Case Study – Media Partnership for Entrepreneurs Part 1

Progressive partnerships start with two core ideas. First, everybody needs something, and second, this partnership is merely a stepping stone to the next one.

We know that we need stuff. Maybe it’s more customers, a venue, staff, knowledge, results – whatever. The point is that just as we need something, so does everyone else out there. The biggest challenge most people have with progressive partnerships is being able to think in terms of other people’s needs and not their own.

Let’s say that your need is to get some media exposure. You know your ideal customers read a particular magazine or website and so you decide to approach that publication. A typical approach would be to say, “Hi, we’ve got a really cool product that I think your readers would be interested in. Would you like to feature us?”

Sadly, your likelihood of success from an approach like this is minimal. So you need to discover what the magazine or website needs. For example, you know that they make their money through advertising so, of course, they are always looking for potential new advertisers. What else? If they’re a magazine, then subscriber numbers are hugely important to them. What else? Compelling content. Fundamentally, they need content that can educate and/or entertain their readers. What else? Exposure. They are, just like you, a business that needs exposure. The more exposure they get, the more readers they are likely to attract, the more potential advertisers and subscribers they could reach, etc.

When I approach a media partner I phrase everything in terms of how I can help them in one of these four areas: advertisers, subscribers, compelling content or exposure. If I know they have a specific need outside of these, for example, they need a new key member of the team, I will mention that too. So instead of saying, “My business is cool, will you feature me?” I might say something along the lines of “Your business is cool, would you be interested in new advertisers?”

Now think for a moment what happens when the phone rings in your office. You answer it and the caller is either interested in buying from you or trying to sell to you. Which caller is more likely to get your attention? Understand what they need and what they are looking for, and pitch yourself as a way to help them achieve their goals.

So before I can pitch for media coverage, I need to show that I can create value for my potential media partner. The easiest way to do this is to see what I have in my network that might be of interest to them. Many of my clients advertise; therefore, under the right circumstances I could put my clients together with the publication I’m approaching.

If I don’t think my customers would buy advertising from the publication, maybe they would be interested in subscribing. Get creative. There is always a way you can create value for others if you are prepared to think first. Now I am going to the publication saying, “I think my clients would be interested in advertising in your magazine. How might we work together?” It’s not always going to work, but more often than not it will help you start a conversation.

How does this all apply in real life? Callum Laing cites one very good example in Part 2 of his article. Look out for it!

Visit Callum’s page to find out more about his work.




This post was first published on Callum Laing's LinkedIn and has been reposted on Executive Lifestyle with the permission of the author.
Edited by Nedda Chaplin
Image credit: BELGRADE, SERBIA - CIRCA JULY 2005: Newspapers and magazines on display, in Belgrade from Shutterstock


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Callum Laing

Callum has built, bought and sold half a dozen businesses in a range of industries across two continents. He is a partner in a private equity firm Unity-Group. He is a regular speaker, and is author of, amongst other things, "Progressive Partnerships - The Future of Business" - For a free synopsis go to www.CallumLaing.com

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