The rise of inbound marketing is tied inexorably to the decline of both advertising and the traditional media.
By now most of you who read the Bridgebuzz blog have heard my rants about the death of the mainstream media. The Pew Research Center, a non-profit research organization, recently reported that for every dollar newspapers are earning from online advertising, they are losing $10 in print ad revenue. Print ad revenues now are less than half what they were in 2006. It’s no wonder that the newspaper industry alone – not including any magazines, TV or radio, all of which have also had massive layoffs – cut 39,000 jobs between the beginning of 2008 and the end of 2012, according to the website Papercuts, which tracks newspaper layoffs.
The number of (employed) journalists in the U.S. continues to shrink, according to the Pew Research Center’s newest annual report, “The State of the News Media 2013.”The Pew report concludes that a continued erosion of news reporting resources has taken place at the same time that capabilities have improved for bypassing the media altogether and going directly to the public. This is the crucial message that I want the readers of this blog to understand. Clients and prospective clients, hear this: you can no longer depend on the media to get your messages out to your target audiences. No matter what your PR firm is telling you about their stellar media relations capabilities, you need to know that:
- There are now 30% fewer U.S. journalists employed than in 2000.
- The number of stories produced by CNN has been cut in half since 2007. (You must have known this – how many times can they repeat the same stories over and over again in one evening!)
- The number of live events produced by the three U.S. cable news channels has decreased by about 30% in the past five years, while interview stories, which require much less resources to produce, are up by about the same amount.
- Newsweek bit the dust last year and now the only remaining weekly news magazine is Time, which made another cut in its editorial staff just recently.
- According to the Pew Report, an increasing number of media are using a new automated technology that produces editorial content without the need for any human reporting at all, believe it or not. Forbes is one of the publications using this technology (ostensibly to supplement what its reporters are doing, since it’s inconceivable that a computer algorithm could totally replace the editorial staff – yet, at least.
- People are noticing that the media they used to rely on for news is a shadow of its former self. The Pew survey shows that 31% have stopped reading or listening to a news outlet because it no longer provides the news it used to provide.
PR agencies know this has been happening and understand what it means for the work they do: it’s much, much harder to obtain media coverage for our clients than even a few years ago, because the media are producing dramatically less news and information. But companies that hire PR agencies don’t seem to grasp this. Every potential client we speak to is looking for top-tier media coverage, yet getting into that level of media just doesn’t happen as frequently as it used to. As I said, no matter what PR firms are telling you about their ability to do this for you, beware, because there’s very little chance they’ll be able to deliver, no matter how good they.
If you’re one of the many communications and marketing professionals demanding what you have always been able to get in the past from your PR agency, top-tier media coverage and lots of it, please open your mind to new communications techniques. After all, it’s the end that counts – reaching your audience with the information and messages you want to convey, rather than the means, isn’t it? As the Pew Center Report pointed out, technologies have been improving all the time for totally bypassing the traditional media and going directly to your target audience. The most savvy PR people have already acknowledged the need to do this and have become “PR journalists,” producing their own high-quality materials (articles, videos, podcasts, white papers, etc.) that they distribute online in a variety of ways, including use of social media and other online platforms. You’ll hear this called content marketing, inbound marketing and permission marketing. The same content can be used and repurposed in many ways, a method an NPR executive once called “COPE,” “Create Once, Publish Everywhere.”
In order for this type of communications to be successful in meeting your goals, it must be of very high-quality. It can’t be promotional, it can’t be self-serving, and you must provide value from the point of view of the audience – not the point of view of your boss or your company’s CEO. Luckily, there are some really good PR journalists available these days (some were trained as journalists before they went down the PR agency path). Don’t try to find them at ad agencies or digital marketing firms – look for them where you’ve always looked for help in communicating with the media: agencies that provide public relations and corporate communications services. They will understand what you’re trying to accomplish and have the skills to be able to help.
Some of you who are reading this are thinking, “But my boss [or the CEO, or the CMO, or the company’s board, or all of the above) wants top tier media coverage, and that’s what I need our PR agency to get if I want to keep my job.” I’ll put the ball in your court. It’s up to you to educate that internal audience about the changing reality in the media today.
I’m sure as hell not saying that PR firms can’t get top tier media coverage anymore. Obviously, we do. But we don’t get it as frequently as we used to or as you’d like us to. There, I’ve put my neck on the line. You can believe me and start thinking hard about inbound marketing and content marketing as a way to inform and persuade your target audience, or not. If you’re curious to know more about how it works, read our new e-book about inbound marketing.