Financial crisis in B2B publishing

Things are awful and getting worse.
That's my conclusion about B2B publishing as yet another company takes drastic measures after finding it can't carry an absurd debt load in a recessionary economy.
Yesterday, in an email to employees, Penton CEO John French announced a companywide salary and hiring freeze. He also requested ideas on cutting costs. John also "asked for a complete reforecast from all of our product managers, including a restated revenue forecast and a projected expense forecast for the remainder of 2008." That process should be completed by the end of the month, at which time John promised to report back to the staff "on our findings."

Penton's announcement comes in the wake of a slew of bad news in our industry. And when I add up these events, I see catastrophe.
I don't want to sound too dramatic, but I've gone from being worried to being worried sick. Much of B2B publishing -- weighed down by the twin albatrosses of junk bonds and rising print costs -- has sunk into a death spiral.
Consider the news of the past few days:

1. Northstar Travel Media announced yesterday that it's for sale. Boston Ventures, the private equity company that bought Northstar from Reed Elsevier in 2001, has apparently had enough. The Northstar sale will take place in a particularly tough environment. There's already a ton of B2B properties on the market -- including Reed Business Information, the U.S. B2B unit of Reed Elsevier.
2. Among the B2B companies languishing on the shelf is Ziff Davis Media. Late last year, Ziff managed to sell its most valuable properties. This week the new owner of those properties, Ziff Davis Enterprises, announced companywide layoffs. It's also worth noting that both Ziff Davis Media and ZDE have recently gone back on the promise to cease the unethical use of in-edit advertising -- a sure sign of desperation and idiocy.
   
3. Earlier this week Nielsen Business Media announced another series of layoffs. It's still unclear just how many jobs were cut in this round. But news reports put the total loss of jobs at the former VNU at around 4,000 in the past year.

Shelter from the storm
Over at Penton, there are some exceptions to the hiring freeze.
Penton's New Media Group will be spared, because, as John noted, "these activities are critical to our revenue growth plans for both the near and long-term future." (Disclosure: I've consulted on several projects for the group.)
That shouldn't surprise anyone.
The giant publishers -- and many of the smaller ones too -- are in the exact same position. Their revenue is falling while their print expenses are rising. Choking on debt, all they can do is exit the game entirely or cut expenses and double their bets on new media.
There's simply no other way out.

But there is another way out for the editors, salespeople and designers of B2B.
You can walk away from print.
And it's way, way, way past the time you did so.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media

Another B2B publisher announces layoffs

Less than 24 hours ago I wrote a post about layoffs at Nielsen Business Media and said "I don't think today's layoffs will be the last we'll see in 2008."
Well as much as it pains me to say so -- I was right.
This afternoon Ziff Davis Enterprises announced it is is restructuring and laying off an undisclosed number of workers. The restructuring isn't a surprise. ZDE announced in January that it would restructure. But until today it was unclear if there would be layoffs.
ZDE, which publishes Baseline, CIO Insight and eWeek, is the former B2B unit of Ziff Davis Media. Private equity firm Insight Venture Partners bought the properties for around $160 million earlier this year.

It's worth noting that layoffs aren't the only thing that Nielsen and ZDE have in common. Both companies suffered through an embarrassing ethics scandal last year. (You can read about Nielsen's problems here (the company was called VNU then) and read about Ziff's problems here.)

News of the layoffs comes just days after Insight Venture Partners announced that ZDE had "received funding" of $20 million from venture capital firm Bessemer Venture Partners. The size of Bessemer's stake in ZDE has not been disclosed.

(Addendum: Nielsen says that yesterday's cuts are part of a restructuring that had been scheduled to end in December of last year. A total of 4,000 jobs were slated for removal in that process. Folio magazine reports today that as many as 200 people may have lost their jobs yesterday.)

tags: journalism, b2b, media, trade press, magazines, newsletters, business media

Layoffs and leverage

Bad news today in the world of B2B journalism. Nielsen Business Media, formerly known as VNU, has laid off a number of editorial staffers. Folio magazine says it's "not immediately clear how many employees have been let go." While the FishbowlNY blog at Mediabistro says between 40 and 50 jobs have been eliminated and cites an anonymous tipster who claims "most cuts (are) coming from the company's digital and conference arms."

It's been a tough year and a half at Nielsen. In that time the company has gone through a reorganization and name change, an ethics scandal and an earlier round of layoffs.
And my heart goes out to the folks who lost their jobs today. I know what that's like. I've been laid off in the past. It's a truly awful feeling.
But the truth is that all of us in B2B are vulnerable now. And all of us need to be prepared for the possibility of job loss.

Several months I wrote on this blog that I was worried that 2008 would prove to be an awful year for our industry. And every week seems to bring news that indicates I'm right to be nervous.
Many of the major players in B2B publishing are leveraged to the hilt. And they seem to have bet the house on being able to find extraordinary amounts of new revenue in the online world. But since so many B2B editors still don't get Web journalism, many B2B Web sites remain laughably bad. And as the economy slows down, I just can't imagine that people will line up to spend money on crappy Web sites.
Even the very best Web sites in B2B are in trouble this year. Over and over again I hear from people who are struggling with demands from senior management for levels of growth that simply cannot happen. The ugly truth is that when the economy slows, you can't expect an every-growing number of people to to line up to spend an ever-increasing amount of money on any Web site -- no matter how gorgeous, well-written, and filled with multimedia it may be.

