
Now, I’m not suggesting that you go out and invent a persona. That tactic would likely have you be perceived as inauthentic – and do you more harm than good.
What I am talking about is often referred to as “full self-expression.” It means allowing people to experience the unbridled aliveness that is uniquely you.
Our parents raise us to be cautious and guarded. These are appropriate instructions for a child. However, when you step into the public arena you need to stand out.
We’ve all seen politicians and public figures that appear to be uncomfortable in their own skin. You can’t quite put your figure on it but something seems out of sync when you watch them debate or give a speech. Others leave us with the opposite impression. They convey trust, compassion and sincerity.
So how do you raise your charisma quotient? Commit to being authentic. That means, give yourself permission to be real in your interactions with others. Don’t pretend. People don’t want perfection. They want sincerity.
Seek feedback from associates and clients about the distinctive traits and perhaps even quirks you have that work in your favor. Watch videotape of yourself in action. Make notes of what works and doesn’t work.
Charisma is like a magnet, but it requires an outflow of energy to complete the cycle. Tap into your own natural and expressive self. Greet the world with a smile. Be conscious of your energy level. Let it flow.
It’s All About The Experience
Success in any business today means creating memorable experiences for customers. Who doesn’t want to escape from behind the computer screen and be moved and and inspired. There’s an entire marketing discipline surrounding this topic.
Siam Society, a forward thinking Portland restaurant has taken this concept to a whole new level. They reward patrons a chance to win their special “I did it in the kitchen” drawing. Winners get to strap on an apron and join their master chef in whipping up a signature dish. Plus, they videotape the experience and later post it on their web site. What fun!
Now you don’t have to invite your customers behind the counter to help cart inventory to give them a memorable experience of doing business with you. Simple gestures of appreciation can go along way in building trust and loyalty.
Here are the hard stats on this subject: According to the second annual Customer Experience Impact Report, a Harris Interactive study sponsored by RightNow Technologies, 80 percent of consumers will never go back to an organization after a bad customer experience, up from 68 percent in 2006.
The report revealed that service is a significant differentiator for companies: 51 percent of consumers cited “outstanding service” as a top reason they continue to do business with a company. Another 60 percent noted “outstanding service” as a top reason they would recommend a company. “Today, the success of every business depends on good customer experiences,” said Greg Gianforte, CEO of RightNow. “If you can’t make it easy and satisfying for people to do business with you, you’ll lose them to someone who does-and quickly.”
What are you doing to create memorable experiences for your customers and clients?