Content publishers are always looking for ways to grow, but for Authoritative Content publishers, choosing the right opportunities, which support their reputations as reliable providers of quality content, requires some strategic thinking. The wrong content opportunity could damage an Authoritative Content publisher’s reputation, which is a key competitive advantage.
Before you jump on a content opportunity, such as a new distribution channel, a new partnership, a new investment, or a new strategy, make sure you ask yourself the following 10 questions, and remember to be honest!
1. What is the potential return on the opportunity?
Will the opportunity provide a monetary return or another kind of return? Is the return truly worth it? If the opportunity is too small to make a discernible difference to your goals in the short-term or long-term, you might want to pass.
2. What is the competition like today?
If the opportunity will bring your content to a new audience or a new channel, review the existing market environment. How hard will it be for you to establish a foothold? Are there already competitors in that space with established positions and significant market share? Make sure you can effectively compete before you dive in.
3. What will the competition look like in the future?
Think outside the box. Competition can come in a variety of forms and directions—from new market entrants, technological advancements, and more. Evaluate the opportunity to ensure it’s viable today and is likely to still be viable in the future.
4. Do you have the money to succeed?
Every new opportunity requires some amount of financial support. Do you have the money to seize the opportunity today? Do you have the money to sustain it in the long-term, particularly if things don’t go well? Don’t sacrifice the rest of your publishing unless you’re sure you have the necessary money to succeed in the new opportunity.
5. Do you have the manpower you need to succeed?
Not only do you need money, but you also need people to execute most opportunities. Do you have the manpower on your team already? Can they handle the additional workload that the opportunity will add or will you need to hire additional people to make it work? More people means more money, so crunch the numbers.
6. Do you have the technology needed to implement and maintain the opportunity?
New opportunities often require technology upgrades and purchases. Identify all of the technological assets and expenditures required to jumpstart the opportunity and to keep it going over time. Make sure you can get that technology, maintain it, and pay for it.
7. Is this opportunity the right match for your brand and audience?
Does the opportunity match your brand promise and your audience’s expectations for your brand? If not, don’t do it.
8. Are there any legal concerns that could arise if you seize the opportunity?
Look at the opportunity from a legal perspective. Are there laws or compliance requirements that you’ll need to implement if you pursue the opportunity? Do your due diligence!
9. Does the environment suggest that the opportunity will be viable beyond the short-term?
Depending on the opportunity, there could be political, social, economic, and other environmental issues that have the potential to significantly impact its long-term viability. A comprehensive analysis is critical to making the right decision.
10. Do you have an exit plan?
Before you jump into a new opportunity, make sure you have an exit plan in case things don’t go well.
Once you’ve answered these 10 questions, you’ll be in a position to make a confident decision on new content opportunities.