Utilizing data can result in audience development and revenue growth opportunities. In addition to having the right data to analyze, it’s imperative to have the right technology, people, conceptualization, and investment, to be successful. Here are some tips.
- Utilize a combination of first party (what you already own), second party (data from organizations who share), and third party (from large organizations) data.
- Platforms such as exelate, Oracle BlueKai, LOTAME, Acxiom, and Krux may be helpful for data intake and convergence.
- Tableau, Domo, GoodData, and Looker offer platforms to analyze and visualize data.
- Facebook taps a lot of big data from various providers to gain insight into its users’ activities – news media organizations can use this information to gain insight into their own audience to help plan editorial content, and to capture readers with similar interests through digital marketing efforts.
- Data can be monetized through advertising and media targeting, content strategy, and cost savings/efficiency.
- Use data to match an advertiser’s target audience to segmentation profiles to better understand their habits and behaviors, and develop a media strategy using this information. Mapping programs can help pinpoint the highest concentration of this audience for targeted marketing purposes.
- Data can help with content strategy by curating topics of most interest, determining which writers/headlines generate the most clicks, providing intelligence about user behavior, and identifying where firewalls should be.
- Cost savings/efficiencies may be realized through quicker access to reporting, faster responses to issues, and better optimization toward KPIs.
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