Rough Times For All Media - Bring On The Fundamentals
January 02, 2009
It is rough times for most everyone with the world-wide economic downturn and uncertainly.
In the podcasting world, Podango has announced potential shutdown plans. For the digital picture world, the wonderful magazine & online site JPG has also announced plans to shutdown. Even "big media newspapers" are reportedly on their way to Washington DC for potential handouts.
In situations like this, I think turning back to fundamentals is key. Here are my three suggestions:
- Do what you do best and do that better. If you offer three services, pick one, and focus all your energy on that one service making it the absolute best.
- Focus on key partnerships that are mutually beneficial. Going it alone is miserable. Branch out and find a partner that makes your one focus area shine for both you and them.
- Plan for investments. If you haven't, then you need to start. Even with cost cutting, you need to make sure you are devoting a good percentage of your available resources into future research & development (R&D) to "catapult" you forward when the market turns positive.
I'm pretty sure there are other great suggestions out there. If you have one or many, then please let me know what they are by commenting below.
NOTE: I would be remiss if I didn't point out a great discussion thread by Michael Geoghegan on the "Podango" annoucment on his MWBlog.