Most publishers today do not have the time, money or expertise to excel in the race toward digitization and simultaneously, satisfy customer needs. As people progressively consume content digitally, it is imperative for publishers to transform their businesses to sustain in the modern digital marketplace grow in this new ecosystem.
Publishers should consider these five main competency areas while planning their future-state digital operating model:
- Excel with digital content
- Transform pricing models and back-office financial management
- Connect to the customer with CRM
- Transform permissions, rights and royalties
- Develop new intelligence-information, insights and infrastructure
The vision for a digital publishing enterprise must ultimately be shaped by how the market and consumers will interact with content and content providers. Some key practices to consider are:
- Adopt a comprehensive and proven methodology
- Promote buy-in while gathering data
- Define the vision
- Understand priorities and trade-offs
- Create the outside-in and inside-out view
Publishers who wish to survive and thrive in the modern marketplace must become 'digital first' with print being just one of many formats facilitated by the foundational digital processes and technologies. A publisher’s path to the future must begin with a conversation, followed by a strategy, plan and change.