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2014 Media Growth Study
In partnership with Jordan Edmiston
2014 Media Growth Study In partnership with Jordan Edmiston
Econsultancy London
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Published January 2014
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Contents
1. Foreword from JEGI ................................................. 5
1.1. About JEGI .......................................................................... 6
1.2. About Econsultancy .............................................................. 7
2. Executive Summary ................................................... 8
2.1. Methodology ....................................................................... 10
2.2. Special Thanks .................................................................... 10
3. Growth Drivers ......................................................... 11
4. Challenges to Growth ............................................... 12
5. Mergers and Acquisitions ......................................... 14
6. Focus area: Product Development ........................... 16
7. What’s Inspiring CEOs? ........................................... 19
8. Appendix: Respondent Demographics ................... 20
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1. Foreword from JEGI The Jordan, Edmiston Group, Inc. (JEGI) and Econsultancy are pleased to share with you the
results of the 4th annual Media Growth Survey, which was designed to capture senior media,
information, marketing and technology executives’ outlook on growth opportunities and key
challenges in these fast-evolving sectors.
This year’s survey saw a record-breaking response from nearly 340 senior-level executives
globally, who provided their insights on business and their outlook for 2014. The follow-on calls
with a handful of senior executives for live, one-on-one discussions, dove even deeper into the
results captured by the survey. You will find a number of interesting “sound bites” included
throughout the report.
Overall, senior executives are optimistic, as many have gone through the most difficult stages of
transformation, including people, products and processes and are now ready to grow revenue. In
fact, over the next 12-24 months, our respondents expect the top two growth drivers to be (i)
launching new products and (ii) services and expanding market share.
Of course, challenges to growth always exist – both externally (new competitors are constantly
entering markets and the competition is offering free or low cost alternatives) and internally (lack
of talent in emerging areas is a key constraint).
Still, the survey results indicate an increasing level of deal activity in 2014, as more than 80% of
$250+ million revenue companies expect to make an acquisition in the next 12 months. A pick-
up in M&A is expected for 2014, following a down year for M&A in 2013, with many small deals
and “acqui-hires”, especially given that the media and technology markets continue to evolve at a
torrid pace. As such, “Revenue Growth” is cited as the number one reason for making
acquisitions.
This sentiment is in line with JEGI’s recent year-end M&A report, which highlighted a strong
pipeline for M&A and several promising market factors. Technology advances, particularly in
mobile and data analytics, continue to drive large and middle-market companies to make
acquisitions in order to maintain competitive relevance. Private equity firms are expected to
continue divesting companies acquired during the peak of 2006-2008, as these investments
approach a typical five to seven year hold period. Most importantly, business and consumer
confidence appear to be cautiously rebounding, as the US economy continues to grow.
Of course, there is always some uncertainty surrounding survey outlooks and expectations. But, a
recovering economy and improved confidence and optimism among senior executives contribute
to a strong outlook for 2014.
We hope that you find the results of this survey to be informative, and thank you again to those
who participated. We look forward to your participation in the future.
Sincerely,
Wilma H. Jordan
Founder & CEO
The Jordan, Edmiston Group, Inc.
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1.1. About JEGI The Jordan, Edmiston Group, Inc. (JEGI) of New York, NY has been the leading independent
investment bank for the media, information, marketing and technology sectors for more than 26
years. The firm has completed over 500 high‐profile M&A transactions for global corporations;
middle-market and emerging companies; entrepreneurial owners; and private equity and venture
capital firms and has been ranked #1 by Bloomberg in its sectors for number of deals completed
for seven consecutive years.
Recent transactions include:
The sale of Thomson Reuters’ Trust Tax and Estate Administration Outsourcing Group to
Ernst & Young;
The sale of digital creative consultancy BGT to PWC;
The sale of Competitrack, an advertising tracking firm, to Market Track;
The sale of Reed Exhibitions’ food and lodging shows to Urban Expositions;
The sale of Group SJR, a digital consultancy, to Hill+Knowlton (WPP);
The acquisition of Nielsen Expositions by Onex for $950 million;
A significant investment in MyWebGrocer, shopper marketing software, by HGGC;
A growth investment in Domino Media Group by Conde Nast, iNovia and LaunchCapital;
The sale of content marketing groups McMurry and TMG to Wicks Group;
The sale of Infogroup’s OneSource, sales enablement and business intelligence solutions, to
Cannondale/GTCR;
and many others.
