Time For Media Companies To Innovate Or Disappear
Another mobile-centric media business just closed their doors for good. Circa couldn’t secure the financial backing they needed and their business model failed to generate the profit they needed. To their detriment, Circa tried to avoid reliance on revenue generating ads. Some things simply can’t be ignored.
According to “Media Companies: Embrace And Innovate Advertising Or Throw In The Towel,” posted by Kavi Guppta on Forbes.com, ads can be a big money-maker for media businesses if you consider these tips:
- Rethink ad formats: Ads can deliver information about a product but be boring to customers. Lean toward quality, not quantity. Brands will pay for ads that drive traffic onto social media networks and benefit both the brands and their customers.
- Seek improvements: In this new digital era, success is a moving target. Although Circa’s “failure” is another business in a line of many, that doesn’t mean all ideas should be abandoned. Unsuccessful experiments are an opportunity for learning and so is success. Keep looking forward, anticipate disruption, and don’t be afraid to try something new, different, or even crazy.
- Be more mobile: Mobile ad spending could hit $100 billion in 2016 worldwide. The Pew Research Center suggests that mobile news consumption is a new trend and have labeled it the mobile majority. However, media companies need to focus on good content, quality content, and making it stand out amongst other good content.
It can be difficult to determine when to innovate or toss in the towel if you can’t access reliable data, which is why businesses need a customer relationship management (CRM) solution. You can release marketing and advertising campaigns and monitor the results. You can also capture prospect and customer interactions with an integrated CRM solution. Identify trends with your data using built-in business intelligence features, for example, which channels your customers prefer or what they are most interested in. The more you know about your customers, the better you can cross-sell and up-sell over different channels and formats.
In order for media companies to keep moving forward, they must be innovative. Contact AKA Enterprise Solutions to learn how to stay innovative, learn from experience, and drive growth with CRM.