General Business

Traditional media agencies have been placing print advertising campaigns for decades, but many have failed to catch up to the new standards for online advertising (or keep up with the ever-changing online market). As a “niche” digital media agency, it’s our job to stay on top of not only new technology, but also to work with our clients on online advertising strategies-and how they differ from print media.

Recent data from eMarketer shows just how quickly the print industry is losing its audience.  In 2010, people spent 9% less time reading newspapers and magazines as compared to 2009, while in 2009 they already spent 12% less than in 2008. The average American spends only 30 minutes reading newspapers and 20 minutes reading magazines per day, significantly less compared to more than four hours of TV and video consumption and more than two and a half hours that people spend online.

The only two mediums that are taking more of people’s time are mobile and internet.  In 2010, time spent on mobile increased by 28.2% and is now 50 minutes on average per day, while time spent online grew by 6.2% to 2:35 hours.  It seems that mobile and internet are crowding out the print industry. This is where audience becomes important-and where we start throwing around words like “engagement” and “actionable” when it comes to creative display advertising online.

This shift in how people consume media is why it is very important to have creative that appeals to the audiences where they are. Print creative and online creative are vastly different. Not just in specifications, but in content and messaging. It is important to choose a creative team that can build compelling creative in the digital space…and get it right the first time.

We often have to send creative back to the client because it doesn’t meet the specs required for online ads or the messaging simply doesn’t work for the online audience. Invariably, it is because the creative person is not primarily focused on digital and may not create the ads the right pixel size or file size or with the click tags inserted correctly. This wastes time and money. We love good creative, but as agency and clients know…creative is an expense and expensive. It’s important that it not get caught up in a loop of changes.

It is important to consider the creative for the campaign when developing a strategy for online advertising. The creative is so important to a successful campaign.

A comScore study last year found that the creative is 4x more important than the media plan for campaign success. First, as a media planner…ouch…we take a lot of pride in our strategic planning, but secondly we get it. We’ve seen some creative that made us whince we try to figure out how we’re going to deliver results based on mediocre creative.

Standard print specs and print ads don’t translate online. As a supporter of the IAB (Interactive Advertising Bureau), our agency is part of an industry-wide group that helps set standards for online ad sizes and creative collateral in the digital space. So many traditional agencies overlook the opportunities that online advertising offers: video pre-roll, flash, calls to action, and other design elements that make an online ad campaign “clickable.” The creative should have a call to action, offer something to the end user (in print media, the “reader”), and create an opportunity for that user to take the action immediately.

Print is not dead and creative in print is beautiful, but just as I wouldn’t go to a podiatrist about my sore throat clients–shouldn’t rely on a print creative to build their online campaign.

While we are busy trying to put the last touches on a few media plans and flight creative before we head over the hill and through the woods to grandmother’s house for Thanksgiving, we thought we would take a moment to reflect on what we are thankful for here at Broad Street. So, in no particular order:

• Family & Friends. Wow, we are blessed to be surrounded by love and support.
• Our clients. What did you expect? For us to leave them out? They challenge us and keep us on our toes.
• Our publishers & vendors. We are so thankful for the great relationships we have that allow us to get such great pricing for our clients!
• Skype. LOVE! So many great meetings and we don’t have to get a groping from the TSA to travel for an in-person meeting. Not that aren’t thankful for the occasional grope.
• Smartphones. The ability to use our phone as a portable office allows us the freedom to not be tied to a desk all day waiting on a client to send creative!
• PMA. Positive Mental Attitude! We love you Dale Carnegie!!
• Business. We love business, and not in a dirty way. We love talking with our clients about how our efforts help them increase sales, put butts in seats and get people in the door…in measurable and affordable ways.
• Free parking at our office
• Veuve Clicquot. D’uh. You think we could be this creative without champagne?

I think most of all, we’re thankful that in an economy when people are tightening their belts and budgets our good work keeps us busy.  We are thankful for another year of great campaigns and good relationships.

Happy Thanksgiving, everybody!

Broad Street Interactive is proud to announce our support of Austin’s 23rd Annual AIDS Walk. This year’s walk is October 17 and you can sign up to create a team here or donate directly to the cause here.

Broad Street Interactive has turned our blog “Red” for the remaining days until the walk. We have donated creative services for the online ads and donated ad space on our site as well as providing nearly 1 million online ad impressions on various media web sites in Austin through October 17 to help raise money for this worthy cause.

Would you like to turn your site red? Join us in our effort and We have multiple ad sizes and can get these ads running on your site right away. If you are an Austin web site and would like to help out the 23rd Annual AIDS Walk Austin by spreading awareness and generating support for this cause, you can get started by emailing us at mediaATbroadstreetinteractiveDOTcom or calling us at 512.275.6227 to obtain the code package to insert into your site.

