This morning at the NAA MediaXchange Rishad Tobaccowala gave a provocative keynote session on the future of marketing and advertising and how traditional media companies must leverage new platforms to more effectively serve advertising to customers.
As the Chief Innovation Officer of Chicago-based Publicis Group Media, Rishad is one of the most influential thinkers in the North American advertising industry. It is therefore no surprise that the audience was on the edge of their seats listening intently to Rishad`s advice.
We at Spreed found his talk very interesting considering many of his recommendations push newspapers in the direction of a number of the products and services that we provide (mobile platforms, mobile advertising, location based advertising, etc).
Rishad left with 10 recommendations for newspapers to follow in the future that we would like to share here:
- Be schizophrenic – Only the schizophrenic will thrive. Run two or more business models at the same time but make sure they are very separate. Do not make a big mesh of all your models.
- Embrace technology – Tech is the new magic. Make sure the follwing ive things are done by the end of this week.
- Use an RSS reader and start following your passions through it
- Get a Twitter account
- Get on Facebook
- Get on Foursquare
- Go to someone in your company who is younger (probably 2-3 levels below you) and make them your mentor. Take them outside of the company every two weeks and get them to teach you about what is new and upcoming
- Embrace the blur – Church and state are too separate within news organizations. All elements of a news organization (sales, editorial, technology) need to work together in the same group.
- Learn fast, iterate faster, make mistakes and don’t be afraid to fail.
- Do a massive outreach to young people – You want to make the industry exciting. Don`t be swamped with old people. Get youngsters into the industry.
- Think about what curating, combining and editing really is
- Platforms – Every company needs a platform strategy. How do you attract new partners? What’s your device strategy (iPad, iPhone, etc)? What’s your search strategy?
- Make sure that you celebrate the software and technology folks at your organization. Don’t hide them in a room somewhere even if they are strange. Tell them about the business and ask them to solve business issues
- Think about the future of your organization. Thank about your organizational design, incentives, benefits, etc.
- This one was a bit odd and I am not sure exactly what he meant by it, but the industry is not anyone but you. there is not industry but yo, embrace the “muchness”. “This is my dream and I am going to decide how it ends”