Analytics 101

How Media Strategy and Data Are Shaping the Publishing Sector

The media and entertainment sector has experienced a gigantic shift in the last couple of years. The publishing industry has faced a severe economic slump due to a decline in advertising. However, data and media strategy has rejuvenated the publishing industry to a great extent. Most publishing businesses have realized that they should stop relying on third-party cookies. It has led to the publishing industry incorporating first-party data into their media strategy. In his article for What’s New in Publishing, Faisal Kalim shares how the publishing sector has changed its media strategy.

How the Publishing Industry’s Media Strategy Has Changed

Focus on Revenue Models

Publishing companies are focusing on increasing data traffic, which automatically increases revenue. Publishers are primarily using data for three reasons:

  1. Identifying their target audience that will enhance their user-experience
  2. Enhancing the profiles of their acknowledged users to make them feel valued and understood
  3. Collaborating with relevant advertisers for coherent advertisement operations

Rekindling the Company Vision 

Publishing organizations have now understood that third-party cookies are no longer relevant to their business. They have begun to replace it by prioritizing user profiles and categorizing them into five categories:

  1. Newsletter subscribers
  2. Anonymous visitors
  3. Recurrent visitors
  4. Registered users
  5. Paying users

Categorizing users and visitors gives them better control when providing services to each category. It enables the user-specific experience and eases the research and evaluation process for the firm.

Using Data as the Main Media Strategy

When a firm rejuvenates its media strategy, there is a good possibility that it might stumble and risk the business value. Kalim shares how CRAP analysis can save you from making possible mistakes. The CRAP model highlights:

  1. Collecting the wrong set of data
  2. Reporting unnecessary data set
  3. Avoiding crucial business analysis
  4. Postponing required action

After the CRAP analysis, you should implement CARE analytics that focuses on:

  1. Collecting useful data
  2. Analyzing the data with the necessary business strategy
  3. Recommending business actions
  4. Executing plans and experimenting

The CARE analytics must include:

  1. Actionable dashboards
  2. Inclusive newsroom reporting
  3. Performance prediction analysis
  4. Content fitness monitoring
  5. Data interaction

Combining Media Strategy and Team Building

Kalim recommends that publishers should encourage a multidisciplinary team that focuses on different types of consumers. It will provide better business insights that will help them align their advertisements appropriately.

Click on the link to read the original article:

https://whatsnewinpublishing.com/publishers-finally-are-cracking-it-and-using-data-to-transform-their-businesses-inma-report/

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