I hope I turn out to be wrong about this. But I don't think today's layoffs will be the last we'll see in 2008. I'm worried that things are bad. I'm worried that they're getting worse. And as I said just last week, because so many B2B publishers are "privately held, we just don't know how ugly the balance sheets may be."
(Note: Although Nielsen Co., the parent of Nielsen Business Media, is privately held, much of its finances are reported publicly. And things ain't pretty at Nielsen. Several days ago the company announced it would buy IAG Research for $225 million. To finance that purchase, Nielsen said it would sell $220 million in bonds. Or, in layman's terms, the company will borrow $220 million. But that new debt comes on top of some $8.47 billion in existing debt -- and that has the credit agencies shaking their heads.
Even prior to word that Nielsen would return to the bond market to borrow again, Moody's had rated Nielsen's last round of debt Caa1 -- some seven levels below investment grade!! That's about as junk-like as a junk bond can be.)

tags: journalism, b2b, media, trade press, magazines, newsletters, business media

Going with the (copy) flow

Every investment banker and media investor I've ever met reads PaidContent. But very few of the B2B reporters I talk to are familiar with the site.
That perplexes me.
First, PaidContent covers our industry. And I think that folks in B2B should be reading it for the same reason I think they should be reading Folio magazine -- it pays to know what's going on.
But perhaps more importantly, PaidContent is the best of the Web-centric news operations in the media space. And watching how Rafat Ali and his team structure their operation can be instructive for anyone looking to move to a Web-first model.

PaidContent is a blog. It's also a full-service news operation with a few offices, some talented reporters, global reach and a number of related sites on such subjects as mobile content. But it is, at its core, a blog.
Each story has a comment function and a slew of social bookmarking and other Web 2.0 features. The entire site is published with the ExpressionEngine content-management system. Each story is brief -- more of a blog post than a traditional article.
But the most blog-like feature of PaidContent is that it's published in reverse-chronological order -- the newest stuff is at the top of the page.

Last month, Scott Karp at Publishing2.0 wrote an interesting piece on the differences between how traditional and Web-centric publishers present news on their home pages. Traditional publishers such as the New York Times, Scott said, arrange the news "by what is most important." Whereas Web-centric publishers arrange news by what is most recent or, in the case of sites such as Digg, by providing an option to read by timestamp or reader ranking.
Scott notes, correctly, that the traditional method of "organizing news by importance as the default makes sense when you’re only delivering the news once a day (and the “default” is all you get). But when news publishing is continuous, it’s not the best way to serve frequent news consumers."
Publishing a home page in the traditional fashion, in other words, creates a situation where it appears to frequent visitors that nothing has changed. And in a world full of 24/7 news providers, Web-only publishers and industry bloggers, that's not a good idea.

Twice in recent weeks I've had conversations with B2B editors who were upset because they thought their Web sites updated too frequently. They were angry that new content pushed their old content out of the top spot on the home page. They preferred a system where their stories sat in the lead position for days on end.
But that is madness.
Although it's perfectly appropriate to give some special treatment to some special stories, a Web site should serve users, not writers. In particular, a home page should serve those readers who turn to it most often -- the frequent visitors.
Or, to put it another way, a home page should more closely reflect the most efficient of the online distribution systems: an RSS feed.

So what does it look like when a traditional, print-based publisher adopts a Web-centric approach to the home page? Take a look at ReadyMade. Or, even better, check out the beta of the new Popular Science home page. That site has a top slot for a story that editors choose, but it also gives users the option to choose a home page of most recent, most viewed, most popular or most commented on stories.
Take a look at those sites, and then ask yourself six questions:
1. Just how many times a day (or week) do I think a reader will come to my site and hit the refresh button before he gives up?
2. How much time do I think a reader will spend drilling around my site looking for something, anything, new?
3. What message do I send to a print subscriber who comes to my home page and finds the exact same stories that he just read in print?
4. Is the industry I cover so unchanging and uninteresting that the most important story I can tell my readers on Wednesday is the same one I told them on Monday?
5. What would my home page look like if readers, instead of editors, had their way?
6. Since my home page isn't how readers find my content, why am I worried about my home page?

(Note: PaidContent's Rafat Ali recently posted a video of a speech he gave to a group of journalism and business students. It's an instructive look at how a young, Web-centric journalist was able to see past tradition and find a new way of publishing. It runs for about an hour. But it's worth your time.)

tags: journalism, b2b, media, trade press, magazines, newsletters, business media, web-first publishing

Mysteries of the (inverted) pyramid

Before there was a Web, there was a news company that mastered the art of writing for a screen rather than a printed page.
Customers of Bloomberg News consume stories on a Bloomberg terminal, a sort of souped-up, proprietary, multi-screen PC. Those customers pay an extraordinary amount of money for the terminals. And Bloomberg is able to justify the cost by providing extremely valuable information in a format that users can consume quickly.
Nearly every Bloomberg story adheres to a template in the first four paragraphs. The so-called four-graf lede -- theme (a what/why opening paragraph), authority (a quote to back up the lede), details (facts and data that support the lede) and what's at stake (the Bloomberg version of the nut graph, which emphasizes the importance of a story using numbers and money) -- is instantly recognizable to close readers of business news.
Sometimes the order of the paragraphs changes. But seldom does a story drift far from the template.
You can read a little about the system here. Or you can take a look at a four-graf lede here.

