WAN-IFRA has just published a new report that describes how data-analysis technology can help media organisations nurture lasting relationships with news consumers.
Posted on: 18 April 2017 07:57
Vincent Peyrègne: "Data analysis technology is an extremely valuable tool – if harnessed properly."
Entitled "Smart Data: How to make data work for your news organisation". it is the first in a series of three Smart Data reports that WAN-IFRA will publish this year.
The reports are the result of a cooperation with Xavier van Leeuwe, Director Marketing and Data, and Matthijs van de Peppel, Manager Data Intelligence & CRM team, both of NRC Media in the Netherlands; and Matt Lindsay, president of Mather Economics in the USA. The reports are based on the authors' recently published book, “How to Succeed in the Relationship Economy: Make Data Work for You, Empathise with Customers, Grow Valuable Relationships.”
“With consumers becoming ever more valuable to news publishers, as shown by World Press Trends data, it is crucial that we use every available means to optimise our relationships with them,” said Vincent Peyrègne, CEO of WAN-IFRA. “Data analysis technology is an extremely valuable tool – if harnessed properly. This series of reports describes in concrete terms how publishers can put that tool to use, with case studies. It also points out some common pitfalls and limitations.
“As such, it is a must-read for all publishing executives who urgently need to turn circulation downturn into sustainable growth. NRC Media and Mather did that very successfully, and we are grateful to them for sharing their knowledge and experience with the publishing community,” said Peyrègne.
This report explains, step by step, how news organisations use data as an instrument to help them reach their goals: by building no-nonsense analytical teams, unleashing the power of KPIs, and bringing common sense to the big-data projects that in many cases have absorbed substantial investments in time and money.
Here are a few of the main points the report makes:
* When it comes to analytics, put businesspeople in the lead.
* Dare to question your KPIs: are these the drivers of real value?
* Always start data projects with a positive business case.
* There’s an ethical threshold for storing data.
* The first millions in extra revenue will probably come from understanding the basics of your business.
The second report in the Smart Data series, tentatively entitled “Build valuable relationships,” will explain how to use data to attract the right customers — ones who are willing to commit to a longer-term relationship — and how to keep those relationships going by understanding the influence of pricing. It will be published before the World News Media Congress, 7-9 June in Durban, South Africa.
The third report, tentatively entitled “Sustain relationships by improving customer experience,” will explain how organisations get to a higher level by stepping into their customers’ shoes. It will be published in early autumn.
Download “Smart Data: How to make data work for your news organisation”.
WAN-IFRA reports are free to members; the price for non-members is 250 euros.