How Business Intelligence can help you analyse online reach and increase revenue opportunities.
Content monetisation has long been a challenge for media companies and for years, business intelligence solutions like SAP BusinessObjects have delivered insight to uncover trends and analyse consumption patterns that help improve monetisation strategies.
But the ever-evolving ways in which consumers access content online is adding yet another dimension to how media companies can use business intelligence to help increase revenues and secure a bigger slice of the online audience.
Ofcom’s recent Communications Market Report 2013 shows that mobile devices are rapidly becoming central to the way people consume media in the UK.
Here are 5 key findings we took from this report – and how business intelligence tools can be used to capitalise on these trends:
1. Smartphones are becoming ubiquitous. Just over half of UK adults now own a smartphone, with 49% using a mobile to connect to the web. The way we interact with a smartphone versus, say, a laptop is very different. And so to create compelling content for smartphones requires a good understanding of how content is being accessed and consumed. Business intelligence can help you better understand how smartphone users are interacting with content – meaning you can create experiences that are more attuned to the needs of a mobile audience.
2. One in five people said using their mobile was the media activity they would most miss if it were taken away. Significantly less than the 43% who’d miss TV the most – but certainly a lot more than the 4% who’d most miss newspapers and magazines. Although the decline of print is not a new trend, business intelligence can help publishers that are migrating to online channels to improve their chances of success. For example, Business intelligence tools can help you analyse online performance versus print – and fine-tune strategies that will help you capture a bigger share of audiences who access mobile-based content.
3. Tablets are becoming mainstream. The number of households with a tablet such as an iPad rose to 24% in Q1 2013, up from 11% a year earlier. Like smartphones, tablets can open up even more opportunities to engage with an online audience. From apps to micropayments to subscription-based models, business intelligence can help you to understand what, where and how an audience consumes information, to make better, more informed decisions on pricing, delivery, format and platform.
4. The consumers of tomorrow are more mobile. Among 16 to 24 year olds, theMobile Tablet proportion owning a smartphone is now 77%. Young people are also far more likely than any other group to use mobiles for social networking activities such as Facebook and Twitter. Media companies can use business intelligence to tune into how an audience interacts with them on a variety of social media platforms and so better inform and optimise their social media engagement strategies.
5. Mobile advertising expenditure rose to £526m in 2012, growing 148% from £203m in 2011. The growing adoption of smartphones and tablets means a growing appetite for advertisers to reach these audiences on a mobile platform. Media brands can use business intelligence to understand the sales performance of various advertising slots which can help to inform pricing strategies and offers such as cross-platform advertising packages and bundles.
The switch to accessing content via mobile devices is already having a huge impact on media businesses, with audiences now consuming more content on both tablet and smartphones than ever before. However, media brands still have to compete with many other online activities for consumer attention, and so need to focus on getting mobile products absolutely right. And Business intelligence solutions gives media companies a way to uncover trends and inform strategies in this ever-changing environment.