The Los Angeles Times, the second largest metropolitan newspaper in the United States, is owned by the Tribune Company [NYSE:TRB], which also owns other publishing and broadcast media assets, including the Chicago Cubs major league baseball franchise.
Facing competitive pressures, Tribune is attempting to determine how best to unlock the value of its assets to grow the value of the company. At the same time, the L.A. Times is like many daily newspapers facing declining paid circulation figures.
But there is hope. That hope comes in Tribune rethinking how it might own the conversation in the marketplace by demonstrating a unique difference, planting a flag in the sand and standing for that difference. It’s called branding.
This column in the L.A. Times offers a roadmap of how Tribune might rethink the strategy behind the brand known as the L.A. Times, and how that could play into a repositioning of all it’s daily newspaper assets:
Los Angeles is the capital of the increasingly dominant infotainment-media-celebrity complex. Broaden your scope to California generally and you can throw in high technology as well. The L.A. Times should be the diary of this capital.
We agree, to a point. Rather than standing for three points of difference — as the dairy of the infotainment-media-celebrity complex, California, and the hi-tech industry — the L.A. Times should stand for only one; the entertainment industry. By owning the conversation about the entertainment industry, the L.A. Times becomes the intuitive, reflexive and first answer for those seeking information about the industry, globally. Achieve this and mark an easy to see competitive separation, creating for The Times a sustainable competitive advantage.
As with any effective brand positioning, you must give up something to gain market share. Exit the role of a traditional metropolitan paper. Leave that lower margin role to others, focusing instead on becoming THE media authority of the entertainment industry, anywhere in the world. To implement this brand strategy, the L.A. Times should rethink their business operations to align with a vision as the entertainment industry expert.
Yes, rich traditions would disappear with such a brand strategy. Eight years after his death, a sports section today still associated with Pulitzer Prize winning sportswriter Jim Murray would no longer exist. Likewise, terrific Times sections on travel, food, and local news would no longer be as prominent and might altogether vanish.
However, a far greater opportunity would emerge. The opportunity to own a market position in which the Los Angeles Times is capable of demonstrating leadership everyday, to a national and global audience rather than a finite, local one.
Such a positioning maps to the strengths of the L.A. Times brand, and how the market associates it with another well known brand, Hollywood.
The Times today stands for a good, even excellent, metropolitan newspaper. The problem with such a positioning is there are many good metropolitan newspapers within metropolitan Los Angeles. Instead, the brand could provide an unforgettable answer to the question, Why Should I Care About You? as, of course, the entertainment industry authority.
Running in the opposite direction of the competition, a perhaps initially uncomfortable strategy, would create a powerful engine for growth of the L.A. Times brand, and increase Tribune shareholder value, while addressing a market need.
Isn’t that the point of effective brand strategy?
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