Frank N. Magid Associates’ consulting services are aimed at helping clients to formulate and then implement an effective corporate strategy. These strategies are predicated upon a thorough assessment of the strengths and weaknesses of the client’s brand, core competencies, competitive positioning, and operations. A corporate development strategy addresses a number of questions, including:
- What are the markets and targets that represent the greatest revenue opportunities?
- How should the company allocate its resources across various corporate initiatives?
- How will new technologies represent both threats and opportunities?
- Which investment opportunities will complement the company’s current product offerings and grow its business?
Implementing a Strategic Process to Align Products with Local Reader and Advertiser Needs to Create the Newspaper of the Future
Recognizing Frank N. Magid Associates’ strategic and operational local media expertise, a major US publisher engaged Magid to help reverse the fortunes of one of its local newspapers which was experiencing declining circulation and advertising revenues. Believing that local newspapers could grow by exploiting their unique selling propositions and aligning their products and services with local market needs, Magid developed a process to explore patterns of local media consumption, investigate potential new business models for both print and online, and evaluate opportunities to recapture important consumer and advertiser positions assumed by other media. Through a comprehensive process that included strategy sessions with key personnel and multiple phases of qualitative and quantitative research with consumers and advertisers, Magid developed new prototypes of the print newspaper and ad products. After testing these prototypes with the relevant markets, Magid partnered with the newspaper to develop a strategic roadmap including an operational approach and identification of profit mechanisms. As a result, the newspaper has experienced an increase in year-over-year ad sales, strong positive reader feedback, and internal recognition from its parent company. This engagement has also led to strategy engagements with other local newspapers of major US newspaper holding companies.