Sometimes, when I teach a workshop on writing for the Web, I make a point of having folks learn the four-graf lede. I did that just last month at the College Media Advisers convention. (You can read a little about that workshop here -- and check out a photo of me acting like an obnoxious editor as I read over the shoulder of a reporter.)
But the truth is that as much as I like the Bloomberg style, it's not exactly perfect for the Web. The Bloomberg four-graph lede is linear and bland. It fails to take advantage of the nonlinear, personal style of the Web. More importantly, the four-graph lede is aimed, at least in part, at winning the approval of newspaper editors. So it adheres to the conventions of print writing.

A few days ago DigiDave wrote a post on his blog about "Re-thinking the Inverted Pyramid and Other Artifacts of Newsroom Culture." That's a valid exercise. And one that I find myself doing quite a bit of late. As I spend more and more time helping clients change their workflow to a Web-first model, I find myself returning again and again to the core assumptions about what a news story looks like.
And when I question those assumptions, and look for a better, Web-first structure for news, I find myself returning again and again to the concept, if not the execution, of the Bloomberg four-graph lede.
So here are my suggestions for how a Web-first publisher should structure stories:
1. Create a template for your publication and stick to it.
The Bloomberg four-graph lede works well on several levels. First, it's fast (by removing the need to think about story structure, it's possible to spend more time on reporting than on writing.) Second, it's recognizable as part of the Bloomberg brand.
Smart editors and publishers should create a story structure for their publications that won't commoditize news but will allow reporters to churn out copy at wire-service speed. These templates, unlike the inverted pyramid, will vary from publisher to publisher.
2. Resist the urge to tell readers everything.
Much of what needs to be told in a story can be told through links. Cut back on background grafs. When there's something to say that's already been said, link to it. Don't rewrite it.
3. Consider the likelihood that the story will be read on a cell phone or PDA. Format accordingly. And for god's sake, keep it short -- 800 words max.

There is, of course, more to Web-first publishing than writing (or photos, video, sound, etc.) In the next few days I'll publish my thoughts on copy flow, story management and the role of editing.

For an earlier post about the Bloomberg terminal, click here.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media, web-first publishing

Some holes can not be climbed out of

Just days ago I urged journalism teachers to force students to learn about business and finance. In particular, I want students to understand debt financing, which has put a stranglehold on many publications.
My hope is that by understanding the murderously difficult environment in which many publishers operate, students will made better decisions about their career path.

To that end, I offer a reading assignment.
Reuters has published a lengthy and well-reasoned article showing that it will be damn near impossible for Sam Zell to avoid a default at the Tribune Co., which is groaning beneath $4 billion of debt and some tough-to-meet debt covenants. You can check out the article here. Students who take the CliffNotes approach to study can get everything they need from PaidContent's take.

Those of us in B2B should avoid the urge to feel smug about the nightmare that is newspaper finance. In our end of the industry, things are likely just as bad. But since so many of our major players are privately held, we just don't know how ugly the balance sheets may be.
And as I've said before, I'm worried.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media, journalism education

College Tour, Part 4: Show them the money

I recently had the opportunity to visit a number of universities and to attend two conventions for college journalists. This is the conclusion of a four-part series on my experiences. You can see part one here. You can read part two here. Check out part three here.

After a month of visiting with college students and teachers, I've reached two conclusions.
First, many journalism programs are doing a tremendous disservice to their students. Too many teachers are stuck firmly in the past. And they seem determined to drag their students back in time to an era they understood. For every gifted educator like Ralph Braseth at Ole Miss, Jacquie Lamer at Northwest Missouri State and Chris Carroll at Vanderbilt, there are at least two dinosaurs filling students' heads with nonsense.
Second, many journalism students are woefully unprepared to enter our business. Too many of them are preparing for careers that just won't exist in the near future. These students are naive. They seem to have little interest in studying the industry they are about to enter. They don't read the trade press. They don't follow the debates about the future of journalism. They seem unaware of the tremendous difficulties faced by most traditional publishers. Because they don't follow developments in the business, they have no idea of what the business wants from them.

Interestingly, the solution to both problems is the same.
It's time for journalism programs to start talking about, and teaching about, money.

Cut our losses
For a long time I was hopeful that journalism teachers would learn to embrace the future. I had this idea that the ability of the Web to reach people around the globe would enchant teachers. I believed that interactivity, feedback functions, user-generated content and all the other forms of conversational and democratic storytelling would appeal to people who dedicated their lives to telling stories and spreading information.
But I was wrong.
New media has brought out the worst in many teachers -- turning them defensive, bitter, cowardly and curmudgeonly. The rise of new media, in other words, has had the same effect on many teachers that it has had on many legacy editors.
But there is a difference between editors and teachers. And it's silly for us not to acknowledge it:
We can fire editors.

Many journalism programs are burdened with teachers who are poorly suited to teach a subject that changes as rapidly as does the media world.
But we're stuck with them. The rules of tenure and the traditions of academia mean that these folks ain't going anywhere.
So it's time for a "work around."

