Can traditional media thrive in the sea of new competition

Its been a stormy year for the traditional media for the past few years. I am not sure for some of the printed media, is there a chance of turning the corners of either slow or negative growth. What are the strategies that need to be employed here? I know there must be turnaround ones that must be bold and revolutionary.



I remember that VW sales was also falling, they had stuck to their beetle model for so long and that is what they had been producing all along.. They forgot about the new, savvy and overseas market. What they did was brilliant - they knew that some die- hard fans still loves the beetle shaped VW which is the icon. They did not want to kill it. So, ship it to Brazil and they had been happily producing it till lately- a 20 years of prolonged life cycle for this iconic car. For the 3rd world country, VW is the savior to them. Good consumption and cheap to own. After to VW, they had recoup their investments many times over. In addition, they can also satisfy the minority in the developed nations who still wants to own this classic looking vehicle... One more thing, parts will be there; in plenty supply.



Meanwhile, for the VW itself in Europe, they embarked on new range of products, Golf etc.. and now VW is one of the most important brands for the better value cars for average family. Now this car is also produced in China.



So what's my point of bringing this out? Simply we need to identify the aspirant owners' demographics and psychographics profiles. Without this, VW will be in the museum. Move with the times and serve the customers what they want and beyond.- Whatever industry you are in, you will survive.



The lesson for the traditional media is to move ahead with the offerings in the new media and make the brand modern and relevant in today's lifestyles. Competition will always be there, the question here is that we have to fill the gap before others fill them for you.

So, traditionalist, watch those gaps.. Make a difference in the lives of the users and you will have them customers for life.