Accuracy Trumps Timeliness in Online Business Journalism

By Kevin Sweeney
May 11, 2004 12:22 PM

Think quick. Breaking business news hits the wires and you want to get the information to your audience in the most expedited fashion. Where do you turn?

If you said the online version of your publication, you would be on the same page as countless other reporters and editors. But before you write up a quick summary with a local angle and ship it off to the online department for posting, please take your hand away from the mouse.

It's now time to think thoughtfully. While there is something to be said for being first in the online business news market, there is much more to gain from being accurate.

The Web has become somewhat of a haven to accommodate breaking business news. From the Google IPO to the Martha Stewart verdict, readers keep a watchful eye online for the latest in business.

The benefits this medium affords online viewers and subscribers come in the form of timeliness and interactivity. And it is indeed a medium that is resonating with the American public. There was a 32 percent jump in the number of online users accessing the Web for financial news and information between 2000 and 2002, according to the Pew Internet and American Life Project.

Online readers desire really current information; some even expect it yesterday. That doesn't mean that appropriate editorial channels are not exhausted the same they would be in a print publication.

"The difference in real-time is that you're more likely to report part of a story before you have the whole thing," says Neil Chase, managing editor of CBS Marketwatch.com. "The trick to that is to report the part you have, and the effect it's currently having -- things that can be confirmed now -- without unnecessary speculation about the cause or long-term effects that may come out later in the day."

Having safeguards in place to protect against misinformation is critical to the credibility of your site and the ability to attract this growing readership on a consistent basis.

"It's interesting to go back to the ABC's of journalism when thinking about online content," observes Doug Harbrecht, executive editor of BusinessWeek online. "It's important to provide context in a way that makes readers think about things, to always strive for fairness and to talk to the company. It's interesting how some of these fundamentals can get lost."

Given time constraints, balancing journalistic responsibility with the need to disseminate news is of greater importance with online publishing. Harbrecht says many sites make the mistake of placing emphasis on "immediacy overriding everything."

To avoid such a trap, online articles should adhere to certain guidelines, suggests Jonathan Dube, managing producer for MSNBC.com. Dube recommends that facts be double-checked and stories focus on content.

"Just because online journalists can publish information immediately doesn't mean they should," Dube says. "Information should be verified before publishing, or else we risk losing our credibility and potentially influencing the markets and people's lives if we print misleading information."

The performance of the major stock market indices over the past year has driven up traffic on major financial sites. Such news should not change the content of your articles but could shift the volume.

"It's not about the hype of the market. We try to represent balanced news," notes Peggy White, general manager of BusinessWeek online. "We still cover the same stories as we were before. Because there are more readers coming in, it may be time to do more stories that offer a broader choice. When we see more consumption per user rising, it's a sign we need to provide more content."

BusinessWeek online witnessed a significant spike in online readership during the buildup to the conclusion of the Stewart trial in February. With the heightened interest, the Web version of the magazine revved up its content and changed site performance to accommodate this need.

The beauty of the online medium is that content is limitless. Unlike copy editors for a newspaper or magazine wrestling with space constraints, there are no restrictions that accompany cyber articles.

"We don't have the limitations of the paper and the ink," White says. "We can put a little more real estate into the story."

But what is one site's beauty is another's downfall. Though real estate is plentiful in the online publishing market, you don't want your coverage to take up more than its fair share of land.

Intricately including resources that will complement the business angle you are crafting online can be a difficult art to learn. But your readers will thank you for providing only those links and tools that are relevant.

"Readers look for trusted names in journalism online so it's important to develop a brand that resonates in the mind of the viewer when news breaks," White says. "It's important to have all the tools and unbiased information at the ready so they can make their own financial decisions."

The ability to help a reader make his or her own conclusion related to an unbiased financial story is evidence of success in online publishing.

Facilitating further thought through discussion boards and reporter contact e-mails can be invaluable in providing the reader with a truly rewarding online event.

"Send your readers an e-mail when there's a big local story, and you can be the only place they'll get local news when it happens," Chase suggests. "Even if you're competing with radio and TV, think of how many people at work or school during the day can see your Web site but can't get to a TV or radio."

As always, use all of your site's exclusive resources to make the experience a truly unique one. Doing so will bring the audience back time and time again.

"One of the best things sites can do is to offer robust, compelling content that readers won't find elsewhere online," Dube observes. "So much similar information is available from so many sources online that the sites that offer exclusive information, and do so in an easy-to-read and engaging manner, are more likely to attract and keep readers."

Email this article

Accuracy Trumps Timeliness in Online Business Journalism

Post a comment