For more information, please visit www.jegi.com or contact Adam Gross, JEGI’s Chief Marketing
Officer, at 212-754-0710 or [email protected].
2014 Media Growth Study Page 7
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1.2. About Econsultancy Econsultancy is a global independent community-based publisher, focused on best practice digital
marketing and ecommerce, and used by over 500,000 internet professionals every month.
Our hub has 200,000+ subscribers worldwide from clients, agencies and suppliers alike with a
subscriber retention rate over 90%. We help our users build their internal capabilities via a
combination of research reports and how-to guides, training and development, consultancy, face-
to-face conferences, forums and professional networking.
For the last 10 years, our resources have helped subscribers learn, make better decisions, build
business cases, find the best suppliers, accelerate their careers and lead the way in best practice
and innovation.
Econsultancy has offices in London, New York, Sydney and Singapore, and we are a leading
provider of digital marketing training and consultancy. We provide consultancy and custom
training extensively across Europe, Asia and the US. We train over 5,000 marketers each year.
Join Econsultancy today to learn what’s happening in digital marketing – and what works.
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AMV Group New Look
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RBI
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Call us to find out more on +1 212 971 0630 (New York) +44 or (0)20 7269 1450 (London). You can also contact us online.
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2. Executive Summary Now in its fourth year, the Media Growth Study explores the opinions and responses of leaders in
the media, information, marketing and technology sectors. The 2014 study features the
responses of 339 executives, with nearly 80% of respondents in the C-suite or at the
board level. As in previous editions, this report benefits from both their quantitative responses
and in-depth interviews with selected respondents.
Building off last year’s positive predictions for growth, respondents see increased opportunity in
2014, with growth in existing markets cited at its highest level since the study’s inception. But that
growth is in the context of an industry where change is the base variable; over half of all
respondents agree that their top selling product in four years hasn’t been invented
yet.
Interestingly, that remarkable figure is only marginally higher for consumer-facing companies
than those in B2B (54% vs. 50%).
Growth Drivers
As in previous studies, new product
development and expansion of market
share continue to be the top reported
growth drivers for 2014.
But, there is increased positivity for all
sources from last year’s study,
including acquisition and
geographic expansion.
The largest single change is in the area
of new IP/Software investment,
up from 11% to 27%, which appears to
be partly driven by a new emphasis on
programmatic buying and selling and
automation in general.
Trends
After years during which the pressures on media and marketing have been heavily on the side
of rapid evolution and exploration of new revenue lines and products, the data and executive
interviews suggest a shift in the balance between innovation and efficiency.
This shift is reflected in an increase in the percentage of companies citing the hiring of
new executive management as a growth driver, up from 21% in 2013 to 33% in this
year’s study. The new hires appear to be geared toward growing profits from newly
established lines of business, instead of inventing them.
Support and expansion of digital product lines is being hampered by a lack of
specialists in emerging areas, cited by 49% as an internal barrier to growth.
Acquisitions
The percentage of organizations anticipating an acquisition in the next year remained stable for
large organizations, but dropped significantly for those with less than $50 million in
revenues.
Survey responses suggest that smaller companies are finding it more difficult to complete deals
than in previous studies, citing unreasonable valuations more often than their larger peers.
51%42%
7%
Agree Disagree No opinion
"Our top selling product in 2017 hasn't been invented yet."
2014 Media Growth Study Page 9
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Those with over $50 million of revenue were far more likely to focus on profit growth than
smaller acquirers (45% vs. 24%). They were also nearly twice as likely (27% vs. 14%) to target
acquisitions for geographic expansion. Smaller companies, meanwhile, were more likely than
large ones to use acquisitions as an entry into new vertical markets (21% vs. 12%).
As in other areas, individual responses and interviews suggest a new attention to acquisitions
that add to revenue, customer base and near-term profitability, moving back from a
strong emphasis on innovation/product development.
Number of respondents: 285
Product Development
A special section of this year’s survey, focusing on product development, revealed that less than one in three companies have a defined innovation program, but those that do report significant benefits.
The approach to technical development also came up in interviews, with some moving away
from an exclusively “agile” process back to a more traditional, beta rollout for products.
Senior management and customers are the top sources for new product ideas (80%
and 72%, respectively), with competitors/market dynamics cited by only 56% of the sample.