The Benjamins
One of the arguments I hear over and over again from legacy editors and dinosaur teachers goes something like this: "Newspapers/my company/publishers make plenty of money already. The profit margins are huge. There's no real problem. The owners/investors/suits just need to be less greedy and spend some of that money on training/preserving the publication/hiring reporters to cover Congress and buying me a cellphone/video camera/Internet connection for my house."
But that's the sort of argument that can only be made by someone who doesn't have a clue about business finance.
Profit margins aren't a forward-looking measurement. They are a backward-looking measurement. More important -- far, far, far more important -- is that profit margins in the publishing industry are often dictated by the banks and other institutions that lend money to publishing companies. Debt covenants set minimum performance levels on a wide variety of metrics -- particularly on net income, EBITDA and similar measurements of "profit." In fact, there's an argument to be made that publishers are being forced to cut expenses (lay off workers) in order to make the numbers required by the covenants. In other words, those high profit margins are the problem, not the solution. And they cannot be cut. Throw in the pressures of competing for capital in a world dominated by hedge funds and private equity, and it's easy for a publisher to fall into a death spiral.
(For a clearer discussion of this, check out this piece by Alan Mutter.)

Don't teach what you don't know
Almost every journalist and journalism teacher at one time or another has made a joke about his inability to do math. The math- and numbers-phobic journalist is a stereotype. But like all stereotypes, there is some truth to it.
So it's simply too much to ask that journalism teachers master the world of accounting and debt finance. There's probably no way to force them to learn. And as we've seen with new media, if you can't force teachers to learn something, then many of them won't learn.
Students, however, are a different matter.
We can force students to learn. Heck, that's what college is all about!

So here's my modest proposal.
If you're a teacher or college administrator who "gets it," who understands the pressures upon the publishing world, sees the opportunities in digital media, and accepts that your students will work in a converged, new media world, this is what you should do:
1. Give up on trying to convert your peers.
2. Instead, push to give your students the tools that will allow them to see the world and the publishing industry clearly.
3. Fight to have a business finance and/or accounting course as a requirement for graduation.
4. Force every journalism student in your school to cover business. Invite business journalists to guest lecture on subjects like "reading an income statement" and "understanding SEC filings." Don't let anyone graduate who hasn't produced at least five multimedia pieces that focus on the world of business, investments and/or personal finance.
5. Distribute salary surveys whenever you can. Make sure your students know that new media pays more than old media.

(Sometimes the stars align. Today is one of those days. I wouldn't want to end my series on the College Tour without pointing readers toward Innovation in College Media, which is perhaps the best source of information for those looking to improve journalism education. Nor would I want to end this series without mentioning Angryjournalist, the site where thousands of our peers are whining, moaning and acting like spoiled children while hiding behind anonymous posts. College kids are reading that site. And it's teaching the wrong lessons. But as luck would have it, the founder of that site has written a guest post for Innovation in College Media. And it's a truly wonderful piece. I ask you to read it. And if you're a teacher, I beg you to share it with your students.)

tags: journalism, b2b, media, trade press, magazines, newsletters, business media, journalism education

College Tour, Part 3: The war within

I recently had the opportunity to visit a number of universities and to attend two conventions for college journalists. This is the third in a four-part series on my experiences. You can see part one here. You can read part two here.

One of the best things about my annual college tour is that I get to be a little bit of a celebrity. Folks who know me well know that my ego is enormous. And I greatly enjoy doing things that feed my sense of grandiosity. So I like visiting campuses where students line up to meet me. I like standing on a stage and knowing that people are listening. I like to be an expert, an honored guest, a keynote speaker. And I really, really like applause.
At the same time, when I'm speaking about things that are important to me, I don't mind being controversial. I like to be direct and a little harsh. In other words, I'm a New Yorker. And I accept that one side effect of being a wee bit off-putting is that some people are put off.
That's fine. I'm OK with that.
I'm not bothered on a personal level when I learn that some journalism teachers just don't like me.
But I wonder if the way they display their dislike of what I have to say is symptomatic of what's wrong with journalism education.

First, let me give three examples of what I'm talking about:

• After my keynote speech at the Southeast Journalism Conference, several students complained to me that they had difficulty following my remarks because teachers at their table grumbled and complained throughout my presentation.
• Twice during my college tour I received embarrassed apologies from students who were upset that their teachers had declined opportunities to attend social functions with me, because, as one student said, "they hate people like you."
• I met at least a dozen journalism teachers or advisers who said something like "I wish my dean/president/adviser/department head/peers had come to hear you. But they weren't interested."

The lines are drawn
Journalism education has divided into two factions. There are those who see digital media and convergence as positive. And there are those who see recent developments in the press as a catastrophe. The first group wants to use the universities to spread the new forms of storytelling. The second group believes universities are the place to draw the line against change.
The gap between the two is broad and deep. Most upsetting, disagreements between the two sides are uncivil. And since most journalism programs have members of both camps on the faculty, the atmosphere in many schools is toxic.
This isn't a reasoned disagreement among people who like and respect each other. (Certainly the students I met don't think so. The students use terms like "nasty," "ridiculous," "stupid" and "embarrassing' when describing the debates on their campuses.) This isn't an academic debate. Rather, this is a fight between people who have genuine animosity for the opposition.

