It’s no secret these are tough times for publishers. According to research by The Media Briefing, the combined circulation of the top five magazine groups for Bauer, Condé Nast, Dennis, Future, Hearst, and IPC have undergone a 44% decline from 2000-2014.
Added to this pressure is the role social networks are playing in stealing web traffic (and yet more ad dollars) from publishers’ owned digital properties. So with these negative factors weighing on the industry, how can publishers compete?
The answer lies in finding new ways to enhance media portfolios with innovative advertising and multi-platform strategies that take advantage of customer data to target content more effectively.
Finally, promotions, such as competitions or sweepstakes, can be an excellent way for publishing houses to boost revenue. When designed well these provide richly profiled data to improve segmentation and targeted advertising and offers. AOL and Yahoo run highly successful sweepstakes and quizzes across their portfolio of brands; and well-managed competitions such as these can boost digital revenues by as much as 25%.
One example is a client of ours, American media company, Scripps Interactive, which generates 25% of its revenues through branded promotion like sweepstakes. Some of our other media customers are collecting hundreds of millions of marketing opt-ins and personal information from competition entrance, which feeds into data management platforms to better target advertising across the publishers’ site.
Unfortunately, many online competitions are run on outmoded in-house platforms that don’t collate or combine data effectively. In contrast, modern platforms can be deployed as and when they’re needed. The main aim is to maximise entries, boost virality, and capture information that combines with other data sources such as CRM, email, and subscriptions.
Richard Jones is the CEO and co-founder of EngageSciences, a digital engagement platform that helps Fortune 500 brands in 76 countries activate their audiences online across all digital channels, networks and devices through User-Generated Content. Richard is a regular speaker and contributor on social media topics.