Also in this year’s Media Growth Study
Top internal and systemic barriers to growth
Factors most likely to derail new product efforts
The role of third-party data and analytics providers in media company success
Do small and mid-sized media companies have sufficient capital to invest in the “technology
stack”?
What media are inspiring CEOs in their professional lives?
And more…
27%
57%
72%
78%
19%
42%
70%
83%
0%
15%
30%
45%
60%
75%
90%
<$10MM $10-$50MM $50-$250MM >$250MM
2013 2014
2014 Media Growth Study Page 10
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2.1. Methodology The 2014 Media Growth Report is based on a two-phased approach, beginning with a survey
conducted by Econsultancy in September 2013. That survey was fielded to top executives at a
diverse array of businesses of all sizes across the media, information, marketing and technology
sectors. Over 81% of respondents are chief executives, chairmen, or presidents at the
organizations from which they are responding.
Respondent organizations are primarily based in North America, although Western Europe and
specifically the United Kingdom are also significantly represented.
From the 339 total respondents to the survey, phase two was launched – invitations to a targeted
group of industry veterans and innovators to participate in qualitative interviews, to elaborate on
their answers and provide context to the data.
2.2. Special Thanks JEGI and Econsultancy would like to thank all of the companies that participated in the Media
Growth Survey.
We would also like to extend a special thanks to those executives who took the time to speak with
our researchers directly and provided important context and deep insights beyond the data.
Interviewees have been kept anonymous to reflect the strategic direction and proprietary nature
of their responses.
2014 Media Growth Study Page 11
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3. Growth Drivers
Figure 1: Top Growth Drivers Next 12-24 Months (Top Three)
Number of respondents: 313
One sign that media and marketing companies are finding their footing in an uneven economic
and industry landscape is that they are uncovering more paths to growth. We see an uptick from
2013 across all of the growth drivers cited by executive respondents.
The dominant individual factors in media company growth are new product development and
expansion in existing markets, and that has been the case since the initial Media Growth Study in
2009. The balance between innovation and improvement is closer to 50/50 than it has been in
years. There are signs throughout the study and interviews that companies are continuing to
develop new products at a feverish pace, but that there is a high priority being placed on
evaluation and upgrading of existing products as well.
The only sharp changes are in management hiring and technology/IP investment.
In past years, survey respondents have cited a lack of senior talent as a major challenge. This
year, the balance has shifted and companies are seeing a positive in the talent available. To a
degree, this speaks to the evolution of media companies and their needs, as much as to any
shifts in the executive labor market. When companies were trying to find their way, they
wanted visionaries. Now that they have begun to stabilize and grow, they want people who
can manage organizations and maximize profit.
Executives are ready to pull the trigger on new technology. An emphasis on automation and
efficiency throughout the industry should drive investment for some time.
11%
21%
22%
29%
37%
58%
61%
27%
33%
27%
32%
38%
64%
71%
0% 20% 40% 60% 80%
Investing in new IP/software/technologies
Hiring new key management/employees
Entering new vertical markets
Expansion into new geographic markets
Making an acquisition
Expansion of market share within existingmarkets
Launching new products/services
2014
2013
Investing in Growth
“We spent the last few years figuring out who we were going to be; what was central to
who we were as a company, and what we could cut? People, products, processes were all
up for discussion. Now we’re ready to grow revenues, not just margins, and we’re looking
at how to add skills and products, while staying on target with that core value.”
Executive Interview
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4. Challenges to Growth
Figure 2: Top Systemic Barriers to Growth by Year
Number of respondents: 282
As in previous years, respondents feel their competition on all fronts, from well-known names to
digital upstarts, and especially from low cost/free alternatives to their products (up over 20%
since last year’s study). Central to many of these competitive offerings are the key trends of off-
shoring and automation cited by many in interviews and within the survey.
Off-shoring isn’t about innovation, but efficiency. Companies either see it as an advantage they’re
building, or a threat that’s compressing their margins, or both. But, wherever they are now, most
are looking at a future where a wide selection of sophisticated activities can be off-shored.
Pushing that envelope will be the competitive advantage for some.
Automation presents a similar promise and danger, but adds an element of innovation. It can
mean capabilities and efficiencies for newly developed products that are a hybrid of data
collection, analysis and presentation. For existing, high value products slipping into
commoditization, automation offers a way of retaining their maximum value on the ride down.
