E-News : September 10, 2008
Special ABM/FIPP B-to-B World Conference Edition
Even in Tough Times, There Are Winners
Harold "Terry" McGraw III sets the stage for global business media success in uncertain times
After a warm welcome from ABM President/CEO Gordon T. Hughes II and FIPP President/CEO Donald Kummerfeld, attendees were eager to hear from Monday’s opening keynote speaker and industry leader Harold “Terry” McGraw III, president/CEO/chair of The McGraw-Hill Companies, who addressed some of the critical issues confronting our industry today.
McGraw noted that ABM is on a new and needed path, and in a unique position to represent the interests of business information companies both here and abroad … at a crucial time, nonetheless. While the current economic environment brings serious concern, foreign policy challenges also dot the landscape, and the upcoming presidential election will generate excitement but uncertainty.
“But in volatility, there is opportunity,” he said, adding that those companies that survive and thrive turn such volatility to their advantage, setting clearer and fewer priorities.
As many business publications witness declines in circulation and ad revenue, critics say the industry may be losing its relevance. Well, McGraw couldn’t disagree more. He responded with four themes to help guide business media companies to success: pursuing new opportunities/strategies, maintaining comparative advantage, targeting the greatest growth markets (which are now outside the U.S.) and focusing more on the Millennial generation, business media’s new target audience.
“Change can be difficult when you’ve had a formula that’s worked so well for so long,” McGraw noted. But it’s necessary to recognize that consumption habits have changed and adapt yourself accordingly. That includes presenting your content differently, as audiences now look for shorter, punchier, more interactive information on demand.
The McGraw-Hill Companies’ flagship publication, BusinessWeek, established itself as an authoritative voice on U.S. business, and, for that reason, succeeded in tough times. Its continued success confirms the need to maintain commitment to excellence, integrity and providing critical insights during uncertain times.
Speaking to the theme of the ABM/FIPP conference, McGraw noted that over the next five years, the media and entertainment industry is expected to grow more outside the U.S. than within its borders. The largest regional media market will be the grouping of Europe, the Middle East and Africa; partnering with local entities is perhaps the best way to tap into this tremendous global growth.
However, as we look abroad and adjust to new realities for the media marketplace, we need to focus on a serious domestic challenge, improving our own education system. Too many U.S. students just aren’t making the grade, said McGraw, which challenges the industry’s need to attract high-quality writers and editors. A scary statistic: Americans age 15-24 spend an average of two hours per day watching television, compared with only seven minutes spent reading non-school material. And according to U.S. employers, most high school graduates are deficient in terms of reading comprehension. A rigorous education system is an essential ingredient in maintaining a robust workforce.
Finally, observed McGraw, we’re new pioneers in a new territory, and if we don’t seize the opportunity to reshape our own landscape, others will. As we experiment and modernize, he said, remember that your own comparative advantage is the delivery of insightful and trustworthy information to your audiences.
“Even in tough times, there are always winners.” Those who can identify and capitalize on opportunities to succeed, will.
Transforming Your Sales Force for Integrated Selling Success
Is the advertising community finally ready for a holistic approach to audience targeting? Peter Goldstone, president of Hanley Wood Business Media, opened his “Integrated Selling Success” panel with this vexing question. The truth is, buyers are undoubtedly relying on multiple media and non-media sources to help them make purchasing decisions, encouraging media companies to extend their core brands.
But what’s the best strategy for selling success, and how can publishers transform their current sales workforces from single-focused salespeople into integrated selling powerhouses? For Anurag Batra, managing director/editor in chief of India’s Exchange4media Group, integrated selling is currently just a thought, but certainly in the company’s future.
Geoff Hird, associate publisher/operations director at Westwick-Farrow Publishing, says Australians are slowly catching up with the digital transformation. In 2003, 95% of his company’s revenue was print-generated. Now, five years later, it’s under 75% (while digital, events and other services make up the rest). By 2011, less than 50% of Westwick-Farrow’s revenue is expected to be print-generated.
