You know the situation all too well. It seems to be the never-ending struggle, a divide between market research and sales, siloes that have been built throughout the years with media companies working to bridge the gap, promote better collaboration between the teams, and join forces to substantially impact the business.
Easier said than done.
How do you even get started? You have the data that will help sales close deals, retain advertisers, and continue to develop valuable relationships. But you don’t want to give it away for free, lose control of the insights or not have any exposure to the advertising partner. You know that you can also be adding a lot more value if your voice was heard earlier and more often.
It’s time to change the perspective on insights to ensure they’re effectively used and monetized.
Becoming data led
Media companies today have the ability to track their audiences from app usage, behaviors on the web, viewing habits, and even down to how often they share content and the type of it. Most are data companies or have the potential to become more data centric.
You have access to your audiences, who are eager and willing to share with you their attitudes, thoughts, preferences, and intent. You can deep dive into niche markets and specific segments.
This access is meaningful as well as the output of the data – it is in high demand.
It is information that can help your brand be successful, but also impact your advertising partners significantly, informing them of market needs, trends, product improvements, areas for innovation and potential for profit. This creates your competitive edge and sets you apart as a partner.
With your insight community, you can go far beyond traditional demographics to understand the “human” or contextual data – their emotions and the WHY behind their actions.
Leverage this access and human data to better support sales by answering the exact questions that your partners need to know. Access that only you can give them. How else would they reach millennials, moms, sports fans, or movie goers within minutes?
This puts you in a great position to bridge the gap and work with sales to enhance value for your advertising partners, boost ROI, and generate income from a variety of new revenue streams. You should definitely be taking advantage of this.
Technology has changed the game
According to IBIS World, one of the most important key success factors for the market research industry is the ability to quickly adopt new technology.
Whereas you might have gained limited insights in the past with face-to-face interviews and phone interviews, the world of market research has been flipped on its head. Whereas you might have already had reams of viewer data at your fingertips, today you can contextualize this data with insights about the emotions, intent, and attitudes of your viewers.
Enter the internet.
Enter social media.
Enter the smartphone.
Market research is no longer a painstaking, costly, and time-consuming process. Nor does it have to be limited. The web, social media, and the penetration of smartphones have made it easier than ever for you to talk to consumers—to get inside their heads.
Insight communities, forums, email, and social media are now the standards of market research. They’ve made it more cost-effective and quicker to gain relevant information. New tech has made it possible for you to engage with customers in ongoing two-way conversations—in real time too—and artificial intelligence will further pave the way for the future of market research.
Download our monetization how-to guide to learn how to turn your research center into a profit center: How media companies monetize insight and drive revenue with research
Your partners want your research insights
Your data assets can help your partners see an authentic 360-degree view of their consumers. Using agile and customizable research market methods, you can meet your partners’ specific needs, helping them:
- identify new sales opportunities
- reduce risks
- identify problems early on
- focus on creating more informed and data-driven campaigns to boost ROI
By having your sales teams share insight community feedback, they can create strong, mutually beneficial business arrangements with your advertising partners.
According to First Research Inc. the global market research industry is worth $45 billion a year.
You have something everyone else wants, and the stats show brands are willing to pay for it, so why are you keeping it to yourself or giving it away for free? You’ve already determined there’s demand for your data, so put it to work.
By using your research insights more strategically, you can create valuable revenue streams.
Think about it.
Your sales teams could be using this data to:
- Develop more targeted and data-rich partner programs to increase satisfaction and retention
- Bring in new advertising categories by proving that your brand is the right fit
- Increase the average deal size and recommend the appropriate strategy to ensure success
Provide access to your insight community to assist with research needs and offer custom research for a fee. The key is to uncover data your partners can’t access otherwise and to build customer understanding that’s deeper than your partners have. Look for creative ways to use your data to create market opportunities for you and your partners.
Take your research to the next level
If you’re going to monetize your data, you need to take the research to the next level and collaborate with the sales team. You need to make sure that the organization has exposure to the insights you are developing or the potential that you have to do so.
How can you get started or begin the process internally?
- Dive deeper into your research to extend its impact.
- Reach audiences and focus on the high demand ones that you have access to.
- Build robust audience profiles leveraging traditional demographics and the human data.
- Create a solid monetization strategy with clear guidelines and goals working hand in hand with the sales team.
- Ask to participate in sales opportunities upfront to help guide the discussion and ask the right questions. Sometimes you just need to ask to step out of the norm and suggest new ideas for productivity.
- Create more visibility of the insights and initiatives using your intranet or a single destination where you can house/share information. Make your voice heard via the valuable data.
- Discuss fees for custom research and when it is appropriate to offer as added-value, with the objective of driving more revenue so that you can turn the research center into a profit center.
The newer digital-native media companies on the block are doing it, and they will continue to enhance their strategies. Simply put? You don’t want to be left behind. It’s clear where the world of market research in media is going. Take your research to the next level to ensure your company’s future success. Become a valued source of information and insight that will have advertising partners itching to work with you.
It’s time to innovate.
It’s time to demonstrate your value.
It’s time to attract more advertisers with your consumer insights, your data intelligence, and your proprietary knowledge.