The Wall Street Journal is a household name in news for some very good reasons. Small-to-medium-sized businesses (SMBs) that wish to succeed would do well to emulate some of the practices of the most famous financial newspaper in the history of the United States.
Here are 5 things that The Wall Street Journal is doing that your business should be doing, too.
1. The Wall Street Journal Has Embraced The Digital Revolution
As with many other media outlets, The Wall Street Journal existed well before the onset of the Information Age. It was a newspaper long before it was online. However, the folks at Dow Jones, the paper’s parent company, allowed themselves to adapt to different media channels. Rather than staying stuck in an “old school” mindset, they’ve instead accepted the Internet as the means by which many people get their news.
Has your business fully embraced the digital revolution? Sure, you probably have a website (it would be financial suicide if you didn’t), but have you capitalized on all of the opportunities that the Internet provides for you to grow your business? Is your website state-of-the-art? Is it user-friendly on any device? Are you doing everything you can to build your e-mail list? The savvy business owner will fully harness the power of technology in today’s business climate.
2. The Wall Street Journal Has Become Independent
There is such a thing as becoming over-dependent. The Wall Street Journal has made it a point to not become overly dependent on the companies about which it is reporting. Otherwise, the company’s objectivity would be questioned.
Likewise, your business model should not be excessively dependent on any other business or process. Ask yourself what would happen if your primary source of revenue suddenly ended. Is your marketing portfolio sufficiently diversified or are you putting all your eggs in one basket?
3. The Wall Street Journal Practices Journalistic Balance
In its reporting efforts, The Wall Street Journal maintains balance. The newspaper holds both the public sector and the private sector to account.
How balanced are you in your business? As an example, have you identified all of the niches associated with your product or service and are you actively marketing to that niche?
4. The Wall Street Journal Practices Specialization
In its marketing efforts, The Wall Street Journal uses specialized targeting to companies in different industries. This is in contrast to a generic, “advertise with us” campaign aimed at all companies.
Are your marketing efforts specialized? Do you use targeted email lists that are more likely to result in conversion? When advertising on Facebook, are you leveraging all of the tools available to you to reach a subset of people more likely to be interested in your product or service?
5. The Wall Street Journal Is Going Global
The people at The Wall Street Journal know that there are emerging economies all around the world and that there is an opportunity for news delivery in those economies. As a result, the newspaper is poised to go global.
Have you identified marketing opportunities outside of your own country? It’s easy to focus on one’s own country but the Internet has made the world a smaller place. Think about how you can promote your brand to other parts of the globe.
The Wall Street Journal reports primarily about money. However, it’s run by a company that also knows how to earn money. Business leaders everywhere should follow that company’s example.