Australian media companies closely observe what’s happening in the U.S. and Europe, then pick up best practices and business models, he said, joking, “we let you guys make the mistakes first.” On a more serious note, Hird shared his “painful” restructuring experience with the audience. Unlike Batra’s company, Westwick-Farrow is now ready to integrate its sales team and has begun the training process. “I will not have the sales force I have today within three to six months,” Hird said. “That’s the harsh reality.”
Yuko Tanaka, group manager of advertising sales and international relations for Nikkei Business Publications, opened her presentation with an explanation of the differences between the U.S. and Japanese business media environments. Within Nikkei, separate editorial teams handle print and online platforms, as different skills are necessary. Sales teams are integrated however, and the transformation of the single-focused mindset was far from simple.
Media and advertising companies must shift their mindsets to reflect their audience’s evolving needs, Tanaka said. It’s ultimately about organically combining online, print and events to present optimum solutions to our clients and win the highest mindshare possible.
IT & the New C-Suite: Bridging the CEO and Technology Gap
Attendees put on their digital hats as the fastest-growing part of b-to-b media took the stage for the Conference’s second panel, led by Rebecca Fannin, author of Silicon Dragon, editor of Digital Magazine News and international editor of Asianfn.com. Panelists Ray Anderson and Bhupesh Trivedi discussed the latest digital applications affecting the b-to-b industry and how to bridge the gap between CEOs and IT professionals.
With digital media rapidly on the rise and technology a critical part of the current content evolution, an increasing number of IT professionals are becoming involved in business decisions. As Anderson, CTO of IDG’s Online Products Group, stated, “Having a technology person in your C-suite is a tremendous advantage.” His case studies illustrated how IT professionals can (and should) help make important technological decisions.
Through his case study of ITWorld.com, Anderson outlined key success factors for “practical technology,” including renting vs. buying infrastructure, how to motivate technologists to generate new ideas, how to enter partnerships with other companies, how to grow your technology once it’s deployed, open-sourcing and outsourcing.
Anderson also offered insight into “ruby on rails,” a new open source Web development platform which is currently being used by accelerateresults.com, IDG’s custom publishing Web site.
IT teams are critical in understanding the tools that Anderson described, as Trivedi, CEO of Chronosphere and publisher of 16 b-to-b news and networking Web sites under umbrella brand IndianBusinessObserver.com, confirmed. Trivedi stressed that today’s CEOs must learn to work together with their IT professionals in order to best synergize the latest technology options with their company’s media offerings. CEOs need to understand the medium of the technology and what their IT leaders are saying in order to translate these technologies into business that drives revenue.
Heating Up Your Magazine Brands
Magazines are ultimately the backbone of the b-to-b brand. So, according to David Klein, VP of publishing and editorial director for The Ad Age Group, the Conference’s “Making Magazines Hotter Than Ever” panel was really about making magazine brands hotter than ever before. His panelists, three publishing experts from around the globe, introduced innovative techniques for growing the all-important magazine platform and therefore expanding the brand.
Marcelo Burman, president and CEO of Compañía Editora de Revistas de Centroamerica S.A., questioned what it is, exactly, that makes a magazine hot. The readership? The content? The brand power? In fact, it’s all of the above. Burman then spoke about developmental difficulties in Central America and the Caribbean, where the magazine market is still in its beginnings. Currently, there is no regular magazine reading culture and no clear addresses available for a subscription base. In addition, advertising agencies do not invest more than 2-2.5% of their budgets in magazines.
As the market expands, however, Central American publishers must figure out how to capture readers’ time and translate it into money. Burman’s suggested keys to success include a clear editorial mission and relevancy for both readers and advertisers.
For Pat Davis Szymczak, founder/publisher of Russia’s Oil & Gas Eurasia and president of Eurasia Press, it’s about location, location, location. So what’s so hot about Russia? Seven percent annual growth in GDP. The highest number of individuals globally with disposable income above $1 million. And a petrodollar-based economy that only gets hotter when oil prices rise. Szymczak’s magazine, the country’s first bilingual (Russian and English language) oil and gas technology publication, has capitalized on this booming economy and target audience.
