Little gas station, BIG lesson for local media

Main street has a lot to teach media companies. Farrington's in Queens, N.Y., started as a blacksmith shop, but when its customer base changed in the 1910s and 1920s, it didn't fold up shop or try to make better horse shoes. It changed with its customers and became Farrington's Gulf Station.

Gordon Borrell, CEO of Borrell Associates, says what we really need to look at is the value of what these media companies are building with their digital operations. Borrell spoke with Jim Dolan, investment banker, on Wall Street. His thoughts:

• If you are thinking of digital as a department or an extension of what you are doing, you are missing opportunities. You are competing with people in the marketplace who are doing a lot of bold things.
• Take it outside the walls and invest aggressively. Don't think of digital as an expense, but as an investment for the long term.

Learn more at the Local Online Advertising Conference, set for March 2-3 in New York City.  And, view the video showing what media companies can learn from Farrington's.

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