More than almost any other industry, media companies are facing pressures that speak to the need for true insight into their customers and potential customers. Consumers have an increasing array of both free and paid options to choose between for news, trade journalism, and entertainment media, and competition for advertising revenue increases as more and more outlets attempt to go direct-to-consumer with their content.
At the same time, regulations like GDPR and CCPA are increasing the risks associated with third-party data, while research reveals that its value in predicting consumer behavior is in decline, especially compared to first-party data. And as browsers further restrict and ultimately phase out third-party cookies, the business value of collecting first-party data will continue to increase.
More and more media and entertainment organizations are realizing that a best-of-breed customer data platform can provide insights into their customers that help them provide relevant offers that fill their subscription funnel while also allowing them to create highly differentiated audiences for their advertising clients.
How? This article looks at several important use cases for CDPs in the media vertical.
Identifying anonymous website users
Converting anonymous users to known users is the foundation of many CDP use cases across industries, but it’s absolutely essential for media companies. The CDP must be able to unite disparate strands of data, such as connecting an unknown website visitor with an identifier, usually an email address.
Once that unknown user has been identified, then they can be targeted with other marketing experiences–personalized content recommendations, ads, and subscription offers, for example.
Individualized content recommendations
Delivering personalized content recommendations is a second critical use case for media companies. As users interact with content on a website or in an app, they reveal what they’re interested in as they click headlines, read or watch given pieces of content, and engage with additional recommended articles.
Lytics’ content affinity engine crawls and categorizes the content on a website using natural language processing, quantifying the extent to which any given content asset is connected to different topics. Then, as users interact with content, Lytics tracks their frequency and intensity of engagement to identify the concepts that are most appealing. Appropriate content recommendations can then be served up to the user in real time on the website, in an app, or even through personalized newsletters.
Increasing subscription conversions
For media organizations, subscriptions and renewals are critical revenue generators; optimizing new and renewal subscription conversions directly moves the needle on key metrics of marketing success.
Lytics can target engaged but unknown and returning visitors who haven’t converted yet with onsite experiences and retarget them with offers to subscribe. Lytics can also help improve results with other marketing tactics that are broadly applicable across other industry verticals as well as for media companies:
• Retargeting unsubscribed users with advertising
• Driving mobile app downloads
• Growing email marketing lists
• Personalizing website messaging
• Reducing churn
Monetizing first-party data
Since behavioral data holds more predictive value than traditional demographic data, media companies using Lytics CDP are creating a treasure trove of first-party data on their audience that no other organization possesses. Their audience is, after all, their most valuable asset to their customers–advertisers.
With Lytics’ first-party, behavioral data, media organizations unlock deeper insights into customer behavior and intent that dramatically increases the value of their audience data. Other CDP platforms that consolidate third-party or demographic data aren’t able to provide this additional value.
They can further scale up the value of their proprietary audiences using Lytics Lookalike Models, which can identify new users who exhibit characteristics of high-value customers–or other desirable characteristics–to build more segmented, precise audiences. Consequently, their sales teams can therefore offer even more effective advertising packages that justify a premium.
To find out more about how Lytics CDP can help media organizations, visit our media education page today.