An issue for many in media is that automation is part of a technology “stack” that is complex,
expensive and difficult to maintain at state-of-the-art levels. For small and mid-sized publishers,
it may not be possible to build their own technologies, requiring them to take part in the larger
media ecosystems from competitors like Google, Microsoft, Adobe, etc.
Thinking about the primary systemic issues your organization is confronting... what specific steps are you taking to overcome these challenges?
“We are focusing on disrupting ourselves, before we get disrupted.”
Survey Respondent, $1B B2C Publishing
17%
16%
33%
34%
35%
42%
21%
23%
33%
37%
43%
43%
0% 10% 20% 30% 40% 50%
Government policy/legislation
Competition from smaller companies withdigitally-based models
Move from offline to online content
Innovation from traditional competitors
Competition from free/low cost alternativesto your product/s
Entry of new competitors
2014
2013
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Figure 3: Top Internal Barriers to Growth by Year
Number of respondents: 273
Most of the internal issues cited in the 2012 study remained at similar levels in 2013, with one
notable difference. As it became easier to identify and hire top management (see Section 3), the
challenge of finding technical/analytics/digital media specialists drew apace.
“Talent in emerging areas” covers a number of different roles and departments, but the general
focus is technical and mathematical; as data plays an increasingly large role in product
development and marketing, the demand for people who can work with it rises.
But the gap in Figure 3 results from the need for hybrid talent. A pure web data analyst isn’t as
valuable as one with business knowledge, or marketing skills, for example. Across the enterprise,
these are the areas where disciplines intersect. It’s at these junctions, between marketing and
customer service, or sales and product development for example, that new products are
discovered and customer value is increased.
The issue is that human nature and educational systems don’t tend to produce multi-
disciplinarians who can easily turn from statistics to sales and back again.
Thinking about the primary internal issues your organization is confronting in its ability to grow...what steps are you taking to overcome these challenges?
“The people who are good in digital and good in business – the new culture is to change jobs every few
years or to go to a start-up. We can attract them, but we can’t keep them forever.”
“Our products come from customers. It’s hard to find the people that can sit in the room with the
customer and with the developers. It’s not just translating, it’s understanding both sides.”
“We’re focused more on up-skilling internally than on trying to hire the perfect people. The perfect
people are hard to find, and they leave after the thrill is gone. Good people who have been here for a
while, they appreciate that we’re working on them, with them.”
Survey Respondents
13%
16%
21%
21%
23%
26%
34%
40%
19%
22%
21%
21%
25%
30%
22%
49%
0% 10% 20% 30% 40% 50% 60%
Lack of technology/software
Lack of data management tools
Company culture that hinders growth
Lack of innovation
Conflicting internal agendas
Lack of capital/credit
Lack of talent in senior management
Lack of talent in emerging areas(technology, Internet, etc.)
2014
2013
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5. Mergers and Acquisitions
Figure 4: Expectation of Acquisition(s) in
Next 12 Months
Number of respondents: 285
The percentage of organizations anticipating an acquisition in the next year grew to more than
80% for companies with $250+ million of revenue and remained stable for organizations in the
$50 to $250 million revenue range. However, there was a significant drop among those
companies with less than $50 million of revenue.
Survey responses suggest that smaller players are finding it more difficult to complete deals than
in previous studies, citing unreasonable valuations and strong competition for targets.
27%
57%
72%78%
19%
42%
70%
83%
0%
15%
30%
45%
60%
75%
90%
<$10MM $10-$50MM $50-$250MM >$250MM
2013 2014
Figure 5: Obstacles to Planned Acquisitions
Number of respondents:135
42%
28%
13%
4%1%
12%
47%
22%
10%12%
1%
8%
0%
15%
30%
45%
60%
Valuations Lack oftargets
Financing Competitionfor targets
Legal/regulatory
hurdles
Other
2013 2014
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This year’s study tracked the reasons for planned acquisition for the first time. Revenue growth
(54%) and product enhancement (52%) were the most cited reasons, but there was significant
variation by company size.
Larger organizations (over $50 million of revenue) were far more likely to focus on profit growth
than smaller acquirers (45% vs. 24%). They were also nearly twice as likely (27% vs. 14%) to
target acquisitions for geographic expansion. Smaller companies, meanwhile, were more likely
than large ones to use acquisitions as an entry into new vertical markets (21% vs. 12%).
