Why Every Company Wants to Be a Media Company
Right now, Starbucks is launching a content studio to produce original entertainment.
The move is part of a wider trend where consumer-facing companies attract an audience by creating high-quality content. Luxury goods firm LVMH, for example, also announced a new entertainment venture earlier this year.
There are many other examples, too:
- Nike makes docuseries and podcasts about sporting success.
- Outdoor clothing firm Patagonia makes environmental documentaries.
- Energy drinks firm Red Bull provides updates on music events and artists.
The So What
The most successful organizations are using content creation to foster vibrant communities, by cultivating authentic, trusting relationships with their customers, says Neal Zuckerman, a managing director and senior partner at BCG who leads the Global Institute for the Future of Television (GIFT).
“To do that well, means any firm with bold ambitions to grow its customer base should behave more like a media firm.”
At their core, media firms connect with their audiences in one of four ways.
- Educate by providing information and knowledge to increase understanding and awareness.
- Entertain by offering content that is enjoyable and captivating to capture and retain attention.
- Enlighten by inspiring or provoking thought through insightful and meaningful content.
- Engage by creating interactive dialogue that fosters a sense of community and connection.
By interacting with their customers in these ways, a company can elevate itself from a mere provider of products to a lifestyle choice.
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Amazon, for example, turned online shoppers into subscribers of its video services, cementing itself into the everyday lives of its customers through both e-commerce and storytelling.
Adopting a media mindset requires a commitment to long-term relationship building rather than the traditional sales-focused marketing which may focus on quickly converting leads.
To engage audiences on an ongoing basis means creating dialogue, fostering community and building trust, Zuckerman explains.
“Only then can products and services that authentically reflect the brand be sold. The goal is to drive an emotional connection that becomes a regular habit, which in turn paves the way for monetization through subscriptions or advertising,” Zuckerman says.
Now What
This is how companies can move forward with their content journey.
Articulate the company’s mission and purpose. This should go beyond the value of specific products to demonstrate a broader societal need. For example, toothbrush firms are promoting wellness, airline companies facilitate global connections, and so on.
Define the target audience. A strong execution requires clarity around who the content is intended to reach and resonate with.
Conduct a media audit to evaluate current content and engagement strategies, and identify avenues to forge stronger connections. The choice of media—be it videos, podcasts, articles, or social media platforms—should then be tailored to align with the identified audience's preferences and behaviors.
Craft a thesis for content production. This should resonate with the target customer and be inspirational and aspirational. Ideally, it will allow the company to create a lifestyle or community that goes far beyond the basic product. This reinforces customer loyalty and potentially opens up new revenue streams.
Consider appointing a chief audience officer to put customer engagement at the heart of strategy. The effectiveness of such a role can be measured by the size, stickiness, and spending behavior of that audience, whether that spending is on the content or primary products.
For further reading:
Dynamic Financial Leader Driving Organizational Success
2dEmotional connection with target segments have become very important through creative and interesting contents and catchy visuals. Spending are particularly focused on this media and audience perspective. Strategies must spell out this to elaborate their, vision, mission and Corporate goals.
I like to think about the mutual value that audience members get and give. Segments of your audience will have different value propositions from participation. Understanding that and meeting your target audience members in ways they appreciate accelerates product market fit. Check out my article here for detail: https://www.linkedin.com/posts/breannadigiammarino_scaling-user-engagement-implementing-community-activity-7148364899868434432-yj3n?utm_source=share&utm_medium=member_desktop
Global and Swiss senior leader in holistic marketing and brand strategies with a focus on content marketing ◾️ digital channels ◾️ partnership marketing and reputation management
5dVery good summary of what needs to be done - and in what order
I'm helping companies to gain a real technology competitive advantage. Focus: architecture, strategy, digital transformation and innovations.
1wImagine weaving tales that magnetically draw your audience in. AI is here to supercharge your content marketing,transforming you from a product pusher to a captivating storyteller. In my newsletter, I unlock the secrets: - Know your audience like never before. AI unveils their deepest desires. - Craft personalized stories that resonate. One-on-one connections at scale. - Optimize for engagement. Keep them glued to your every word. The future of content marketing is here. Let's write it together. Link to my newsletter: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=7157783369865388032
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1wJust serve good coffee some thing Starbucks has not learnt yet Don’t be woke Stick to business Pay staff a real wage Get rid of the focus group and message BS Support Veterans It’s simple no medua required ask Costa Coffeee