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In a new article from the Harvard Business
School, Read
All About It! Newspapers Lose Web War, Clark Gilbert discuses the
implications of 'disruptive technology" on the newspaper business. An
article based on Gilbert's doctoral research in this area received the Robert
Litschert Best Doctoral Student Paper Award in the Academy of Management's
Business Policy and Strategy Division. Essentially, Gilbert makes the case that the
newspapers effectively identified the fact that there was a threat but mis-identified
its implications for current markets and the markets created by the new
technology. In other words, the newspapers failed because they treated the web
as a threat rather than an opportunity. It must be awful to be a HBS case study
in market failure. It would be a straightforward story if all that
was lost was the classified advertising business. Solidly eroding to the point
of embarrassment, jobs, cars, houses and stuff have migrated to more effective
outlets like our industry and E-Bay. Unfortunately, the newspaper's loss is even
greater. Editorial attention has been drained to small outlets like ours who are
passionate about serving a small but important audience with focus and
innovation. The newspapers wanted the web to be a new kind of paper. It turned
out to be a new kind of audience. We continue to bet that, over the next ten
years, the newspapers will emerge victorious. That surprising notion comes from
a combination of our underlying faith in the institutions, the depths of their
pocketbooks and the fact that there are observable instances of success when a
profit center actually cares about its audience. Mechanical acquisitions will
solve some of the problem from a sheer ownership perspective (though the track
record in managing those acquisitions is dismal currently). Some progress will
come from the repeated making of mistakes. Ultimately, however, the newspapers
success depends on rediscovering their passion for the people they serve. The degree to which arrogance blinds the current
round of players from seeing opportunity and engaging the new markets is a
continuation of the internal perception that there is something to defend. That,
in a nutshell, is why the few successes involve relatively independent
operations. That freedom isn't always enough as customers and suppliers of
newspaper backed operations will testify. Arrogance, as a cultural inheritance
from the newspapers, makes many of the experiments onerous failures in the eyes
of the market. The most consistent solution to an arrogance problem is time in
the offices of customers and suppliers doing their jobs. That's the only way to
understand what the day to day consequences of dealing with the people who are
at the front lines of the newspaper's defense strategy. As is the case in any battle, defense involves
fighting the last war. Offensive strategy is focused on gain and opportunity.
The newspapers will start to accrue momentum once they go on the offense.
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