Instead of a brand creating journalistic content, what if a brand could borrow and share some of the best content created by actual journalists?
That’s what Ricochet, an intriguing new tool from The New York Times, is making possible. The newspaper first unveiled the tool last year and used it internally, but this week NYT announced that other media companies — Forbes, Conde Nast, Time Inc. — will also use it. No doubt NYT will sell Ricochet widely, and it could become an important part of the way branded journalism works.
Ricochet allows a brand to buy an ad next to an online story. But the ad only appears when that brand shares the story through a specially-generated link. If others in turn share that link, they’ll see the brand’s ad, too.
If the Times writes a story about cloud computing, SAP — which, incidentally, helped develop Ricochet — can use Ricochet to buy an ad to run with that story when SAP shares it. So if SAP tweets the story or posts it on Facebook or its SAP website, anyone who clicks on it sees an SAP ad along with the story. Significantly, points out NYT’s R&D chief Michael Zimbalist, Ricochet guarantees that readers won’t click the story that SAP shared and see an ad from an SAP competitor.
Using Ricochet does something else: It doubles down on a brand’s support for a story. Yes, it’s sharing it. And now it’s also, in a way, financing it.
The best branded journalism doesn’t “sell” — it develops a market. Bicycle apparel company Rapha hired journalists and started Rouleur, a biking magazine. The magazine doesn’t write about Rapha’s stuff — it writes about hard-core biking. If it can help generate more bikers, there will be more people around to buy Rapha’s stuff.
So it makes sense for an SAP to encourage excitement about cloud computing. Or a Tourneau to celebrate high-end watches. A good way for brands to do these kinds of things is to circulate credible, authentic, journalistic content about the topics their constituents care about.
One way to do that is to create content yourself — a la Rouleur. But that’s not always easy and not in many brands’ DNA.
Ricochet seems to usher in a new era of brands being able to easily buy into legitimate journalism created by media outlets, and redistribute it in a way that lets everyone win. The brand gets to associate itself with market-building journalism; the journalistic organization makes more money so it can continue producing such stories; and the public gets content it likes and values.
It will be interesting to see what happens as Ricochet becomes more widely offered.