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How to minimize the impact of the COVID-19 crisis on your media business

The negative effects of COVID-19 are not only measurable by the growing number of people testing positive but through the increasing number of unemployment, bankruptcy and cancelled events. Millions of people have lost their jobs risking their
and even their family’s livelihood because their employers are not able to finance their employment due to the enormous amount of income losses.

It is understandable that news outlets, media managers and owners are struggling to create quality contents for their brand but it does not mean that it is not possible. The goal can remain the same only the means have to be transformed. MDIF has drafted
some recommendations to follow during the time of COVID-19.

Regarding cut costs they advise to provide a clear strategic discipline where everyone knows that is expected and knows how to best contribute. Postpone hiring and if possible, reduce staff hours to work in part-time or occasionally.

Be as transparent with the staff and audience as possible and consider asking for reader support or requesting voluntary donations for specific causes. Be inventive with your contents, experiment with your topics, ideas and try to create more
visualized contents to gain more audience attention.

Consider and evaluate partnership to secure your core assets and to mutually aid each other. Create weekly/bi-weekly newsletters to maintain direct communication with your audience and to get feedback of their specific needs and interests. Check in with your team occasionally to see how they keep up with the workload and be open to discuss arising problems.

The first and most critical thing right now is to focus on cash collection to maintain your brand and then to find new ways to promote and advertise your message. Take one or more of the ideas listed above or check the whole list here

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