Hello smartpreneur! Looking to explore opportunities in the media industry and launch your own company? Here are 8 great tips to help you launch a successful media company today.
#1 Idea
The first thing you need to start a media company is an idea. You can’t just start a media brand; you need to have a clear understanding of what you want to do within the media space as it is a huge industry with various offerings and services. Do you want to go into publishing, journalism, cinematography, blogging etc.? This helps you to have a direction for your business.
You may be thinking, “Well, I don’t know anything about the media industry,” but don’t worry. There are plenty of resources that can help you get started with learning about the different types of media companies out there. You can also start by identifying your skillsets and interests, and then see which type of business would be best suited to them. For example, if you like writing, then perhaps starting a blog would be more suitable for you.
#2 Concept
After arriving at the idea for your media company, the next step is to develop your concept. For example, if you want to start a blog about personal finance and writing, you could focus on creating content for people who are just starting out with their careers and who need advice on how to manage their money, or you might decide to write about how best to invest in real estate or cryptocurrency.
Once you have your style — the concept for your media business — you can better carve out a niche for yourself and explore the opportunities within that niche/space.
When starting a media business, the goal is to narrow down your focus and explore the opportunities that are available within that niche/space.
#3 Target audience
Whatever kind of business you decide to go into, identifying your target audience(TA) is very key. This is a very crucial step that forms your brand, voice, marketing, communications, identity and more. Your TA determines everything: your style of media, how you engage with your customers, and even the way you monetize your business.
The first thing to do when starting a media company is to define the type of content you want to create. Are you going to make videos? Blog posts? Ads? A podcast? Also, consider those that will consume your content. Are they millennials or baby boomers? Men or women? Do they live in the city or rural areas?
By answering these questions, you’ll be able to create an effective strategy for reaching out to potential consumers through social media channels like Facebook and Instagram as well as traditional ones like television networks and radio stations.
#4 Brand Identity and Image
The media space is a crowded one, and with thousands of brands vying for consumer attention, it can be difficult to stand out from the crowd.
To increase your market share and establish yourself as a leader in the industry, it is important to create an integrated strategy for marketing and branding that provides consumers with a unified and seamless way to interact with your brand.
Consumers are attracted to brands that have clear identities, which means that your brand identity needs to be consistent across all channels: online and offline. A strong brand identity will help consumers to recognize your company as an expert in its field or category, thus helping them to trust you when they’re ready to make a purchase decision.
Here are some ways to create a strong brand identity and image:
- Identify your target audience.
- Define your brand positioning.
- Develop a brand strategy that will speak to your target audience and ensure that you are delivering on the promise of your brand position.
- Create a brand identity that supports and reinforces this strategy, including logo design, colour palette, photography direction and website design.
#5 Content
The media industry is a competitive one that is becoming even more competitive by the day. The key to success lies in the ability to create content that generates engagement and that nurtures a loyal community of people who consume your content across your different media platforms. You must be able to figure out what kind of content your target audience consumes and in what format they like to consume them.
You may have heard the phrase “content is king.” That is true, but it is more than that. Content IS the media company. The content you create is what brings people to your platform, and it is also what keeps them coming back. It is the reason they’ll pay attention when you start selling them things — because they already care about YOU!
If you want to start a media company, you need to think about the kind of content that will create engagement and lead to a loyal following of people that consume it regularly across your different media platforms.
Media is a game of numbers, so being able to create content that appeals to a significant number of people would do wonders for the earning potential on your media platforms.
#6 Marketing Strategy
The 4Ps of marketing: Place, Price, Product, and Promotion still apply to your media company — determining where to build your media company (online or offline), how to deliver your media products to the market, how to monetize your products in terms of pricing, and how to promote your media business. All these are essential parts of the marketing strategy for your media company.
However, before you get started with the 4Ps, it is important to know what kind of media company you want to build. Is it an online-only type of business or do you want an offline presence as well? Once you have decided upon this, you need to decide on the next most important aspect: How will people find out about my media business? The answer lies in online marketing strategies such as SEO (Search Engine Optimization), PPC (Pay-Per-Click) Advertising and Social Media Marketing. These are some of the effective ways by which companies can reach their target audience and generate leads, even without having any physical presence!
#7 Monetization model
For your media company to be successful, you need to have a clear idea of the kind of content that will resonate with your audience. In addition, you should also have a clear idea of how much money you are going to invest in creating that content and what kind of return on investment (ROI) you expect from it.
For example, if you want to create an online magazine, then your monetization model might include getting advertisers that are interested in reaching your readership demographic on board. If you want to create an online radio station, then your monetization model might involve creating space for advertisements during your shows. Whatever kind of content your media company produces, make sure that it is something that people would be willing to pay for — either directly or indirectly (through advertising).
There are many different monetization models that media companies can employ — paid subscriptions, advertising, branded content, donations, memberships, etc.
#8 Team and Budget
If you’re looking to start a media company, the first thing you would need is a team. You’ll want to start by hiring a few key people who can help you get things off the ground. Think about who you need in terms of content creators, marketing specialists, and any other roles that are specific to your business model.
Once you have a team in place, it would be time to talk about money. Your budget will depend on what type of media company you’re starting — are you focusing on print media? Video production? Podcasts? No matter what type of media you’re creating, it’s going to take some money to get started. You’ll need money for equipment, software licenses (if required), and other costs associated with producing your content.
Final Takeaway
Venturing into unknown territories can be daunting, however, there are no limits to the things that can be achieved with plenty of research, meticulous planning and courage. So, if you have an idea, don’t hesitate to go all out and bring it to fruition!
This article was written by Tofunmi Akinseye, a media expert based in Lagos, Nigeria.
