Boston IM: 16 takeaways from those who attended Innovation Mission Boston

Those who attended the Local Media Association Innovation Mission Boston shared their top takeaways in a wrap up session on the final day of the event. Here are the highlights of what they shared:

CONSUMER REVENUE

“It’s clear that my org has underinvested in digital subscriptions. I love the strategic process that The Boston Globe went through and the flag they put down. We need to find data-driven people to help us test this.”

“There’s a quiet confidence at The Boston Globe about what they want to do and where they want to go. We need to have this as well to be able to say no to certain things…to chase the things that really matter.”

CONTENT & PRODUCT

“Words, video and audio are all intersecting in media. We need to do a better job of organizing them and bringing them into the core so that we can be an integrated audio, video and words company. We also have to get better at ‘passive media.’”

What was reinforced to me, particularly on the Entercom visit, is the value of a coach (for audience development). It’s a strong framework that appears to be effective.”

“We need to be emphasizing content…not just the role that it plays for us, but for our advertisers as well”

“HubSpot sharing that 70% of their traffic comes from old content – that was an a-ha. It’s a heavy upfront investment, but light down the road. The content investment is worth the work.”

“At Entercom it wasn’t just about digital contracts. There’s a comfort in believing in the value of your core product, and that when I bring in a digital mix with that core, I’m going to lift that advertiser. That’s liberating.”

“There’s a quiet confidence at The Boston Globe about what they want to do and where they want to go. We need to have this as well to be able to say no to certain things…to chase the things that really matter.”

“I admire HubSpot’s approach: ‘when we see something that’s a threat, we dive in. We don’t avoid it.'”

CUSTOMERS

“The industry and those serving it are recognizing that our business model must about customers first. It’s easy to say that, but it’s liberating and clarifying to acknowledge this openly.”

“It was striking that almost every single visit had a customer-first term that I hadn’t heard.”

“I like HubSpot’s concept of personas, built on the concept of a person’s behaviors dictating what they see.”

DATA & REVENUE

“Data is the currency of exchange. We haven’t done a good job of organizing it, making sense of it, enriching it, and then putting it into action.”

“Having a data warehouse is critical. Not just first party audience data, but circulation data, CRM data on your advertisers. We need to be able to pull all of this together.”

“We tend to think of content as our most valuable resource. We need to transition to thinking of data as our most valuable resource. This will dictate product priorities for me.”

“Display will not pay the bills entirely. We have to figure out other digital solutions in the market.”