Two events have super-charged publisher efforts to create first-party data strategies to serve their whole enterprises, a new INMA report says.
Author of The Guide to Smart Data Strategy in Media Paula Felps says news media companies must unlock the value of data insights to strategically develop their subscription business and take full advantage of the pending phaseout of third-party cookies with advertising sales.
The report explores how to create data strategies; understand and leverage data; change operations through data; use artificial intelligence and machine learning to enhance efforts; and collaborate to harness the power of data.
The journey to the “smart data” opportunity facing publishers has been a steady climb over the past decade, punctuated by two recent events: the shift to a readers-first business model and Google’s announced phaseout of third-party cookies. Combined, these two events have super-charged publisher efforts to create first-party data strategies that efficiently serve the entirety of their enterprises, according to the INMA report by INMA blog editor Paula Felps.
Practically, publishers today are prioritising three areas of data development:
Identifying audiences that unlock opportunities for improving content and user experiences and creating attractive advertiser segments.
Enriching profiles of identified audiences and using data to model profiles of those who are not explicitly identified.
Activating the data for advertisers in the form of targetable segments.
Though late to discover the value of data, publishers’ acceleration of first-party data strategies is having a ripple effect on the organisational structures of media companies, transformation of newsrooms, evolving team structures, and elevating the role of chief data officer.
With media companies worldwide at radically different phases of smart data development, INMA looks at how 13 companies are practically applying data best practices to transform their business operations. Case studies include Hearst, Torstar, Die Presse, Dagens Næringsliv, Nikkei, Asahi Shimbun, South China Morning Post, Mediahuis, Schibsted, Ekstra Bladet, Badische Zeitung, DRIVE, and Diar.
The Guide to Smart Data Strategy in Media is free to INMA members and available for purchase by non-members at INMA.org.