Media companies have to adopt a data-driven strategy focusing on long-term revenue opportunities based on customer needs.
Our future will be driven by data – and arguable already is. This data can help advertisers identify which customers to target, what to offer them, and how to reach them. On this note, companies like Quantium are helping some of Australia’s biggest advertisers asses more closely their media planning and buying activities in order to improve media investments and evaluate existing strategies.
In terms of competitiveness this will make some media companies nervous – about a heightened focus on accountability – because whilst “big data” has so much to offer it will also put previous strategies under the micro-scope.
What we (the media industry) need to be comfortable with is the long-term objective – delivering a more targeted and appropriate customer experience. With readers/ viewers this means delivering a more relevant and personalised experience which will lead to increased loyalty and engagement. For advertisers this opens the door for more accurately targeted communications and empowers media Sales Executives who will be in a position to present a more compelling offer and as such, generate more revenue.
But as Tim Anderson of The Guardian so eloquently surmised, “…having clear objectives is the key to success.”
The most compelling opportunity for publishers in particular, is what data can do for digital sales. Using a data or technology partner will allow publishers to present a more complete digital solution – and to give customers what they need rather than all you have. Through data-rich metrics web, mobile, email, and social media platforms can form a new foundation on which to build more robust, and truly cross-media, campaigns for advertisers. And if you’ve not yet bedded down your digital offering, turn to companies that specialise in out of network inventory.
Companies like AdTaxi Networks in the US have developed partnerships with major search, mobile, email, social media, and display ad exchange organisations in order to offer, in conjunction with publisher partners, ‘one stop’ marketing solutions geared to assist advertisers grow their digital presence in an ROI focused and customer-targeted way. Fairfax Media here in Australia are getting in on the action with their LocalEdge solution and Independent News and Media (INM) in Ireland (owners of the Irish Independent and other titles under APN News and Media here in Australia and New Zealand) have confessed this tactic has completely overhauled how their sales team approaches the market.
But remember, the long-term objectives must always remain in focus. It won’t always be easy. Increasing the digital fluency of your Sales Team is one of many challenges but as Adam Burnham declared, “Any big change in direction is not easy. It is not supposed to be.” My personal favourite though is Bob Provost’s articulate position – “You have to have big ideas… no one writes big checks for small ideas.”
The message for our media leaders… be one of the first people at the party or you’ll miss out on a drink!
Adam Burnham and Bob Provost have both published blog posts at www.inma.org:
• Burnham, A 2013 ‘6 ways to create a “Moneyball”-style, customer-first strategy based on data’, Innovative Advertising Solutions Blog, Nov 19:
• Provost, B 2013 ‘Crisis of confidence in advertising sales fuels revenue losses’, Bottom-line marketing blog, Nov 18: