“[Micro-communities] foster a collaborative relationship between brands and customers. So instead of spying on consumers through cookies, brands can simply ask consumers for feedback and offer them recommendations based on their likes and dislikes,” says Philip Smolin, chief platform officer at 100.co, an AI-powered consumer brand group that works in the CPG space.
The Local Media Association is working to build a Business Model Accelerator that will chart sustainable revenue paths for local media and, in turn, enhance the vital role that they must play in their communities. In this Q&A, LMA Chief Innovation Officer Jed Williams sketches out this far-ranging quest to give local news a central place in community and ensure the industry will be around for the long run.
“The engagement is part of building the brand, and the better brand you have, the easier the sale is for your sales staff,” says Buttry. “And the better brand you have, the more you’re going to feed in traffic. The more you become a place to find everything in the community, you’re going to generate more traffic, which generates more revenue.”