Individual responses suggest that there is something of a shift taking place, from acquisitions
centered on innovation/product development to those that add to revenue and near-term
profitability.
The benefits of acquisition…
“We are now looking more at established businesses at scale. It’s expensive, but it’s a better fit at this point. This risk profile matches our goals and profile better than early stage, high risk investments.” “Our number one value is being a known quantity in a very fragmented market. Everyone is inundated by new products and channels, but we’re not going anywhere. We understand our customers’ businesses and [know] what it means to be a long-term partner. We can add products and capabilities, as long as we keep that value front and center.”
Executive Interviews and Survey Responses
Figure 6: Reasons for Planned Acquisitions (Top Three)
Number of respondents:135
13%
18%
19%
21%
24%
38%
52%
54%
Add key senior leadership
Enter a new vertical
Consolidate your market
Enter a new geographic region
Add a new IP/technology
Profitability growth
Enhance current product services
Revenue growth
2014 Media Growth Study Page 16
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6. Focus area: Product Development New product development has led growth drivers among media companies of all sizes in the
Media Growth Study since 2009, and with 2014 no different in that respect, we take a deeper
look at product creation and evaluation.
Figure 7: Trends and Truths in Product Development
Number of respondents: 194
Figure 7 explores some of the trends and ideas affecting respondent companies and their
approach to product development. They speak to a set of conditions that didn’t exist even ten
years ago for many sectors, but which have become standard to many media organizations.
Speaking to the changeable nature of their business, over half of all respondents agreed that their
best selling product in three to four years doesn’t exist today. Interestingly, that remarkable
figure is only marginally higher for consumer facing companies than those in B2B (57% vs. 46%).
It is also a business where few companies stand alone. Regardless of size, roughly half of
respondent companies agree that their long-term survival is linked with their use of third-party
data and analytics providers. This is especially true in B2B media, where the figure rises to nearly
60%.
Dependence on others is also the theme of the question of what capability companies can (or
should) build in-house; are small to mid-sized companies in a position to invest in unique
technologies, or should they take advantage of what’s already in the marketplace?
B2B respondents are significantly more likely than those in B2C to see the investment as
prohibitive (47% vs. 35%), but they are also less likely to see that investment as essential, when
they deal in proprietary information products. In B2C, there is little choice seen to investing in
technology; data, and what can be done with it will likely determine success in a world where
differentiation is difficult.
15%
23%
37%
39%
50%
51%
77%
66%
51%
50%
33%
42%
9%
12%
13%
11%
17%
7%
0% 20% 40% 60% 80% 100%
New product development is difficult due toa lack of customer data
New product development is difficult due toan inability to take advantage of customer
data
Companies in our sector are not attractingtop technology talent for product
development
Mid-sized and small companies haveinsufficient capital to invest in new
technologies
Third-party data and analytics providers areessential to our long term survival
Our top selling product in 2017 has notbeen invented yet
Agree Disagree No opinion
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Figure 8: Where do new product ideas originate?
Number of respondents: 189
With most companies already getting their product ideas from management, customers and their
sales/marketing teams, it is worth looking at some of the less popular, but potentially equally
powerful routes to innovation.
In the pre-digital world, companies looking to competitors for product ideas meant they were
happy being in second place. That’s no longer necessarily the case. First-mover advantage is
fleeting in digital product cycles, and it often means working out (and displaying) the kinks in a
product or system. This leaves the market open for the second generation to take advantage.
Fewer than one in three companies have a defined innovation program, but those that do
report significant benefits in interviews and open responses, most notably that the practice puts
an emphasis on high margin or high value products that other sources don’t.
Generating new product ideas…
“We have a reasonably formal mechanism for product discovery. Most idea generation is coming from clients. Even in our business, there’s a shift in the client mentality…usability expectations [for B2B products] have been raised by consumer products [and] expectations are even higher in regards to turn-around time.” “From an application development perspective, it’s essential that we lay real workflow on top of the data/content. Not just a big data dump, but real ways of helping our clients to their end goal. Truly understanding utilization…really good insight into levels, intensity…understanding what they find valuable and whether they should be using 10 features, but are only using five; etc.”