Go ahead, turn your site red for a good cause!

Miss America will join us in Austin for the walk. Find out why she walks and why you should, too.

One of my favorite presentations about emerging technology and the rapid rate of change it creates in business and our world was recently updated and set to music. It’s a compelling story that I use to open the conversation about what it all means and how is your business embracing the change while at the same time sifting through the clutter to make sound business decisions.

Just because it’s flashy and new, doesn’t mean it will generate ROI for your business. For all of the change and fast pace of new media, sound business decisions and strong business acumen are at the root of successful companies.

That being said, watch the show.

What do these two industries have in common? They ignored emerging technology, what consumers wanted from their product and how they use their products. Now both of these industries are struggling to remain relevant and are playing “catch up” to get in front of the consumer again.

Both of these industries are in the news with closings, lay-offs, bankruptcies and a painfull, slow march to the end of an era. We cannot wax nostalgic about “American-made cars” and “the feel of a newspaper in your hand” anymore. People have changed, the industry has changed and the technology has changed. Looking at business through a Vaseline coated lense will only make it more difficult to see the cliff you are about to walk right over.

While the current business models may be in peril, it is important to remember the people are still consuming news and information and people are still buying automobiles.

Since I’m not an auto-industry analyst, let’s focus on media. Those in media that ignored emerging technology completely missed out on the trends in how people were consuming media. We have moved from a “one-to-many” conversation to a “many-to-many” conversation.

We have to get in front of the consumer again and be responsive and deliver a product in the way they want to receive the product. This is a sea-change from the old business model. Marketers used to create products and tell the consumer how they should feel about them. With the emergence of new media, the customer is king.

Like every  business owner, we are taking a hard look at 2009 projections and taking a pessimistic view of the economy until Q4 2009. We are having conversations with our clients on how to manage the downtown so that they are poised for a strong recovery as the economy stabilizes and we start to pull out of the recession.

Economists have long taught us that those companies that continue to strategically advertise and market their brands will see a market share grow as the economy rebounds. My grandmother would have put it more simply, she would have said, “Out of sight; out of mind.” Great axioms to remember as we discuss media planning for 2009.

We are encouraging clients (as well as our own business planning) to concentrate on building efficiencies, reducing costs where appropriate and strengthening their core business. These strategies can help companies weather the economic storm. Yes, cuts are on the horizon and most companies will not be spared sacrifices. Cuts are inevitable, but I believe they help make businesses stronger when executed appropriately. Cutting staff as a way to save money is short-sighted and the lazy man’s way to save money. Let’s be smarter than that. Sadly, some people will have to go. But, their departure is because we found a better way to do something not because we can save a salary line.

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A friend of mine recently interviewed with one of my competitors and kindly reported back to me tons of information about them. My favorite part was their arrogance. They flat out said that they don’t watch their competitors and don’t even consider us a competitor.  I was so glad to hear that! I love the old way of doing business!!

Meanwhile, this company is currently on the auction block because of their loss of market share. They are seeing stagnant growth at best while I’ve seen double digit increases in traffic month over month! My growth is exponential while theirs is in a flatline.

Here’s the lesson: Never underestimate your competition. The only way you will keep growing and maintain your position is to keep your eyes laser focused on what trends are emerging in the industry and how others are exploiting them. Do a SWOT analysis and make competitive analysis a part of your marketing plan all the time.

The interactive media industry is changing every day. To sit in a bloated office and laugh off the competition is the best news I’ve heard all year. So, nobody tell them that while I may be in their rearview mirror right now…I’m doing about 180 mph and will be letting them eat my dust soon!

I like to consider myself an evangelist for change. I don’t get along well with people that are resistant to new ideas and ways of doing things. It’s part of my world every day in what I do.  The business world is constantly changing and evolving and we have to keep up.

That’s all well and good until I have to do something wildly different that’s outside my area of expertise. It’s a whole different story then. But, as a true believer in “rolling with the punches” I usually step right in and get through it somehow.

What got me to thinking about this is that lately I was asked to do some things on television. I have no broadcast training or experience, but hey, “Why not?” I thought. I’m used to public speaking, I do have a lot to say and it can’t be that hard. I mean, have you met some of these on-air people in person?

Wrong. It’s very different than public speaking. I have dived right in and am enjoying watching how unbelievably uncomfortable I am and laughing at my mistakes on air. I usually come out of the studio with a serious nervous twitch. But, I continue to go back and do it every week.

As I do, I’m getting more comfortable and learning new things. I don’t think I’ll ever consider a career on-air anywhere, but it is interesting to learn something new.

