Several years ago during a business conference, a colleague tossed a simple and very direct question to the CEO. “Considering the growth of digital medium how long newspapers in printed form are going to survive?” he asked. CEO thoughtfully acknowledged the threat and appreciated the concern raised by the colleague and made a prophetic announcement; “yes, newspapers will close down in decades to come but we will be the last to shut shop.” This discussion stayed with me and I often wondered what did the CEO mean when he said- last to close. Most of our concerns about the future of print newspapers are as follows:
- Fall in readership as millennials are not reading print form of newspapers
- News consumption on digital platforms has much faster growth
- Advertisers are shifting their budgets to digital marketing
- Online presence of newspapers hardly brings any revenue
Clearly, all players are worried about getting substituted by the digital onslaught and it is reasonable to be concerned. However, let us take a leaf from the industry’s tryst with technology in general. Music consumption was primarily through records and then cassettes and CDs and now in digital format. What did this do to the demand for music? It increased and in different formats including the recent innovation of Carvaan that plays digital music on radio like instrument. When computers came into our lives, papers were to become a thing of the past. Did we get a paper-free office? No, the demand for paper has actually gone up with rising penetration of computers. Therefore, it may not be right to think solely on the basis of substitution. More so in the case of news consumption wherein the exposure to information through multiple platforms could enhance the overall consumer experience. Let me illustrate this with an example: I have been reading The Economic Times, print edition for almost 30 years. For the last 10 years, ET is available on my mobile app and of course as an e-paper on my laptop. My engagement with ET has gone up considerably as the app sets the agenda for my ET reading during the day. At least in my case, I can see the complementarity between ET and ET app and it is working well. However, ET doesn’t seem to know this for when they launched ET Prime; a subscription-based business content service; it tried to keep the content exclusive to online only.
I have been following a Hindi newspaper and its digital edition and other digital content using the same brand umbrella. This is one of the largest read newspaper and its readers are also consuming content online through newspaper apps and social media handles. The newspaper brand is likely to benefit a lot with more engagement on its online platforms and that engagement could strengthen its relationship with the readers. If a newspaper marketer buys into this principle of complementarity, it would be easier to devise a strategy to operationalize the benefits. For example, consider these:
- Can the online version of the newspaper be a subscription-based revenue model?
- Can advertising options be bundled across platforms to measure effectiveness through well-defined metrics?
My argument is for the alignment of print and online versions in a complimentary manner that raises the marketing ROI of advertisers. A wider and deeper engagement with the readers can be achieved through innovative bundling of revenue streams; subscription and advertising included.
Back to my business conference, the question and the answer that we will be the last to close. In that answer, there were two hidden insights; first, it all depends on how do you see the change and second, are you ready to conceptualize and articulate the change in a way that takes into account all the stakeholders and most importantly, the readers. As much as newspapers can uncover the deeper mechanism that is driving this change, they would be better placed to not just survive but thrive in the changing business environment. And, then all players in the market can aim to close last!
“The more you know, the more you do not know,” writes Shriniv Narayan in The Speaking Tree, a daily column in The Times of India. He argues that the observable universe is about 46 billion light-years in radius and there is an unobservable universe that the scientists are unable to fathom yet. Consider this; if that be the state of our knowledge and ignorance about the universe, what would be like our status in terms of our knowledge and ignorance in the world of business that is evolving at a faster pace. It is just not possible to say that your knowledge expedition is over, for newer developments keep reminding us; you have a long way to go. Specifically, in an Executive’s life, the rule is rather simple; one always remains a work in progress! Therefore, the imperatives of self-growth and self-management are rooted in the idea of new knowledge acquisition and the surest way to succeed here is to build commitment for your development goals. Formal and structured learning is a great way to build such a commitment. Clearly, there are many advantages that accrue for business executives when they sign up for such executive education programs:
- Growth Mindset: Sure enough, a growth mindset is about the company’s growth in the market place. But that is just half the story. If a company has to grow, its employees must deploy this mindset at the individual level as well and more specifically, in the way they see themselves as significant partners of the growth story. Executives signing up for executive education programs send a clear signal to their employers that they are committed to learn more and contribute more. Is not that what companies are looking for? It is a win-win for both; the employees and the employers.
- A Shift in Perspective: Executives enrolled in an education program develop a wider perspective on their business problems. At their work, they mostly rely on the knowledge bank developed within the company based on its own and or it’s competitors successes and failures. In an executive education program, the participants are encouraged to take a ringside view of the problems and build multiple perspectives on a given situation. In the movie Dead Poets Society, Keating (Played by Robin Williams) said, (https://youtu.be/U91Wl2YpkD8)
“Just when you think you know something, you have to look at in another way. Even though it may seem silly or wrong, you must try.”
Clearly, an immediate consequence of good learning from a program is about developing new perspectives embedded in multiple paradigms of business. To illustrate the point, let me cite an example from my own learnings. At an executive education program when I was confronted with a business growth challenge, I was focussing on just one stakeholder; the customer. During the discussion in the classroom, I could build another perspective that included competitors- how to include them in our strategy to build topline growth?
- Recast Knowledge in Emerging Realities: Often, the ignorance is not about lack of knowledge but more about the fit with the new realities of business. Lets us take a very simple example to illustrate this point. Most of the Sales Managers are aware of “how to motivate your salesforce” formula and they feel very strongly about their own way of managing a sales force. Most of it is grounded in the expectancy theory that is fundamentally built on reward expectancy. However, if you are having a good number of salespeople from the millennial generation, you would want to ask; are my older views about motivation hold true? Possibly not. Maybe this generation of employees are more independent and they would perform best with least supervision. The emerging paradigm of self-leadership would help the sales managers understand that intrinsic motivation is a more powerful source of the ‘drive’ and all they need to do is to craft a ‘purpose’ for their sales force. Think of several such issues in operations, marketing, and HR; your knowledge of these domains need a recast into the new tech-driven realities of the business.
- The Network Learning: A good executive program helps in widening your network; you include more actors in your sphere of influence. Participant from other companies, industry and faculty members for the program, they all potentially become part of your network. The peer learning here is cross-functional and multi-disciplinary and therefore, you become more welcoming of new ideas and possibilities.
- Self-Discovery: As you start your learning in a structured curriculum based environment, you also get a sense of what are your natural strengths and weaknesses. Such a high level of awareness results in self-discovery not only in terms of your career choices but also aids in shaping newer options; for example – it is not uncommon for executives to discover their entrepreneurial streak during an executive program.
Therefore, when a business executive is evaluating the options of whether to enroll or not to enroll in an education program, it is worthwhile to consider the truth; that we are all work in progress. The more we invest now, in terms of available resources, our quest for managing the balance of knowledge and ignorance would grow stronger. That very quest is what successful managers are made of, and organizations who hire such managers reap long term dividends.