Data Strategy Chart

Data Strategy 2015: Consistent and Monetizable Audience Data

Jack Oldham

social, thoughts, trends

FacebookTwitterLinkedInGoogle+

Is there conflict of interest between departments with data acquisition responsibility in media and publishing companies? Is data consistency crucial to their business objectives? Is their data scalable, investable and commercial?

If any of these questions ring a bell – or you feel you’re on the brink of this precipice – you’re not alone. Speak to most Heads of CRM or data professionals among some of the biggest media and publishing brands in the world, they will instantaneously tell you that one of their biggest challenges is forging a way to collect and amass consistent audience data across multiple channels. They ultimately need to enable their media sales and marketing teams to lazer focus on all aspects of analytics, personalization, monetization and growth.

One thing that everyone can relate to is the insurmountable pressure to capture full value from audience data, ensure the security of this data, and protect consumer privacy. Meanwhile, the proportion of organizations that plan to increase investment in Data Management Platforms has doubled in the last 12 months, which suggests most are taking on the challenge head-on. With this in mind, here are three strategies our customers are successfully deploying which will help them get more value from their data, consistently.

Data Strategy Chart

Get Together and Strategize

Collaboration and communication among departments involved in acquiring and monetizing data is key to the success of funnelling consistent data and meeting your business objectives. Recent research shows investment in digital marketing continues to grow, with 77% of companies intending to increase budgets in 2015. Therefore, leveraging cross-departmental collaboration, in terms of a flexible data strategy, will allow your company to put data to work according to the terms, times, and channels of your choosing.

Why not start like you mean to go on? Survey those involved and experienced in data to ensure your strategy is transparent, inclusive and cohesive. Questions might include:

  • How should we merge cross-channel and social data?
  • What types of promotions and campaigns will we run?
  • How many monthly submissions do we expect?
  • What valuable metrics do we need to measure?
  • What are the marketing, analytics and attribution limitations?
  • Do we want consistency in design?
  • How to amass a combined layer of digital and offline customer data?
  • Does it comply with data regulations?

 Minimize the Number of Third-party Apps

Digital transformation has had a huge impact on the media and publishing industry. As a result, there are many publishers who still rely on a myriad of third-party tools to collect data in various ways – from polls, to surveys, to quizzes, etc. But, these are often difficult to leverage given their inherent limitations, different technology platforms and potential data security and user privacy concerns, for example FTC COPPA in the US.

Instead of using multiple tools to consolidate and analyze data across various channels and digital properties, the main objective should be to use one like EngageSciences, or just fewer third-party apps to build a unified view of your audience over-time and identify consumer behaviors that align with your strategic objectives.

Additionally, from a design and user experience perspective, you are less likely to acquire data if you’re using inconsistent design across your digital channels and using varying data capture methods from multiple platforms e.g. Wufoo, Survey Monkey, Woobox and in-house systems.

Seamless Integration with your CRM & DMP

The onus of data collection should be on streamlined efficiency. And, you need to ensure you’re not spending valuable resources joining the dots between multiple systems when it enters your CRM platform or DMP. As a result, sales channel flexibility and turnkey access is aligned, and you can begin to accurately monetize the data you have strived to amass through multiple channels and media products.

It’s only then when brands have ample opportunity to manage their data in a single environment that they will be able to create valuable audience segments, and increasingly match the right advertiser with exactly the right audience. The end result? They can legitimately charge premium inventory prices and achieve higher CPMs. And, they can keep their advertisers and consumers happy by delivering more relevant experiences, that will ultimately keep them all coming back for more…

White Paper Download: The Rise of The Digital Consumer

Download our latest white paper to get our latest thoughts and research on how today’s digital consumer is impacting the media and publishing industry. Plus, discover how progressive media companies are collecting, analyzing and segmenting cross-channel and social audience data in various ways, from simple forms, quizzes, sweepstakes, contests, polls, coupons, to custom campaigns using EngageSciences.

DOWNLOAD WHITE PAPER

White Paper: The Rise of the Digital Consumer

Jack OldhamData Strategy 2015: Consistent and Monetizable Audience Data