The vector effect! Business Landscape
In science, they say a vector has two quantities associated with it - a magnitude and a direction.
In the media industry, the two largest revenue sources are content and advertising. These are the two components of the media world, with different magnitudes and directions depending on who you are - a production house, a publisher, or an information service provider. If you are someone in the business of making money by selling content and advertising, you will understand the magnitudes and directions of your vectors!
Traditional content consumption was simple. It focused on creating readable and interesting content that could attract eyeballs. Today, information explosion and very low attention span thereof has created the need for content that is both attractive and engaging. Much like today's advertising where it is the users, and not brands, that drive consumption patterns. Advertisers today demand more relevance, interactivity and accountability.
In both scenarios - content and advertising - it all boils down to creating fans! However, to create fans you must first know who are your users, what are their needs, their demands, what do they like, etc. Once a marketer has a clear understanding of the user's persona, the entire content and advertising strategy will follow suit to create brand fans - your very own brand advocates. And, therein lies the secret sauce for content monetization.
Fans are a reservoir of information and help you understand your users better. It gives marketers insight into what customers want, and how to deliver what they want. And this in turn enables you to monetize your products and experiences much more effectively. In fact, with Social Media tools, fans have become the new digital multi-level marketing pyramids: they attract users, they share personal experiences, and most importantly, they recruit new fans!
But then, therein lies the paradox - to attract, you must know your users and to know them, you must first attract them. This might be complex. One needs to not only understand the pulse of the user, but also ensure that the content served is relevant, consistently updated, and in line with current media consumption patterns. This means optimizing content for social media and search engines to enhance audience reach across multiple channels, platforms, and devices. Since Social Media interaction is dynamic, it involves harnessing real-time, analytics-based advertising campaigns to consistently track and optimize ongoing campaigns. The main challenge will be to integrate all this into a seamless campaign that spans the entire range of content, marketing, social, and ad operations.
However, marketers can explore Automation and Artificial Intelligence (AI) embedded solution that would help them consistently engage and connect with their users. These solutions also involve advanced analytics that provide a deeper insight into consumer behavior to personalize content in line with the latest trends.
End of the day, the digital world is changing too fast for one to think of grounds-up innovation or an end-to-end business transformation. Brands will gain a clear edge over competition with a sharper focus on the user catering to their specific and immediate needs. With that kind of attention and love, you will definitely win a loyal customer!