Consider this a wake up call. A warning. Words of wisdom from someone whose career has been dramatically affected by technology. This is exciting, scary and frankly I don’t think
anyone knows what to make of whats about to happen to how we all do business.
Every company is now a media company. The sooner traditional media companies embrace this statement, the better off they will be, and the sooner EVERY company embraces it, the more profitable they will be.
I’m just beginning to learn the ends and outs of running a business (I am only four months deep in beta mode), however one thing I know VERY WELL is MEDIA. Not too long ago I wrote a blog about how Search Is The New Media… but it’s a lot deeper than that.
My thoughts and advice on what is below: Traditional media companies are going to have to get A LOT more creative, and start being proactive instead of reactive, if you want to save your ship from sinking. Last week I was speaking to a very successful pioneer of the Internet, who flat out told me “Hollywood has no idea what is coming for them.” So, embrace a technologist, or several, or an army of them. If you are any business outside the industry, hire a journalist, preferably one with lots of interactive experience. (Trust me there are lots who need a job!) And if you are a budding entrepreneur, GO FOR IT! You have more opportunities than ever before to make a big splash. The global economy is here. It is about to be a wild, competitive, extraordinary ride.

Your New Best Friend.
Tom Foremski, a former journalist at Financial Times, runs a great site about the intersection of technology and media. He recently wrote a BRILLIANT post about how “Every Company Is A Media Company.” Here are the highlights (and there are a lot):
“The world has suddenly become very complicated…. We used to have “mass media” where a small set of media companies and channels, in TV, radio, newspapers, trade press — hosted much of our media communications…… Those days are gone. The reality is we now live in a multi-platform, multi-channel, micro- media world, and the trend is moving towards ever greater media fragmentation — vidcasts, podcasts, blogs, micro-blogging, Twitter, etc.
It is no longer possible to operate a business the old way — such as sending out a news release on Businesswire and briefing a handful of journalists, and sitting back….. Sitting back is not an option. If your competitor captures that media pole position of thought leadership in your market, you are in trouble. When every company is a media company this changes more than just a company’s PR/communications department.”
(Emily Note: So what all does this affect in your organization? NEARLY EVERY ASPECT. Let’s take a look at what Foremski suggests…)
“- It changes how you recruit staff, using your own social networks.
- It changes how you provide customer support.
- It changes how you market/advertise your products and services.
- It changes how you develop products and services.
- It changes your IT infrastructure, what type of computers and software you need.
- It changes entire business processes and how they are executed.
- It changes a company’s internal skills set and what types of people it needs to employ or train.
- It changes how you measure progress.
- It changes management and how it runs the company.
- It changes internal team organization.
- It unlocks a massive amount of internal and external resources.
…Every company is affected… Every Company is a Media Company (EC=MC) is the most important business transformation of our times because every company is affected. This will provide new opportunities like never before…. Companies need help in mastering the best practices of being a media company. Management needs help in implementing the new business processes and in measuring progress. Companies will need new IT equipment, new software, new types of services… Everyone is part of this transformation… It will lead to tremendous disruption… Not every company is going to make it. We are dealing with disruptive technologies…and they key thing about disruptive technologies is that they disrupt.”
(Emily Note: IT IS MORE THAN SOCIAL MEDIA! Twitter, Facebook, etc., are just tools. There are new ones daily. THE ENTIRE WEB IS A SOCIAL EXPERIENCE. Foremski continues…)
“Companies have to focus on their entire media strategy, it becomes integral to their core business strategy. You have to be involved… The challenge for a company’s leadership is that many of these media trends cannot be fully understood unless you are immersed within them……You can’t ‘get it’ unless you are in it.”
*Phew.* Good luck. I think we all need it.