FIPP President & CEO, James Hewes, joined John Wilpers, Senior Director at Innovation Media Consulting (IMC) for a special webinar looking at some of the key takeaways from the new 2020-21 Innovation in Media World Report.
Within the presentation, Wilpers revealed key findings from the book, which provides annual benchmarking and advice around the latest media, tech, and industry culture trends.
Some key highlights from the webinar include:
13 proven business models to help your business thrive
One of the chapters in the Innovation in Media World Report focuses on monetisation, identifying the requirements and risks involved in deploying specific revenue streams, as well as ranking each in terms of easy-to-identify metrics such as income potential, transaction costs, and so on.
These business models include:
- IT provider
- Data broker
- Brand licensing
“In this super-connected world, you can be doing everything right in terms of brand marketing, but a large part of your brand building (or destruction) is happening without any input from you,” says Wilpers.
He points out that there are now some five main companies like Glassdoor.com that currently publicly rank companies, your CEOs, interviewing techniques and – crucially – whether people would recommend your company to somebody they know.
So in addition to traditional marketing and advertising campaigns, it is important to play the defensive marketing game too in terms of making yourself aware of such sites and such reviews, being proactive in responding, and of course giving yourself the best possible chance of receiving positive commentary in the first place, by employing best practice in all areas of your operation.
One of the overriding themes from the webinar and indeed the book is the value that human capital holds within any successful business, media or otherwise.
As John and Innovation Media Consulting co-editor Juan Señor note in their editors’ letter in this year’s World Report:
“All of the great innovations in the world are pointless if we are not doing a fantastic job at hiring, training, motivating, retaining, recognising, and promoting talented, committed people. Very, very few of us are…”