Tracy Yaffa is the owner and managing director of Yaffa Media, the Sydney, Australia-based publisher of 20 specialist and B2B media and events including: AdNews, Australian Defence Magazine, Food & Drink Business, Australian Flying, Ragtrader, and Bicycling Australia. The 98-year-old company, founded by her grandfather, has A$18mn revenue, an estimated audience of 3mn and a headcount of 80. The company remains fiercely independent having rebuffed many offers over the years.
Yaffa became managing director in 2012, succeeding her late father who had substantially expanded the company over the previous 57 years. Yaffa Media is best known for AdNews (originally Newspaper News), the first magazine published by the company which had originally been a syndication agency for cartoons and photographs.
Tracy Yaffa graduated from the University of New South Wales in law and commerce.
What were your earliest ambitions?
I thought I would be a hot shot barrister (I watched too many TV shows. Dare I mention LA Law?). But I wasn’t a very good law student. The business side of my marketing degree captivated me. It got right into the psychology of it all. It turned out my commercial leaning was stronger than the defence of justice.
What was your first job?
Hospitality, clearing tables at a local outdoor beer garden. I learned that Aussie blokes drink too much beer, and that hospitality doesn’t pay well. It was also my first taste of conflict resolution (crowds, beer, hot chips, hungry seagulls and not enough tables on sunny Sydney summer afternoons) and taught me how to keep calm in unpredictable situations.
How would you describe Yaffa Media?
It’s a very talented passionate bunch of people. Diverse – from dancers, hunters, fashion writers to defence experts and loads more. And loyal: almost half have served over 10 years. Why? It’s a people first atmosphere with plenty of creative freedom and little hierarchy. Most like the hectic, loose structure but it’s not for everyone. Having a loyal team has allowed us to forge deep roots into the sectors we dominate. And, as we head towards our 100 year anniversary in 2025, we will strive to maintain the integrity – editorially and commercially – which has served us so well. End of plug!
Was it inevitable that you would join the family business?
Hard to say. I trained to be lawyer as my Dad actively discouraged any plans for a dynasty. After the obligatory ‘Aussie goes to London, post-grad European 18-month adventure’, I returned home broke, in debt and with a Dutch boyfriend. Desperate to return to Europe, Dad offered me a few months of work (as an editorial assistant) to pay him back. Here I am, almost 40 years later: I never did find that escape tunnel. At first, I was surprised at how unprofessional it all was back then. It certainly wasn’t my choosen career path. In the very early days, if you wanted to find the journos after lunch, best check the local pub.
It was tough – well he was tough on me. I had to be better and do double the work of anyone else at the same level. Inevitably, it made me hungry for success. A year in, he appointed (internally) a marketing assistant – someone who had no qualifications but I had a marketing degree. Completely overlooked, I went ballistic! Then, he really knew I was in for the long haul. And I guess, so did I.
What have been the milestones of your first 11 years as Managing Director?
Reframing the company as media not publishing. Maybe semantics but more attuned to turning a big ship without too many casualties. Legacy was a safe place for many of our talented people but change was inevitable. I led the change without overloading expectations – and ensuring we maintained our integrity. ‘Fail fast’ was the mantra of the day. Now, we have weaned ourselves off the dependancy on print, it’s a smoother ride. But what works well in one sector doesn’t fly in others. Certainly, there’s no magic bullet.
What is your own primary role?
I enjoy talking to the many business owners we serve. It’s an absolute privilege. I really need to do it more because it’s so uplifting and invigorating. Inevitably, I talk to/ guide / push our business leaders and listen to their challenges. A career in media is a wild ride, with endless change, drama aplenty – but never a dull day. It’s a fulfilling road with interesting people and stories at every corner. What’s not to love about that? And, unlike the legal ladder and eventually becoming a partner, you don’t need to wear a dark suit to make it.
What are the primary challenges facing your company and how will it change?
Staying relevant in the communities we serve. Winning the attention wars and being No.1 in our sectors. Relevance to us equates to eyeballs, bums on bike seats, photo entries, conference delegates, award nominations and on and on. As for the future, my daughter Lucy now heads our marketing and events after a seven-year stint in media agencies in Australia and the UK, so let’s see. It is amazing to remain independent (and profitable) after almost 100 years but you need to really love it.
Which companies do you most admire and why?
Mamamia completely ‘stole’ the women’s market in Australia. Elsewhere, Immediate Media, and Ascential, from the UK. We follow the UK business models more closely than, say, the US and have had many outstanding English editors and publishers over the years.
What are the best lessons you have learned?
Still learning hopefully. Content is still king, back your story tellers and don’t be seduced by the tech. Of course “show me the money” is key for a smaller operator like us. But, above all, be good to your people as you can’t do anything without them.