Hot is just another word for money, joked Chander Rai, president/CEO of India-based Cross Border Media, whose clients are all global players and leaders in their own fields/industries. But they have one more thing in common: They’re all keen on India, the only English-speaking country of the BRIC group. So, not surprisingly, Rai advised the audience to “go global, go India and have fun doing it.”
“If Bill Gates had been right,” Christopher Strobel, managing director of Strobel Verlag in Germany, noted, “the last newspaper would have been printed seven years ago.” Today, however, more than 1 billion people worldwide read a print newspaper daily. And 80% of Germans view newspapers as indispensable. So to make magazines hotter, Strobel said, maintain your brand but expand its content alongside Web 2.0. Online, you’ll capture more spontaneous readers while also servicing regular readers quickly with less location dependency.
New, Global Paths to Success for ABM
At the suggestion of the FIPP board, ABM President/CEO Gordon T. Hughes II spoke briefly to attendees about the Association’s business model, leadership stance and value proposition for its 340-plus members.
Hughes kicked off his presentation with video highlights from the past year, demonstrating ABM’s agile, fast-paced and member-focused nature. And as ABM events often provide the perfect forum for breaking news, he then delivered a major announcement to the room: ABM has now positioned itself as the global b-to-b association.
With its membership development programming in place, the Association has grown from 128 members in the year 2000 to more than 340 presently, including 26 global members from all of the BRIC countries and every major continent. And by the Conference’s conclusion, five prospective international members – from China, Russia, Germany and Canada – also came aboard. They will be brought before the ABM board of directors for approval this November.
Hughes went on to explain how a strategic planning process has shaped the Association and allowed it to remain flexible in adding new initiatives when called for by the membership and/or the ever-changing industry.
Issues vary depending on the economy and other industry conditions, but, generally speaking, four key areas have consistently appeared: member services, membership development, marketing and government affairs.
Strategic plans over the last few years have shifted ABM’s budget from 100% dues-based to under 70% dues-based, with over 30% of ABM’s revenue generated by various sources such as events. This has allowed ABM to provide additional products and services for its members without raising dues since the year 2000 … Now that’s value.
BPA Worldwide Responds to Conference Theme, Announces Major New Initiative
After delivering “New Paths to Success” to an eager audience, Gordon Hughes turned the stage over to Glenn Hansen, president/CEO of BPA Worldwide, for a breaking announcement.
“As the program of this conference highlights,” Hansen said, “these are challenging times for media owners. But I believe that inherent in every challenge lies opportunity. And so I appear before you today to announce just how BPA has responded to challenging times and seized a tremendous opportunity.”
Hansen announced that, in a shift toward total brand metrics, away from single channel measurement, BPA Worldwide, in cooperation with Nielsen Online, will bundle enhanced Web site traffic measurement with all print and events audits without increasing existing dues and fees. BPA members around the world will now have near-real-time online reporting of audited Web activity included with a circulation audit of print products and attendance at events.
“We saw the opportunity to give back to our members a truly value-added package to measure their entire brand,” Hansen continued. “This ‘integrated pricing, integrated media’ approach is vital to BPA’s mission to lead the world in media auditing.”
The beta test is scheduled to run now through December with full roll-out to the BPA membership in January 2009.
For more information, visit www.bpaww.com or press release.
Marketing on the Menu at Keynote Luncheon
It’s the topic that’s been on everyone’s minds in recent months: how to adapt your marketing plan with today’s uncertain economic landscape. Keynote speaker Sam Sebastian, director of b-to-b and local markets for Google, provided some food for thought on this hot-button issue during Monday’s luncheon.
As Sebastian confirmed, 66% of marketers interviewed by the Association of National Advertisers (ANA) in 2008 indicated that their marketing plans have been impacted and are changing as a result of the current economy.
With marketers under such intense sales pressure, it is more important than ever to create effective marketing campaigns, and Sebastian offered three key trends that marketers can use to drive successful reactions during an economic downturn: continuing investments in online search, tapping into the marketing value of online communities and experimenting with new ways to create and share content.
