Companies today have unprecedented access to consumers via a growing mix of digital platforms. Frank N. Magid Associates helps clients to formulate and execute strategies to harness the unique values of each digital platform while ensuring that they innovate appropriately with advances in technology and platforms. This is achieved by leveraging Magid’s unique understanding of the digital media landscape and consumer media behaviors, resulting in digital media strategies that align these platforms with the use patterns and content preferences of the desired consumers. Developing a digital strategy will enable clients to answer a number of questions, including:
- How can a digital strategy complement a traditional media strategy?
- What are the attitudes and behaviors of different consumer segments toward digital media platforms? How can a company leverage this understanding to realize accelerated financial returns?
- How might consumer and stakeholder usage patterns change over time? What drives this change and how is it likely to impact strategy?
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.