COVID-19: Recovery ideas for print media industry

AGENDA SETTING: This is a long term project because it will take time for it to mature or come into a reality. Arguably, things are not been done properly in the country and this is having negative effect on all businesses. Expectedly, a newspaper is to have an agenda and the agenda ought to be the one beneficial to the citizenry and not individuals. Most media houses are owned by politicians and they dictate or influence what goes into their newspapers. Media managers must run the enterprise as a business venture. Unfortunately, the level of some media firms indebtedness arising from litigations, obligations, dues, rents, etc can rock the foundation of the firms or bring an abrupt end to their existence. This may hinder them from setting agenda for the government of the day. It is a statement of fact that newspapers have moved rapidly from a season of prosperity to dwindling fortunes.

MANPOWER PLANNING: This is an attempt to forecast how many and what kind of employees will be required to do the planned job. This helps management in making right decisions concerning recruitment, avoidance of redundancies, training and management development. Employees are the ones that will carry out the functions required for efficiency and effectiveness. The truth is that most of the present journalists do not have what it takes to make a difference and the company is not helping the matter by not organizing training for them. Summary of the expected tasks, duties, responsibilities, knowledge, skills and abilities required of each journalist must be clearly stated and training organized thereafter. Anyone who fails to measure up after the training should be excused from the job after he might have been paid his entitlements thereby paving way for the hiring of a more competent fellow. Training (for junior and mid-level staff) and development (for managers and management staff) are highly desirable because they are planned and systematic effort aimed at improving current or future employees performance by increasing through learning, the employees ability to perform. The objectives of training and development are elimination of skill deficiencies, modification of employees behavior in a desired direction, coping with changes, boosting employees morale, increment of output quality, retention of employees, motivation of employees, increment in performance level, and seeking out a good reputation for the company. Positions of Editors and Managing Directors should be tenured. Emergence of Managing Directors should be rigorous. What needed to be done must be put on the table. It should go beyond the expectations from friendly government or company Board of Directors should be involved where necessary. Unfortunately, majority of the media houses do not have functional boards! Every member of the staff should be capable of adding value to the organization.

MERGER: It has reached a point where media managers have to think of a voluntary and terminable relationship or association with one another. It may come in different forms. For example, what is the justification for each of these media firms having office spaces in all the state capitals in the country? They can share offices thereby reducing the payable rent. There may equally be transfer of the marketing function. Presently, all the media houses make use of the same distribution centres and the copies are being sold by the same set of newspapers agents and vendors. By this method, the media firms or the like-minds can come together to set up a central organization, which decides on quotas, handles the actual selling of the concerned newspapers. Consideration has to be given to fines payable by any firms that runs contrary to the agreement. In some cases, the central body may resolve to appoint inspectors that will visit member firms and ensure compliance with the rules. In this way, the firm can effectively become part of a larger unit as far as their marketing policy is concerned, although, they retain their separate identities. This arrangement can equally be extended to cover distribution of the newspapers. Media managers need to work together more closely and share costs, accordingly. Proprietors should move quickly amid fears that the first newspaper to arrive in the market will record better sales and that this proposed arrangement would be anti-competitive. In fact, media managers are standing on a burning bridge as they do not have luxury of time again because time is running against them. They should resolve to put old rivalries aside in order to work together amicably. It is disheartening to observe and see many media houses deploying their distribution vans along various routes when all the supplies meant for a particular location could be conveyed by just a van. A situation whereby a van is deployed to cover over 200kms to deliver 100 copies of a particular newspaper does not make economic sense. Monetary value of 100 copies, even if all the copies are sold won’t cover the cost of fuelling the delivery van. This is not economically wise.  Advantages i this are that the cartel is voluntary, not compulsory and members retain their individuality and independence of management.

BUDGET: This is a comprehensive and coordinated plan, expressed in financial terms, for the operations and resources allocation of an enterprise for some specific period in the future.  Typically, it is expressed in monetary terms, quantity of copies to be printed, copies sold, copies returned as unsold, revenue from advertising and income from the production wastes. The production budget is prepared after the sales budget. These budgets are then combined to cash budget. Furthermore, the sales budget triggers a chain of reaction that leads to the development of other budgets. It is disheartening to learn that majority of the media houses do not have a budget and where it is available, it is between the Managing Director and the Head of Account. Even, if the variance between the projected and actual figures will be wide, negatively, it is expected that there must be a budget which all management staff must have made contributions. It will be a guiding document needed to measure performances periodically. It is regrettable that the print media industry does not have workable business model, rather, it delves on intuitions or follow-follow approach. What exists is the follow-follow business model. In view of this, business model will allow the print media industry to fulfill readers needs at a competitive price and a sustainable cost knowing fully that gross profit is a company’s total revenue minus the cost of goods sold. The essence of any business model is to operate profitably. Unfortunately, media managers see the essence of a print media firm to inform, educate and entertain the reading public.

 INFORMATICS: A carefully analysed market throws up a lot of opportunities. Market analysis is one of the primary factors affecting newspaper marketing or selling decisions. It serves for a basis for managerial decisions concerning the newspaper, production, price policy, distribution, sales outlets and other related matters. Market analysis provides management with basic information (both current and projected) concerning existing market conditions. Meanwhile, informatics is the collection, dissemination and transmission of information. The possibility of creating new revenue streams by selling information as well as the newspapers brings newspaper management another generally overlooked opportunity. Some newspaper companies have reporters in virtually all the state capitals and some bigger cities in the country. In most instances, some of the stories are not always published due to lack of space. In other words, media houses can sell the unused information and make money from it.

ONLINE: This is a neglected area; media managers have not really thought of how to make money online. All the newspapers contents are emptied on their websites and they expect those who will read them freely to come and buy the printed edition; it won’t work. Some media firms break news on their online platform and they goof from time to time thereby leading to publication of corrigendum on nearly every other day. Some media firms have been ridiculed by some multinationals where they are assured to be considered for advertising placement if the likes of their online platform hits 1.5m; a feat that is  achieved by an actress, actors, comedians, etc. Unfortunately, a media firm is celebrating 1 m likeness! A sure sign of professionalism and responsible journalism is the ability to hold itself accountable. When it commits errors, it must correct itself and its expressions of regret must be sincere and not cynical. It should listen to the concerns of its audience. It may not change what readers say but it must always provide remedies when it is unfair.

Media practitioners need a lot of commendation in view of the environment in which they are presently operating in Nigeria. Although, activities of few newspaper houses that are not adhering to the journalism ethics  is affecting the perception of the reading public. It is ironic that this once powerful industry is declining! The media industry in Nigeria is caught in the web of great depression and recession. There is a problem of a dispossessed economic environment, which has reduced the purchasing power of the reading public.

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Conclusively, some people who are managing media houses are not genuine business persons but core journalists.  Media managers should operate as a good medical doctor who is armed with the case story of his patient, comes out with far reaching solution and not antidote for problem suspension.

Finally, within that dynamic environment, a curveball can come from anywhere: a portion of business may suddenly dry up and strategic plans that made sense years ago may need serious review to compete in ever-more-mobile, internet dependent society.