Digital media is the platform for success in executing Sebastian’s trends. Search optimization is critical for the C-level buyer at all points of the purchasing cycle, and as a result, b-to-b marketers are trying to be visible in many places. Google, for example, focuses heavily on the Web but seeks opportunities across all mediums.
Sebastian added that the best advertisers are those who have grown early and are now turning their marketing dollars into more cutting-edge investments, such as online communities. Those engaged in online communities are generally engaged in the brand overall. Additionally, Sebastian warned that while they are a great investment, online communities are also a challenge since they require total commitment once launched.
Finally, Sebastian concluded with the need to explore new ways to share your content, such as with widgets and other interactive tools on your Web site. Simple banner ads are no longer enough to drive traffic, and are ultimately a purchase, he stressed. Widgets, which can be highly targeted to a specific audience, allow the end user to interact with the product.
At the end of the day, the challenge lies in building a site with excellent content and getting people there to read it. So marketers, practice thought leadership and your efforts should benefit, even during the uncertain economic time period.
Face-to-Face Panel Dishes on the Keys to Event Success
From trade shows to conferences to awards programs, it’s no secret that face-to-face events are the largest part of the business media industry today, even surpassing print. Whether live or virtual, events are an important revenue stream for any business. Yet how do we make our events profitable all year round? John Failla, president of Tesoro Events, kicked off Monday afternoon with his secrets for cashing in on your event year-round.
Failla and his panelists, Marco Giberti, president of Reed Exhibitions Latin America, and Kirk Laughlin, strategic consultant of live events for Ziff Davis Enterprise, defined the role events play in the transformation of business media companies; reviewed the range of profitable business models for events; and identified keys to developing a successful events business.
As the panelists agreed, events are not just events anymore, but rather a fully-integrated package of media opportunities, combining print, online and sponsored marketing activities. New Web 2.0 platforms, such as social networks, mobile and video, are changing the way we view events and allowing us to extend the event beyond the face-to-face experience, commented Giberti. Reed Exhibitions’ 50-year-old car show in Brazil, for example, combines a trade show with print and online components, as well as non-traditional partnerships.
Failla added that event models are evolving, and the key to success is to highlight the major attendance drivers for your target audience and integrate them in a way that most effectively meets their needs. Understanding your audience is essential for engaging with them on a more personal level and ultimately building a better event.
Rounding out the panel was Laughlin, who stressed that, even with events, content remains king and engagement is essential. Without relevant content and focus, you will not get the registration and retention of your attendees. While customers want fewer events, they also want top-quality ones that will give them tangible tools and strategies to take home. It is necessary to create content and interactive tools that keep your attendees coming back for more.
Laughlin’s formula for success? Database, marketing, brand. Your database is your audience; marketing is critical in driving that audience; and your brand lends credibility and content strength.
Transforming Your Workforce Begins with Transforming Your Workplace
“Coming together is a beginning. Keeping together is progress. Working together is success.”
It was a philosophical start to the Conference’s “Transforming the Workforce” panel, as Andrew Rak, SVP/general counsel for Reed Business Information, shared this relevant quote from Henry Ford. But Rak went on to say that the complexion of our workforce is indeed transforming, and to remain competitive, companies must fill the talent pipeline appropriately.
It’s necessary to consider what an employee will bring to your company, Rak said. Honesty, ethics, judgment, insight and innovation are all personal qualities at the top of his list, while technical competencies online and in budgeting, accounting and research are also important. Rak has found temporary-to-permanent positions to be the best way to observe performance and behavior before making a lasting decision.
But according to Chris Majer, founder/CEO of The Human Potential Project, the best way to transform the workforce is not to. “Recruiting superheroes isn’t a viable strategy,” he said, adding that it begins with transforming the workplace – corporate leadership, management and structure. Then, the employees you’ve chosen will be in an environment ready for success, he said.
Harry Sachinis, president of The McGraw-Hill Companies’ Business Information Group, offered several tips for workforce success: Manage the talent actively. Hire across all industries and markets. Optimize your talent globally. Accommodate Generations A through Z. Most importantly, to maintain the best workforce, Sachinis said, you must excite, involve and inspire.
