As an increasing amount of data flows through the media industry, publishers need to understand how to make the most of this opportunity in their programmatic ad sales. A recent study from Forrester Consulting, Real-Time Data Analytics: Empowering Publishers To Make Better, Faster Decisions, reveals how publishers can make smarter, more informed business decisions that drive revenue growth. Below are five important steps that publishers can take to ensure they are capitalizing on real-time data:
Choose partners with the widest array of capabilities to answer your need for a complete set of real-time data that includes competitive insights. The more you know about your competition — which advertisers are choosing them over you, for example — the better armed you will be to optimize revenue from your current inventory and attract new advertisers with new programs.
Insist partners update your data in real time. And work only with those that do. This will require that you and the industry at large have a single and consistent definition of real time, as is the case with the financial markets. Only then can you realistically demand and receive real-time data. If there is one characteristic of success in digital publishing, it is speed-to-market. Publishers without real-time data analytics are hampered in their ability to compete if their key asset is stale. If your partners cannot rise to this challenge, consider switching them out for those that will.
Probe partners about their cross-platform and multi-format capabilities and how they can help you assemble your data to derive holistic view of your business. You are likely to find, among your current platform partners, one that is capable of assembling all the data you receive about advertising activity across all devices and formats from all your disparate sources into a single holistic view of your business. Once that is in place, you will see opportunities for better inventory management, including better packaging and pricing, that enables you to present compelling opportunities to your best advertisers.
Require that the analytics tools that your partner supplies are easy to use. While it might be nice to hire seasoned analytics professionals, that is not a realistic option for most publishers. Such professionals are too rare and too expensive for most publishers to attract and keep. But you can insist that the tools your platform offers are comprehensive and easy to use. With such tools in hand, and active service from your partner on those occasions when you need it, you can train your own team and have all the resources you need on hand.
Drive partners toward innovation. A great deal of innovation is the result of client demand. Don’t be shy. If you find you need something that your partner doesn’t supply, ask for it. And ask again, and again, and again until you get it. You and the entire industry will be better off for it.
To download the full study and learn more about real-time data analytics, click here.