Four current media trends are affecting the way businesses operate, said Larry Kramer, former CEO and founder of CBS MarketWatch, in a Tuesday speech at the Donald P. Jacobs Center.
These themes – the four C’s – are the basis for Kramer’s new book “C-Scape: Conquer the Forces Changing Business Today, ” which he discussed in a speech attended by about 20 members of the Northwestern community. The Kellogg Media and Entertainment Club and the Medill School of Journalism cosponsored the event.
Kramer said he noticed businesses were having trouble adapting to the changing media industry, prompting him to write the book.
“The idea kind of stared at me,” said Kramer, who sits on the board of directors for many companies, including Harvard Business Publishing, Answers.com and Discovery Communications.
The first theme, which Kramer calls consumer power, means consumers have more choice in what they want and when they want it, he said.
“Consumer power is much more than it used to be,” he said, adding that the Internet boom contributed to its rise.
The importance of content, the second theme, forces businesses to provide what consumers want in the face of competition, he said. Because of easy access to products via the Internet, the proximity of businesses to consumers is now less relevant.
“In the end it’s the guy with the best content who wins,” he said.
The third theme, curation, is the need for media to guide consumer usage because of the consumers’ limited time.
Kramer said convergence, his fourth theme, initiated the conversation about the changes in business. He said with the iPad, computers, phones and other technologies working together, people learn more quickly and easily about what to consume. Therefore, businesses must focus on listening to their customers.
“People create a lot of new technology that doesn’t really take,” he said. “That communication with consumers becomes really paramount if you are going to stay in the game.”
Kramer also discussed the effective business strategies of major corporations such as Apple, Best Buy and Urban Outfitters that have more media interaction with customers.
The Media and Entertainment Club wanted Kramer to speak because of his extensive experience with media and business interaction.
“We try to supplement our classroom experience with real-world practitioners,” said President Kenny Chu. “Having someone like Mr. Kramer who is directly tied into (media) is very important.”
Clarisa Ramirez, Medill graduate student, said the speech was applicable to the current media trends she learns about in class.
“A lot of it is common sense, but you just need someone to point it out to you,” she said.