Turning Your Database into Dollars with Rich Data
Business media executives know that rich data plays a significant role in the current transformation of the b-to-b industry. Many business media companies are increasing their top and bottom line by repurposing, packaging and selling their business information to current audiences and new users. Today, data is contained online and there are tremendous opportunities to manipulate and monetize it.
On hand Monday afternoon to share how your database could be your key to new revenue streams was Tim Weller, group CEO of Incisive Media, and his panel of rich data experts: R. Christopher Lund, chairman emeritus of Grupo Lund; Gisella Bertini Malgarini, publisher/president of Associazione Nazionale Editoria Periodica Specializzata (ANES); and Mike Reilly, president/CEO of Randall-Reilly Publishing.
Weller kicked off the session by defining the importance of rich data. He stated that data is a key area of growth, with data businesses growing at a higher rate than traditional forms of media. Such information also adds significant value to a company, as data businesses have substantial premiums in terms of revenue and profits. Databases, or your audiences, are utilized on a daily basis, and people will pay a premium for content they can use every day.
“If your customers will buy it from you, then it’s rich data,” Reilly added, sparking a laugh from the crowd. The question facing business media companies is exactly how to package their data so that people will, in fact, buy it.
Lund chimed in on growth opportunities, particularly in Latin America, stressing that publishers in developing countries should look around the world for help in leveraging their traditional media opportunities and in finding new ones.
Wolters Kluwer Performs on the World Stage
Though about to sail off on a World Yacht cruise around Manhattan, Conference attendees were just as anxious to hear from Nancy McKinstry, CEO/chair of the executive board at Wolters Kluwer, the definition of a global leader. McKinstry discussed the transformation of Wolters Kluwer from what she called a fragmented orchestra to a unified jazz band.
The transformation of such a large, global and fragmented company was indeed a challenge. But just five years ago, “mega-trends,” including the explosion of the Internet and a projected shortage of professionals, were confronting the industry. At that time, Wolters Kluwer had little understanding of their customers and how their products were being used; change and adaptation were necessary for survival.
In 2003, Wolters Kluwer restructured its cost base, developed a significant presence online and reallocated capital to higher growth markets. Its four pillars for transformation included growing leading positions, capturing key adjacent markets, exploiting a global scale and institutionalizing operational excellence. These initiatives, as well as a deeper focus on the customer, transformed the company into a current leader in core markets with clear momentum around organic growth.
McKinstry’s presentation wouldn’t have been complete without the inclusion of lessons learned. So here are some rules based on her success, for yours:
1. Know your customer.
2. Build the right team.
3. Innovation drives growth and retention.
4. Outsource creatively.
5. Put a time horizon on profitability.
David Levin's UBM Journey
“All companies are a journey,” opened Tuesday’s keynote speaker David Levin, CEO of United Business Media Limited. B-to-b media companies know they must progress to survive but are often lost when it comes to the paths necessary for transformation. That road became a bit clearer as Levin explained his company’s drastic reorganization.
For the past few years, he’s helped lead the reshaping of UBM’s technology business from print-centric to integrated. This plan included bolstering the company’s events portfolio and developing its online business as well as becoming involved in a wide variety of value-added services. Perhaps most drastic were the 58 acquisitions made worldwide since 2005, totaling $750 million, the largest of which was Commonwealth Business Media, a leader in U.S. trade and transportation information and analytical services, in July 2006 for $152 million.
These initiatives have transformed UBM in just four years from a centralized company, underweight in events with a U.S./U.K. domestic orientation to an integrated, international and community-focused powerhouse.
“We’re not forecasting the end of the magazine,” Levin clarified. In fact, UBM maintains several growing print franchises in booming economies. But the company’s current driving focus is to drill down and reach the people under each industry umbrella, supporting their needs and ambitions.
So what does the future hold for UBM? Maintaining that community focus across all UBM business, Levin concluded, as well as partnering with customers, growing in specific vertical markets and geographies and supporting investments with a strong balance sheet.