Certainly I understand where such strong feelings originate. I, too, am passionate about journalism. And I tend to be dismissive of journalism educators I believe are either unwilling or unable to prepare their students for today's media. I suppose if I had been in a university these past few years I'd have grown positively vicious about any peer who failed to adapt.
I suppose too there are teachers who resist the changes in media because they believe these changes are detrimental to the profession. And it's to be expected that these last few years have left such teachers bitter and vicious too. I may believe they are wrong. Hell, I know they're wrong. But I understand how they can "hate" someone like me and refuse to attend a dinner in my honor.
I just wish it wasn't like this.
Because I'm convinced that amid the defensiveness, bitterness and contempt, educators are failing to teach students the single most important lesson that a journalist can learn -- keep an open mind.

If you'd like to get a sense of what it is I tell journalism students, you should read how journalism students react to me. Take a look at students' blog posts here and here.
If you'd like to see some of the more interesting work being done by journalism students, check out the converged model of Connect Mason (created by Whitney Rhodes, a student who was frustrated by the silos at her school) and all the winners of the first online journalism contest of the Center for Innovation in College Media.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media, journalism education

College Tour: The very young are the future

I recently had the opportunity to visit a number of universities and to attend two conventions for college journalists. This is the second in a four-part series on my experiences. You can see part one here.

My annual college tour is over, and unlike years past, I'm feeling pretty confident about the next generation of journalists.
Certainly the current crop of journalism students isn't perfect. But nor is it as bad as it was just last year.
Something has changed. And I think I know what it is.
College journalists seem to be split into two distinct camps. There are those who understand online media and look forward to a career in digital media. Then there are the delusional others who have their hearts set on a print-based job. (There's also a smaller group of students who have their hearts set on a "television" career rather than a "video" career.")
And as remarkable as it seems to an old guy like me who finds it increasingly difficult to tell at a glance if someone is 16-years old or 26-years old, it is the age of the student that makes all the difference.

As a general rule, I met very few seniors who are ready for the working world. The juniors weren't much better. On the other hand, I found the sophomores and freshmen in today's journalism programs to be a truly remarkable bunch.

It's the very young students -- just 18- to 19-years old in most cases -- who have familiarity with online culture and have mastered new-media storytelling techniques. It's the freshmen and sophomores that understand, accept and celebrate the idea of working and living on the Web.

Don't get me wrong. I'm not saying that there's no one worth hiring in the class of 2008. I met three seniors that any publisher would be lucky to have on board. But it shouldn't come as a surprise to anyone that two of them already have job offers and the third expects an offer from the publication where she works now on a part-time basis.
But those students were the exception.
On the other hand, I met a bunch of seniors who hope to become print designers. They know Quark. They know InDesign. They have printouts of pages that they want you to see. What they don't have are job offers. And what they don't seem to know is that print design jobs grow rarer by the minute.
I also met a bunch of seniors who want to be newspaper reporters. They have clips. They have some basic reporting skills. What they don't have are job offers. And what they don't seem to know is that newspapers are in very tough shape.
The seniors seemed to be stuck in a fantasy about working in a 1970s-style newsroom. While nearly every time I met a kid who was a new-media "superstar," they turned out to be several years away from graduation.
But that's OK.
I'm willing to accept that our profession might have to write off a few years worth of journalism graduates. Because for the first time I feel confident that there is a next generation of journalists coming that will make us all proud.

My friend Rex also had a positive experience earlier this month when he met with a group of college journalists. You can read his thoughts here.
I shouldn't be surprised by the skills of the very young. Just a few months ago I noted that high school kids were doing some interesting work, while established journalists continued to resist change. Now it turns out that the high school publication I mentioned in that post is winning national attention.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media, journalism education

Running late ...

I've finished my annual college tour, in which I spend several weeks visiting universities and journalism-education events. It was, as always, both illuminating and fun. I've already published some preliminary thoughts on the state of journalism education. I'll share more about the next generation of journalists within a few days.

In the meantime, I'm scrambling to catch up on my paying gigs. And perhaps more importantly, I'm scrambling to digest some of the recent news in the world of B2B media.

The top development during my hiatus was the annual Neal Awards from American Business Media. CSO took home the Grand Neal Award this year for its work on "Red Gold Rush," an article that linked rising demand for copper in China to a surge in copper theft here in the U.S.
CSO is published by CXO/IDG. And longtime readers of this blog know that IDG is a client of mine, as well as one of my all-time favorite B2B companies.
Another IDG product, Computerworld, picked up three Neal awards, including best web site.
And as I noted a few weeks ago, it was IDG's Harry McCracken who won this year's Timothy White Award for editorial integrity from ABM.
So I want to offer my belated congratulations to all the folks at IDG.
You can read coverage of this year's awards here and here.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media, journalism education

Preliminary report from the College Tour

"He slung his words at us like darts."

That's the lead from an article in the student-run newspaper at the University of Tennessee-Martin about my recent appearance at the Southeast Journalism Conference, where I gave the keynote presentation (titled "Brace Yourself: What journalism is like in 2008. Why you're not ready for it. What you can do about it.") and joined in a panel discussion on the future of newspapers.
You can read the entire article here. But suffice it to say that my comments caused some discomfort among some of the students and teachers in attendance.

Here are a few of my thoughts.

