Can Media Companies Grow in 2023?

Address (and solve) publishing’s greatest challenges

As media companies and publishers move deeper into 2023, the challenges that the industry started fearing in late 2022 remain. 

The economy is constricted, and digital advertising’s growth is expected to hover in the low double digits following a brutal 2022, when spending fell drastically. And some publishers are already seeing Q1 ad sales down as much as 25% below projections.  

Given the macroeconomic climate and spending trends, is growth possible for media companies in 2023? And how are the industry’s savviest leaders adapting their strategies to achieve profitability? 

One key to growth is better, smarter proposals. Bundling the right products for each customer, industry, and marketing objective can be the difference between a down quarter and sustained profitability. For an in-depth look at trends, challenges, and solutions to the difficulties that are top of mind for every publisher, download the ebook, 2023 Guide to Growth With Smarter Proposals. 

The challenges

The last few years have been a whirlwind for publishers as the impacts of the pandemic upended marketing playbooks and established new norms. 

As a recession looms, many media companies are scrambling to adapt. Their teams are getting leaner and their product portfolios are becoming more complex. That combination can leave teams exhausted, especially if they don’t have the right tools to facilitate their work. 

Other market challenges include: 

• High turnover: Sales team turnover can impair their ability to meet high-level, long-term goals or sell optimized media plans. 
• ‍Bundling difficulty: Siloed systems and a lack of visibility across ad products mean premium products are difficult to sell, leading to low bundling rates. 
• Lack of prioritization: Without access to up-to-date data, sellers don’t know which inventory to sell directly. 
• Extended time to value for new hires: In such a complex environment, new team members struggle to extract the maximum share of client budgets. 

Most companies are experiencing at least three of these challenges. As a result, they may face lower and lost revenue, fewer RFP wins, reduced yield, and high overhead sales costs.

Economic downturns don’t mean that leaders should pay less attention to personnel and operations. In fact, now is the time to invest in making your teams more productive and efficient. 

Here at Boostr, we have a front-row seat to how publishers are approaching this environment. The first step is identifying the challenges facing your company. The second step is moving into a new phase of problem-solving and taking action to get ahead of what is shaping up to be a tough year. 

Top publisher growth strategies include: 

Cross-selling to maximize results for both clients and your business: Cross-selling is a hallmark of savvy sellers and creates better results for clients, too. 

Automation for better win rates: Tools that automate standard processes unlock a whole new world of growth potential. One area particularly primed for automation is proposal building, a historically time-consuming task requiring a quick turnaround. The ability to execute optimized plans in minutes, instead of hours, transforms workflows. 

Want more strategies to maximize revenue even in an economic downturn? Download the ebook Guide to Growth With Smarter Proposals. 

Don’t be defined by industry trends

Despite challenging economic predictions, media publishers still have opportunities to grow. Truly future-proofed businesses examine their processes, seek opportunities for innovation, and invest in their operations, even when budgets are tight.

Making those investments doesn’t have to entail overspending. 2023 is about doing more with what you have—and that means leaning into technology to fill gaps and save time while maximizing income. 

Discover more strategies for resilience in 2023 and beyond in our ebook, Guide to Growth With Smarter Proposals. We unpack the trends, challenges, and solutions to help media companies thrive in any economic climate. 

Download now!