Custom Publishers Confirm Content is King
As any successful custom publisher knows, there is one thing above all that keeps the consumer engaged: trusted content. And the custom publishing panel of Jane Ottenberg, president of The Magazine Group; Kirk Cheyfitz, CEO/Co-COO of Story Worldwide; and Michael Hoflich, managing director of Forum Corporate Publishing e.V., certainly kept the Tuesday afternoon audience engaged with their content as they discussed how to utilize custom media to drive your top and bottom line.
Custom publishing, a $34 billion industry, is the fastest-growing segment in marketing, second only to word-of-mouth marketing. B-to-b publishers now have the opportunity to capitalize on this industry as leaders in content, or they’ll face the risk of their customers taking over. Being a thought leader is the definitive key to successful b-to-b marketing, said Ottenberg. And business media companies can drive revenue by making their customers thought leaders through blogs, Web sites, e-newsletters, podcasts, video, mobile media and more.
Cheyfitz pointed out that it is necessary to combine journalism with marketing to deeply engage your audience while also advancing your brand. With resistance to traditional advertising growing, the power of your brand lies more and more with your customers, the ones who choose what to watch, read and speak. In short, the customers hold the dollars, and a great editorial product is the secret weapon for success, as evident in Cheyfitz’s UPS case study.
The good news for b-to-b marketers, Cheyfitz added, is that custom content gets saved, filed and used.
Hoflich concluded the session with a global view of custom publishing, or corporate publishing as they say in Germany. He creates very highly-personalized publications with inserts and supplements based on region, local topics, and interests and needs specific to each consumer for client Bleibgesund Life, a German health insurance company.
It was Cheyfitz who summed it up nicely: “rich content gets engagement.” He was right: content is king when it comes to the business of custom publishing.
Taking Your Brand Cross Border
Charlie McCurdy, chairman/CEO of Canon Communications LLC/Apprise Media LLC, opened the “Values and Legalities of Cross Border Deals” session with an interactive exercise. “Turn and look at the person on your right. Now turn and look at the person on your left,” he instructed, then assured the audience that one of those two people would be involved in a cross-border deal within the next three years.
McCurdy was joined by panelists Charlie Engros, managing partner at Morgan Lewis; Wilma Jordan, founder/CEO of The Jordan, Edmiston Group, Inc.; Scott Mozarsky, EVP/chief strategy & development officer of PR Newswire; and Jeffrey Stevenson, managing director/co-CEO of Veronis Suhler Stevenson. They offered perspectives from the legal, investment banking and private equity industries on the financial drivers and legal considerations behind mergers and acquisitions, specifically in the global business media space.
During the session, the panelists focused on the motivation, processes and experiences behind cross-border transactions. Stevenson, whose company made its first acquisition abroad 18 years ago, explained that Veronis Suhler Stevenson’s motivation for making cross-border deals is simply for return on capital, while Jordan’s company, specializing in advising, focuses on the maximization of value for its client base. Both discussed the successes and challenged they’ve experienced, but Stevenson revealed that his company’s competitive advantage is simply “knowledge of the business.”
While all panelists had their own unique experiences to share, many of the difficulties they faced while conducting business globally were the same: language barriers, cultural barriers, currency issues, differing legal practices and government regulation, to name a few. Both Engros and Mozarsky noted that one of the biggest challenges they faced was the European emphasis on relationship-building. It takes time, and according to Mozarsky, you need to determine “what the business is really worth,” and make sure it will end up being profitable before closing a deal.
Toward the end of the session, Jordan emphasized that with more companies operating globally, everyone is becoming more homogenous. Engros agreed that negotiating styles are, indeed, evolving; however, there will always be significant differences among cultures. An audience question created buzz about International Financial Reporting Standards (IFRS), which, according to Jordan, will become the standardized accounting procedure around the world in 2016, further narrowing the gap between cultures.