Executive Interviews and Survey Responses
5%
14%
30%
31%
56%
62%
72%
80%
Other (please specify)
External consultant or agency
Vendor/partner ideas
Defined innovation program
Competitors/Market dynamics
Sales/Marketing team
Customer requests
Senior management
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Figure 9: What derails new products?
Number of respondents: 194
What defines an experiment? When has enough consideration been given to a product or an idea
that might become a product? How many data points and dollars add up to provide enough
information to decide whether to proceed or turn in a new direction? Can a custom project
become a stand-alone product or provide parts for future projects?
These are just a few of the questions organizations face when considering the investment in
product development. For media and technology companies, the ability to quickly develop
products is a powerful one, but it is counter-weighted by the complexity of resource allocation.
The opportunity cost of poor decision-making around products can be devastating, so we asked
about some of the things that can go wrong (Figure 9).
The most widespread issue is with the timeline. 53% cite expectations that are too high, too early
in the process as a reason that products get derailed before their time. This is especially true for
B2C companies (61% vs. 45% in B2B), where time is pressing and performance data is more
plentiful.
Second, and equally cited by B2B and B2C respondents, is insufficient investment in the user
experience. It is much easier to call the customer experience a priority than to invest time and
money into it; companies want to test and trial core product ideas, while saving where they can.
It’s a difficult balance to maintain, but as these figures underscore, the cost of a poor experience
can easily be the death of a product that could have been successful.
Rounding out the top three, 41% say that they see insufficient investment in technology related to
the product as a frequent reason it doesn’t make it to full production. The method of
development also came up in interviews, with some moving away from an exclusively “agile”
process back to some version of a more traditional, beta rollout for products. This comes as
companies focus on user experience and hitting important dates in their timelines, as opposed to
being purely focused on bringing the newest innovations to market.
8%
19%
25%
29%
41%
44%
53%
Other (please specify)
Internal politics
Insufficient evaluation period
Insufficient investment into skills/training
Insufficient investment in technologydevelopment or purchase
Insufficient investment in user experience
Unreasonable expectations early indevelopment cycle
2014 Media Growth Study Page 19
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7. What’s Inspiring CEOs? Every year, the Media Growth Survey ends with a question about the CEOs and other leaders
behind the data. For 2014, we asked respondents to tell us what inspired them in 2013. For most,
a singular piece of media stood out. Below is a curated list of their suggestions.
Most Often Mentioned
Book: Tie between Walter Isaacson’s biography of Steve Jobs and The Lean Startup by Eric Ries
Honorable mention: The Power of Why by Simon Sinek
Media outlet: TED (conference, videos, podcast, TedX, etc.)
Periodical: Harvard Business Review
Blog: Digital Tonto
Consumer media: Game of Thrones
The CEO’s Reading List
A Sense of Urgency by John Kotter American Icon by Bryce Hoffman Behind the Cloud by Marc Benioff Breakthrough Company by Keith McFarland
Carrots and Sticks Don't Work by Paul Marciano
Creative Intelligence by Bruce Nussbaum
Crossing the Chasm by Geoffrey Moore Digital Disruption by James McQuivey
Far From the Tree by Andrew Solomon
How Companies Win by Rick Kash
Naked Statistics by Charles Wheelan
Playing to Win by AG Lafley
Slow Finance by Gervais Williams The Advantage by Patrick Lencioni The Innovator's Solution by Clayton Christensen Thinking Fast and Slow by Daniel Kahneman
2014 Media Growth Study Page 20
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and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2014
8. Appendix: Respondent Demographics
Figure 10: Respondent Company Revenue
Number of respondents: 339
Figure 11: Respondent Titles
Number of respondents: 339
33% 34%
10%11%
2% 3%
8%
25%
30%
13%12%
5%4%
11%
0%
5%
10%
15%
20%
25%
30%
35%
40%
2013 2014
50%
12% 12% 11%8% 7%
48%
13%11% 12%
6%
10%
0%
10%
20%
30%
40%
50%
60%
ChiefExecutive
Officer
President Executive VicePresident/SVP
CFO/COO Chairman Other
2013 2014
2014 Media Growth Study Page 21
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and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2014
Figure 12: Type of Company by Sector
Number of respondents: 339
30%
19%
15% 14%
0
7%
3% 2% 3%
7%
22%21%
14%
10%
7%6% 6%
4%
2%
8%
0%
5%
10%
15%
20%
25%
30%
35%
2013 2014