|Most recent||Most recommendations||Most comments||Most visits|
In Australia we are witnessing dramatic changes in many long standing industries. One such industry under going rapid change is the Australian media industry. These changes are occurring now and they are occurring quickly. IBISWorld predicts the demise of traditional media such as newspaper & magazine publishing along with TV, radio and cable by 2050, to be totally absorbed into internet distribution in due course1.
This emerging digitised market fuelled by the internet is redirecting revenue sources from print advertising to non-traditional advertising forms such as mobile, video and online. New market entrants such as LinkedIn, Facebook and Google are exploiting these changes, growing their advertising revenues year-to-year at 66%, 35% and 20%2 respectively during 2012 compared to total industry growth of 4.4%3.
Staying ahead of the game in a competitive and digitised market requires traditional media organisations to transform the way they interact with customers, from owning moments to owning the experience.
Owning the experience is about providing a cohesive journey across brands and channels creating an authentic and compelling engagement - and this requires data. Traditional media organisations tend to have limited access to customer data, while the business models of newly established online and mobile players means they have access to vast amounts of customer data (think Facebook, LinkedIn, Google). Examples of this data may include onsite behaviour, click frequencies, likes, dislikes, purchase behaviour, friendship groups, current location, previous searches and so much more, all used by media organisations to own the experience. The experience generated from this data is not a generic experience for all customers, but rather a completely tailored and personalised experience that meets the needs of that individual customer. Currently, many media organisations own separate domains but currently lack the abilities to hold onto and transfer customers around these domains, meanwhile the outperforming players do this seamlessly.
Media organisations must seek to build capabilities that allow them to collect data at every touch point. By feeding this data back into your interactions, organisations can individualise the experience to provide relevant offers, content, information, articles, videos and more; allowing you to own the experience and not just the moment.
At present the Australian media industry has been slow to react to these changes, however I believe the time for action is now.
For more follow me on Twitter @brock_douglas
Connect with me on LinkedIn
1 A Snapshot of Australia’s Digital Future to 2050
A tag is a keyword you assign to make a blog or blog content easier to find. Click a tag to find content that has been assigned that keyword. Click another tag to refine the search further. Click Find a tag to search for a tag that is not displayed in the collection.