License & Partner Your Way to Global Expansion
“There really isn’t a company today that isn’t thinking about international expansion and growth opportunities,” said Mike Alic, VP of Advanstar Communications’ Electronic Media Group. But risks abound, and time, patience and capital are all necessary to successfully connect and partner abroad. However, licensing and partnering are a natural fit for publishers as their brands look to leverage content across borders. So during Tuesday’s session, a panel of experts explored different solutions for building out your portfolio.
The type of partnership you should pursue depends on your tolerance for risk, said David Hill, president/CEO of international publishing services for IDG. Joint ventures require more time and investment, while licensing is more of an arms-length relationship where you’re risking more on the reputation side than the financial.
“And if you wait for the market to come to you, you’ll be waiting forever,” added Ian Bedwell, director of Mediastraat B.V. in the Netherlands. Be proactive and grab low-hanging fruit first, those companies with language and culture similarities, he advised.
Obviously, finding the right partner is critical, so what should you look for? Though judgment is very subjective, factors include the strength of a company’s track record and its team structure, said Pramath Raj Sinha, founder/managing director of 9.9 Media. He believes it’s all about trust, so how confident are you in the success of this partnership? Don’t forget to check references, he advised.
Because IDG licenses on a brand basis, Hill said it’s important to work with partners who understand your brand and can develop the most appropriate and relevant outlets.
Melvyn Goh, CEO/group publisher of M Media Group, asks several questions of his prospective partners: Is your brand a market leader? How willing are you to support our goals? Do you have a strong publishing software system? How about a solid advertising network?
Ultimately, the panelists agreed that the most successful partnerships are born when there’s less of a commercial focus and a better editorial fit. And don’t be afraid to experiment; the panelists have learned more from their failures than their successes.
IDG Chairman Reflects on the Future of B-to-B
Over the past day and a half, attendees learned a wealth of new ideas and tools they can take home and implement in their own companies. So it was only fitting that the ABM/FIPP B-to-B World Conference concluded with a look into the future of b-to-b from a global perspective as Patrick McGovern, chairman of IDG, discussed how new products and services can continue to increase b-to-b revenues.
McGovern began by sharing how IDG’s flagship publication, Computerworld, grew from its launch in 1967 to being the number one publication in its market. The weekly newspaper, which provides computer buyers with the latest industry and product news, started with simple case studies and product reviews, and evolved into a leading source of information for computer buyers, including the creation of a conference based on the brand. McGovern pointed out that bringing knowledgeable people together like Computerworld did can drive a target audience and make your program successful.
Global expansion is another growth point for IDG, beginning with Japan and the launch of the Computerworld concept in the Japanese market. His strategy of “thinking globally but acting locally” continues to guide IDG’s worldwide expansion, which now includes 94 countries.
In addition to expanding into new territories, the world is also moving online, with 75% of customers now receiving their information on the Internet. As McGovern stated, “there is profitable life after print,” and that is certainly the case with IDG. The company’s “Web-centric” mentality, which is evident in the move of InfoWorld to a strictly-online publication, resulted in online revenue surpassing that of print.
McGovern went on to share his secrets to online success, which include: investing in separate online companies, the syndication of content on other media outlets (such as NYT.com and WSJ.com), target marketing, building a comprehensive database, interaction with buyers, social networking (Facebook, Linked In, MySpace) and social optimization media (Digg, del.ic.ous).
Furthermore, he added that mobile media will become an opportunity for b-to-b information providers to monetize their content to end-users.
“The best is yet to come for everyone in b-to-b publishing,” proclaimed McGovern, leaving everyone with some very optimistic parting words for the future as the Conference came to a close.
All coverage by Kate Patton, Jenna Lisanti and Megan Andrews.
Photos by Brad Hamilton.
The ABM/FIPP B-to-B World Conference was sponsored by Silver Sponsors introNetworks, The Jordan, Edmiston Group, Inc. and Nxtbook Media; Bronze Sponsors Aequor Technologies, Booz & Company, BPA Worldwide, Dragonfly, Mark Logic, Morgan, Lewis & Bockius, Nstein, Stream57 and Texterity; Media Sponsor BtoB; and Supporting Sponsors ContentNext Media, Convera, Junta42 and Readex Research.