You’ve heard plenty about “Big Data” and you might be just as skeptical about it now as you were when people first started talking about it. We’ve chosen to talk about it as Deep Data and in the context of individualization—which hopefully provided some insight on why data is important for BtoB publishers, but let’s talk today about why it should be an important part of your digital strategy.
First, let’s think about why you are here in the first place: you likely provide valuable news and expertise to a niche audience. Traditionally, that was pretty straightforward—you were selling magazine and perhaps newsletter subscriptions, along with advertisements. Then, along came digital publishing and suddenly, people were consuming content differently and more options for revenue began to open to you. But, it’s likely that it is taking some time to gain your footing with a digital-first strategy.
This kind of data has the potential to support your business model on numerous levels:
To really see the value of data, it’s important to look at it through the lens of a digital-first strategy. That means, at the foundation, that you are operating with a SaaS Enterprise Publishing System (EPS), which allows you to create content once and deliver it via multiple channels as well as develop multiple revenue streams. You are thinking about:
If you are changing your business model to suit these considerations, you are absolutely moving towards a digital-first approach—and it’s easy to see that such an approach requires that you know more about your audience and about contemporary cultural behavior regarding content consumption. A random role of the dice is not going to give you answers you need. Hence, you need the data. Make sure you:
Most importantly, don’t let yourself get overwhelmed. Decide what data is most meaningful for your strategy and focus on that. Just as you want to present relevant content to your audience, your data should be relevant to your goals and objectives.