Business Publishers Look for Ways to Leverage Their (Rich) Data
B-to-b media companies for the last few years have been scrambling to create new revenue streams to capitalize on the tremendous amount of data they carry. After all, the notion of simply selling an ad page here or an ad schedule there is — in an increasingly digital age — considered downright pre-historic.
But business publishers’ record at leveraging their data into new business has been decidedly mixed. Because most b-to-b media companies still rely on an advertising model they tend to leave a lot of money on the table when it comes to repackaging their information. For every $10,000 small companies spend on advertising, they spend $5,400 on market research, according to research and advisory firm Outsell Inc. For every $10,000 large companies spend on advertising, they spend $7,900 on market research, per Outsell. At a recent forum sponsored by American Business Media b-to-b media executives discussed how they can boost their companies’ value (and profits) through rich data.
But it’s not easy, as business publishers need to change decades-long business practices to respond to the growing demands from customers for more digital opportunities.
One solution: acquire marketing services companies outright rather than use existing resources. For other ways in which b-to-b media companies can monetize their surveys and market research, I spoke to Chuck Richard, VP-lead analyst of Outsell and a veteran of b-to-b media. As Richard explains, the move among business publishers to bank on data is another indication that the entire nature of business publishing is changing — and fast.
Matthew Schwartz is Senior Editor of ScribeMedia.org and host of the WebTV series, From Print to Digital.
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