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At the Daily Deals Summit at the Crown Plaza Times Square in New York Tuesday, a panel of experts concluded that local deals can work for firms focused in print media.
Vince Benedetto, president and chief executive of Bold Gold Media Group, said that the strength of traditional media companies is that most sales teams at print media firms tend to focus on local advertising partners for their steady, ongoing revenue streams. What they haven’t done yet is to “fully unleash how to leverage that local relationship.”
Scott Lynett, ceo and publisher at print media firm Times-Shamrock Communications, noted that total print advertising revenues fell to $23.9 billion last year from $50 billion of five years ago. He said the busines now “runs after digital [commerce] as that’s our food.” The question is how to make local deals in the digital commerce space work as it relates to the print audience found in local newspapers. Lynett said one key is to make sure he’s got a team dedicated solely to the digital ad space, even if it means he has to restructure his sales force every 18 months to get that team in place.
According to Jonty Kelt, co-founder and ceo of Group Commerce, traditional media companies have great content and an audience that responds to the media brand, which can provide significant digital advertising revenue. What they have to do is leverage that audience and get them involved, as well as do something focusing on the brand. “You have to commit to it. You need to leverage your assets. You have a dedicated audience, and you have their emails. You also have social media. You have to have it all. If you don’t have it all, all you’re doing is just dipping your toe in the water,” Kelt said.