Don’t only Get New Customers , Get Them Addicted
Online Media and Analytics: Attracting and Engaging New Readers
Publishers today are facing a tough time due to a decline in the traditional mode of content delivery, technology disruption and subsequent fall in the advertising revenue. The global newspaper publishing revenues from sales and advertising were down to US $164bn in 2012 from US $187bn in 2008 and a modest recovery is expected in the magazine publishing revenue from US$81.9bn in 2012 to US$83.3bn in 2017. Many businesses are losing market share and are being forced to either exit the business or look for buyouts. Companies like Reader’s Digest and Newsweek have been impacted negatively with Reader’s digest filing for bankruptcy protection for the second time since 2009.
Publishers face many challenges like increased customer churn, reduced attention spans and finding new revenue streams. Lack of customer insights hampers their ability to take the right decisions. Many publishers use more than one platform and distribute content via websites, social media, mobile platforms and IP TVs.
With the explosion of data, establishing the right analytics strategy becomes increasingly important to have an upper hand.
Real time data insights for enhancing customer engagement:Publishers should use real time data tools to understand the reader’s involvement with their content and keep the following points in mind
- Track who is engaged on which platforms, what stories are being read and what is trending
- Track results of each of the content teams, as well as individual author contributors
- The metrics should have real depth –
- Top articles (those getting the most attention),
- Article traffic by date
- Duration which means for how long an article generates audience views
- Page movements, the number of pages readers follow a story,
- Domain referrals etc.
The Wall Street Journal (WSJ) uses Chartbeat’s real time dashboard tools which give WSJ continuous insights into how they can increase customer engagement and build customer loyalty.
Predictive content optimization platform for making better decisions:The widespread use of search engines and RSS feeds has challenged traditional publishers to find ways to encourage site visits.
Also, with the growth of blogs, the competition to obtain and retain online visitors is high. So, given the competition, it becomes very difficult for editors to choose the right content among several related content to keep viewers interested.
This can be overcome by using predictive content optimization platforms which helps publishers select the right content and suggest the duration of the posts. By using the right metrics, the best possible article can be assembled almost immediately.
Publishers can maintain the right tone by selecting the articles that its readers expect and for which they have subscribed for. The U.S News, Daily Nation etc. have been able to make better content decisions by using content optimization tools provided by companies like VisualRevenue and Parsely.
Publishing industry has been dramatically changing over the past few years and it is essential for publishers to use the right set of analytical tool like real time dashboards and content optimization tools in order to make more informed decisions, increase customer stickiness, regain advertising revenue share and get a greater return on investment. The early adopters like The Wall Street Jounal, New York Times etc. have an advantage and it is imperative for the rest to follow.