1. Over and over again I heard from students that the journalism departments at their schools were divided. Some teachers are offering coursework and advice related to new media and convergence. But other teachers are adamant about adhering to a one-medium track. And if the students' reports are to be believed, the split among teachers is acrimonious.
2. Several students complained to me that they had difficulty following my speech because they were seated near teachers and professionals who grumbled and complained throughout my presentation.
3. There's little doubt that today's students aren't following developments in today's media. Nearly everyone I spoke with seem genuinely surprised when I talked about layoffs, shuttered newspapers and declining market values.
4. The weirdest thing I heard at SJC: A senior editor who manages a section at a major daily newspaper told the students how excited he was that he was about to get training on how to post his department's stories to the Web. All I could think of was "who the hell has been doing it for the past few years?"
5. The coolest thing I saw at SJC: the student media center at Ole Miss. It's positively gorgeous.
6. The coolest site I saw at SJC: Vanderbilt's InsideVandy, a Drupal-based, multimedia powerhouse. It won the SJC award for best student-run website.
7. The coolest thing I learned about at SJC: GIMP, an open-source alternative to Photoshop. I'd heard about GIMP before, but I never bothered to check it out (I think the name of the product just offended me.) But now I'm sold.

Next week I'll be meeting with students, teachers and other professionals at Northwest Missouri State University. The week after that I'll be running a one-day workshop and joining in two panels at the College Media Advisers convention.
When those gigs are done, I promise to share my thoughts on the next generation of journalists.

In the meantime, check out blog posts by students who attended SJC here and here.
And take a look at this earlier post on the next generation of journalists (and check out the comments.)

tags: journalism, b2b, media, trade press, magazines, newsletters, business media, journalism education

The most important award in B2B journalism

I want to offer my congratulations to my friend Harry McCracken of PC World for winning the most important award in B2B journalism. Harry is this year's recipient of American Business Media's Timothy White Award for editorial integrity.

Harry has had a long and distinguished career. But there's little doubt that the challenges he faced in 2007 played a major role in his winning the award. And there can be little doubt that ABM did the right thing by acknowledging that Harry stood up and did the right thing at a difficult time.

So congratulations to Harry. Congratulations to ABM. Congratulations too to IDG, parent company of PC World and a client of mine. This marks the second consecutive year that the Timothy White award has gone to an IDG editor.

For B2B Magazine's coverage of this year's award, click here.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media, journalism ethics, advertising

The College Tour

It's coming up on that time of year again when, as my friends and family remind me, I spend too much time doing too much work for free. Each year at this time I head out on the road to visit with college journalists and their instructors to share my thoughts on media.
I don't get paid for this work. But I don't care. As I remind my friends and family, there's more to life than money. And there's nothing I enjoy more all year than the time I spend with future journalists.

Later this week I'll be heading to Oxford, Mississippi, where I'm the keynote speaker at this year's Southeast Journalism Conference. I've titled my little speech "Brace Yourself: What life is like in journalism in 2008; Why you're not ready for it; What you can do about it." I'll also be joining a few newspaper executives for a panel on the future of that industry.

After that I'll stop back home for a few days before heading to the Midwest to visit some clients and attend the annual meeting of the professional advisory committee at Northwest Missouri State University's department of mass communication.

By mid-March, I'll be back in New York and attending the College Media Advisers national convention. I'm co-hosting an all-day session on multimedia reporting and Web-first publishing on March 13. And I'm serving on two panels on March 17.

If you're going to be at any of these events, please stop by and say hello.

With all this activity in the next few weeks, I expect my blog posting to be rather infrequent. I will, however, share my thoughts about the next generation of journalists when my schedule gets back to normal.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media, journalism education

Buying a staff for the future

Late last month came news that B2B publisher Questex was buying FierceMarkets, the online-only publisher best known for its niche, email newsletters. I said then that I thought the deal had some major implications for our industry. Today I'd like to elaborate.

First, I want to make it clear that the FierceMarkets deal doesn't change my opinion of email newsletters. As a general rule, I can't stand the things. I much prefer to get my news and information via RSS feeds. As I wrote on this blog slightly more than two years ago: "With RSS I don't have to worry about annoying "unsubscribe" functions that don't work properly. With RSS I'm not subjected to a never-ending stream of spam and other marketing nonsense from publishers. For a content consumer, RSS is a vastly superior delivery mechanism. And I expect that, eventually, every consumer will demand it."
I still believe that.
But I also believe that this is not the time for B2B publishers to walk away from email newsletters. There's still money to made with them -- lots of money. That's why publishers love them. But someday soon it will become clear that publishers' love of newsletters will not be able to compete with users' love of convenience and control.

But my dislike of email newsletters doesn't change the fact that I like the Questex/FierceMarkets deal. And here's why:
I have a feeling (and it's really just a feeling, I don't have much hard information), that the deal isn't really about newsletters. Nor, for that matter, did Questex buy the company because FierceMarkets also distributes news via RSS. Nor is the deal about FierceMarkets' cash flow or profits.
I think Questex bought FierceMarkets' staff. This is a deal about people...a sort of large-scale version of what Rex calls an "acqhire".
I think Questex decided to buy a staff that understands the Web.