So, when asked to do something outside of your comfort zone don’t look at it with fear. Look at it as an opportunity to learn something new. Even if you mess it up, at least you learn something…and after all…learning is about adapting and change, and I love change.

I love the fable of the mighty oak and the humble reed. The oak that was so confident and proud of his deep roots and stature compared the the humble reed that grew along a riverbank. As you know in the fable the storm blew the oak down and the reed survived the storm by bending with the wind instead of fighting to stand tall.

This fable applies to so many life lessons and reminds me to be an agent of change. Being rigid and refusing to respond to changing market forces will wind up with you felled and laying on the ground like a useless log (to continue the metaphor).

As much as I create change and react to change in my industry, I still find myself being rigid in certain aspects of my life. I posted a note on my monitor that says, ABF–Always Be Flexible, to remind me of the benefits of being a modest reed.

I recently finished the book, Our Iceberg is Melting, about the 8-step process to embracing and implementing change.

Here are the 8 steps and, of course, my commentary.

1. Create a Sense of Urgency–This is important, especially in a traditional business with long time employees. The sense of urgency from management requires people to act and not just talk about action items that they may do sometime in some undefined future. Do it now!

2. Pull Together the Guiding Team–Find the right leader. Not just the leader with the title of “leader” but the agent of change…the visionary, the relationship builder, the one that breaks through obstacles to get tasks done. I’ve talked a lot about finding the right talent and putting them to use in the right way. This is a prime example of throwing out your old human resources policy and procedure and the legacy hierarchy of management rulebooks and getting the right people in the right place to do the right things for your business.

3. Develop the Change Vision and Strategy–Communicate to the entire company what the future will be and how you plan to get there. Put together a strategy and make sure your leadership team lives it every day. The example they set with the confidence in change will contribute to the sense of urgency and communicate commitment to the company…and the shareholders.

4. Communicate for Understanding and Buy-in–Get the buy-in all the way down to the reception desk (you having a receptionist is something we’ll talk about later, but I’ll let it go for now). Get everyone talking about the future and not how great this place has been for the last 20 years.

5. Empower Others to Act–I cannot say enough about rewarding those that embrace change and getting the right people for the right jobs in place. The people that buy-in and understand and are urgent are your best allies in bringing about change. Remove obstacles to their success. (Sometimes that may mean removing people. I have been known to tell people–”get out of my way or get out the door.” My commitment to long-term viability of a company I work for is more valuable than the obstacle of one person that doesn’t embrace the change.

6. Produce Short-Term Wins–Knock some things of an action item list. Celebrate them as milestones. That’s product management 101 right there. Let people know you are making progress in your march to the future and you are focused on executing a plan.

7. Don’t Let Up–This may be the hardest one. Change is exhausting and can be like a bloody prize fight. Being relentless with change will create continued buy-in and keep people focused.

8. Create a New Culture–No easy feat! Look back on all the things that were accomplished to bring about the change and embrace the future and implement a culture based on that experience. Celebrate accomplishments, reward the right people, empower people and never stop looking at the future. The days of relying on past successes to create future ones are over.

I just read this: 76% of all companies in the survey were found to have some kind of succession plan in place, yet 40% of companies lacked any process or capability to identify future talent. (via)

I thought, you know, there’s a reason companies like IBM and GE radically changed the way they did business. They changed their entire business model in order to survive. Companies like Google have entire teams dedicated to searching and finding the right talent to help them grow. I hear more and more companies saying, “We are always searching for the right person. If we find someone amazing, we’ll create a position just to hire them.”

It makes me think, who are these companies that aren’t focused on their talent? In this new age we live in, the “intellectual capital” of a company can be just as valuable as the commodity they produce. For those companies/industries that don’t produce a tangible product but a service…the talent is the thing.

I see a lot of executives reading “Good to Great” so I know a lot are probably thinking about finding and getting the right people “on the bus.” Malcolm Gladwell recently discussed the mismatch problem companies are having when hiring and said,“Life has become more complex…We want profoundly different things from workers today than we have in the past…but the way we hire has largely remained simplistic.”

The CMO of Bazaarvoice recently blogged about this “hiring gap” and came up with his 5 Stars of a “Rockstar” Employee. It’s got some great tips in identifying good talent. I love the term “Strategic Agility” because I didn’t have to read his definition…I have to live it with what we are doing in my role today. (via)

The natural evolution of business requires every industry to shift, make changes and be nimble. Reacting and getting out in front of a change in how we recruit and hire is just as important as forecasting market growth and revenue goals.

In my work, I tell people that the change in our industry makes it like drinking from a firehose every day it all comes at you so fast. I know I’m not alone, because the change in so many industries is the very same way…whether we choose to acknowledge it or not is a different story.