To understand what I mean, take a look at FierceWireless. Drill down a bit. Read some pieces. Make note of the Web-friendly writing, short stories, agnostic links and reader-friendly design.
Then head over to Questex. Make your way to the page about the company's telecom products.
Then try, as I have several times today, to visit Wireless Asia. What I found was a dead link. You can also try searching for "Wireless Asia" on Google. What you'll find is that the top link goes to Telecomasia.net -- the same dead link. In fact, the only live link I can find to Wireless Asia is to a three-year old media kit from when the product was owned by Advanstar.
And as I made my way around the Questex site today what I found over and over and over again was a series of dead links.

Now I don't want to judge Questex based on what appears to be a bunch of technical glitches. These things happen. But it seems to me that the dead links are indicative of a larger cultural problem at Questex.
I did eventually find some links that worked. Take a look at the site for Response Magazine or American Salon. See if it's as clear to you as it is to me that the sites are afterthoughts ... an endless series of in-house ads aimed at getting people to subscribe to the print products.

I believe that Questex -- like many other B2B publishers and newspaper companies -- has recognized that it needs a staff that thinks of the Web first. And Questex, like many other publishing companies, has come to believe that its existing staff was never going to get there. So Questex did the right thing: it bought some folks who could help lead the company into the future.
FierceMarkets had been in play for awhile. And I know that some potential buyers thought the asking price was too high. But those folks were looking to add to already sophisticated Web teams. They didn't need to "acqhire" anyone. They just wanted to buy some cash flow and growth potential.
But Questex saw something else in FierceMarkets, something it needed -- an editorial staff that could help shape the company's future.

We're going to see more of this. We may see a lot more of this. And as a general rule, I'm likely to applaud such "acqhires" of a Web-savvy staff. But I'd urge caution. FierceMarkets is a fairly rare bird. Not every online-only company is staffed by very bright people. And even the smartest number crunchers won't necessarily recognize brilliance in an online editorial staff.
So make sure that whoever does your acqhiring or hiring understands Web culture.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media

Changing just one mind

If you could change the mindset of only one person at your publication, who would it be? If you could get only one person to become part of the Web culture, who would it be?
Perhaps you'd say the managing editor. Or maybe the head of ad sales. Maybe you'd vote for the CEO or the editor-in-chief or the publisher.
But here's my suggestion: Change the mindset of your recruiter.

A few months ago I sat on a panel with two recruiters from mid-sized newspaper chains. They were both lovely people. But I think it's safe to say that they didn't share my beliefs about how to recruit or what to look for in a new hire.
One of them was asked "what would make you throw out a resume?" And she replied that she wouldn't hire anyone with a resume that said "multimedia reporter." She went on to say that she was looking for "newspaper people." But then, a few minutes later, she mentioned that the reporters at her chain were now being trained to carry video cameras.
The other woman, when asked about how she looks through applications, said she doesn't look at electronic resumes and won't follow links to Web stories, multimedia packages or other online examples of work. The reason? She said she didn't have the time, and preferred to look at things on paper.

In the world of B2B, I suspect that the folks that screen resumes for us have many of these same mindset problems. And it's not their fault. It's our fault.
At big companies, much of recruiting is done by people in human resources. And those folks are often experts in the world of HR. But how many of them are aware of the changes underway in media? How many of them understand the challenges of moving to online?
At smaller companies, editorial recruiting is often done by the existing staff. But how can we expect legacy editors to understand what to look for in the next generation of journalists. In some cases, the initial screening of resumes is done by administrative personnel. But if we haven't yet been able to get many of our senior editors to understand the Web, why would we expect our admins to grasp the nature of online journalism?

Pat Thornton recently posted a piece in which he complained about "ads looking for people who know PHP, MySQL, Ruby, Python, Django, HTML, CSS, Javascript, Ajax, Flash, multimedia reporting, photo editing, video editing, Incredible Hulk strength, etc." Pat suggests, correctly, that the "the people hiring new media talent at many newspapers don’t have a clue about what they are looking for." So, according to Pat, recruiters are filling ads with a slew of Web terms and acronyms hoping that someone, somewhere will come in to fix everything.
But the problem that I see most often is worse -- people who don't have a clue about new media looking to hire new talent. They don't even know what Web terms and acronyms to look for in a resume.

But either way, the solution is the same. If you want to hire the right people with the right skills and the right mindset, then you must ensure that the person who does your recruiting knows online journalism.
Here are five steps to take:
1. Find out how applications are processed at your publication. Who writes the ads, screens the resumes, etc.
2. Meet with that person on an informal basis. Try to gauge what they do and don't understand about new media.
3. Invite them to meet with anyone on staff who has the skills you're trying to duplicate.
4. Invite them to attend the places where you talk about the future -- senior leadership meetings, editorial meetings, newsroom training sessions, etc.
5. Offer to help. If you know what your publication needs, ask if you can help screen resumes and interview applicants.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media

Announcements and milestones

I've been running around like a crazy man for the past few days ... working, decorating my new apartment, selling my car, meeting with clients, pitching for new business and exploring my new neighborhood with my daughter. As a result, I haven't done much blogging. So there are a few things I haven't had a chance to make note of until now.

First, I want to congratulate Ryan, Zac, Howard and everyone else involved with Wired Journalists. Some 700 of our peers have already joined this new social network for journalists who want to improve their new media skills. If you haven't signed up, do so now.

Second, the global B2B journalism association known as TABPI (Trade, Association and Business Publications International) has launched its first spinoff unit outside the United States. TABPI South Africa will be run by Louise Marsland of Bizcommunity.com and Natalia Thomson of Now Media. Many members of TABPI and ASBPE will remember Natalia as one of the first international winners of those groups' Young Leaders Scholarship.

Third, Speaking of the Young Leaders Scholarship, the deadline for this year's application is March 3. Winners will get a chance to travel to the ASBPE convention in Kansas City in July. And since I'm the keynote speaker there this year, I think that's a really, really great prize.

Fourth, speaking of deadlines, B2B editors from around the world have until March 5 to enter TABPI's Tabbie awards for the best in trade journalism editorial and design.

Fifth, I recently noticed that this blog has broken the top 100,000 level on Technorati. In a world with as many as 57 million blogs, I'm pretty pleased by that. Granted, a good portion of the blogosphere is spam, gibberish and crap. But there are also bloggers far more talented than I that have not been lucky enough to attract as much attention as I have. So I want to thank everyone who has ever read, commented upon or linked to this blog.
Making it to the top-tier of the blogging world is akin to being named the prima ballerina in the Boise Ballet. It's hardly the Bolshoi, but I still feel like dancing.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media

Getting wired and getting funded

If you're a journalist who believes, as I do, that the best way to improve your skills is to teach yourself rather than wait for the boss to invest more money in you, there are a couple of interesting announcements today.

First, check out Wired Journalists, a social-networking and information-sharing site born in the wake of Howard Owens' call for non-wired journalists to learn the skills of new media.
Wired Journalists has been in beta for a few weeks now (I was the seventh person to join.) But now it's open to the world.
You can read Howard's announcement here.
Read Ryan Sholin's take here.
Check out Zac Echola's thoughts here.
I'm looking forward to seeing more folks from the world of B2B journalism on the site soon. So if you're willing to share what you know, and willing to learn more, join Wired Journalists.

Second, longtime readers of this blog know that I'm a big fan of WordPress, the content-management system popular with thousands of bloggers. I've long argued that WordPress and similar open-source systems are vastly superior to the systems used by most publishers.
Now comes news that WordPress has landed $29 million in new financing ... including an investment from the New York Times.
Check out Matthew Ingram's thoughts on the deal here.
Read Wall Street Journal coverage here.
For an earlier post of mine on WordPress, click here.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media

FierceMarkets sale may be harbinger of ...

My friend Rafat at PaidContent is reporting that B2B publisher Questex is buying FierceMarkets, the online-only publisher best known for its email newsletters.
I got an email a few minutes ago from FierceMarkets founder Jeff Gisea confirming the deal.

I have a feeling that this particular deal has major implications for our industry. Sometime later this week I'll share my thoughts.

In the meantime, congratulations to Jeff, his team and the folks at Questex.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media

And the award goes to ...

It's contest season in B2B publishing.
If you're proud of the work done by you and your coworkers, now is the time to seek your rewards.

First, there's only a little more than a week to nominate someone for what may be the most prestigious award in B2B journalism -- the Timothy White Award for Editorial Integrity. If you know someone who has fought the good fight and stood up to pressure "whether from advertisers, industry executives or upper management," enter their name now.

Second, you only have until Jan. 23 to enter Folio magazine's FAME awards, which recognize the best in magazine-sponsored events. Click here to enter.

Third, ASBPE is accepting applications for its AZBEE awards until Feb. 15. The AZBEEs cover both print and electronic journalism. There are tons of categories. Visit the ASBPE site for details. And check out ASBPE Boston's blog for info on a webinar about the entry process.

And lastly, college journalists should take a look at what Innovation in College Media is calling "the most comprehensive contest for online content produced by student media and student journalists."

tags: journalism, b2b, media, trade press, magazines, newsletters, business media, journalism education

The care and feeding of my gigantic ego

I opened my mailbox last night and found the January/February issue of "Editors Note," the newsletter of the American Society of Business Publication Editors. And much to my delight, the cover story was about me.
I suspect that many of us got into journalism in order to see our own names in print. But for someone with a gigantic ego like mine, few things compare to the the thrill of seeing an article about yourself (and accompanying photo). So I want to thank ASBPE and the article's author, my friend Jeff Gelski of Sosland's Food Business News, for the attention. I also want to thank ASBPE National President Steve Roll of BNA Tax & Accounting. Steve's column on page two of the ASBPE newsletter also talks about me.
The newsletter is available to members in a .pdf file. Visit ASBPE to take a look.

The only thing that feeds my immense ego more than reading an article about me is to stand on a stage and talk. And the ASBPE article announces that I'll be the keynote speaker at the Society's annual convention, which will be held in Kansas City in July. But that's a very long time for someone like me to have to wait to hear applause. Fortunately, I'm also the keynote speaker next month at the Southeast Journalism Conference. Until then, I'm just going to read the ASBPE newsletter over and over and over again and imagine the sound of applause.

Like many people with oversized egos, I have tremendous appreciation for folks who don't walk around with a swollen head. That's one of the reasons I want to recommend a recent post at the Junta42 blog in which Joe Pulizzi admits to a mistake in trying to optimize his site for search. It's an instructive read for anyone who works on the Web. Take a look.
And I hope that in the unlikely event I ever make a mistake, I'll be as self-effacing as Joe is.

tags: journalism, b2b, media, trade press, magazines, newsletters, business media