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Thursday, 8 January 2015

Media industry needs CRM to achieve success

1/08/2015 12:22:00 pm

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In the recent times, both the new age and traditional media have undergone fast change. Currently, there are customers who function in both the traditional and ‘new media’ spaces. Both these industries are witnessing pressure for grabbing the attention of the viewers which eventually enhances the advertising revenue and also pushes the clientele base.

The present digital revolution has made it a point for the traditional media channels such as print, radio and also TV to reinvent themselves to make their presence and outreach stronger. It has been found that there are a rising number of people who prefer to use the alternative means for accessing the digital assets. As more people are preferring to bidding goodbye to cable subscriptions, the digital disruptions have pushed the traditional media companies to either consolidate, lower costs and also successfully find new viable business models to attain business growth.

As we progress further in the current media space, it will need all players comprising the both new and old, to bring improvement in their client facing strategies. Now we will take a close look at some of the strategies applied by media companies using CRM to resolve the challenges and also attain better growth and higher client satisfaction levels.

- Grow : relationship management and integration 
Media companies looking for enhanced growth levels are opting for convergence. The concept is that media firms are needed to make their platforms more attractive to the advertisers by providing integrated advertising and marketing initiatives across varied outlets and also formats.

For instance, if you are a confectionary firm, then you aim to highlight a new product and for attaining success with that all you need to do is call up each local media outlet. You can also work with a firm that provides one-stop buying across multiple platforms such as radio, TV, newspaper both in electronic and digital formats. To bag maximum profit out of this medium, the latter approach is considered as a winner.

It is believed that offering these kind of consolidated services will be needing the media firms to acquire skills such as –

 Integration - In the past, advertising has been sold in silos. Apart from the cultural change needed to provide converged advertising, offering self-service clients (advertisers) single view of the availability and also client demographics across varied channels and also advertising platforms will need CRM system integration.

• Managing relationships - We have seen that sales have been transactional in nature as advertisers would call to purchase ads. But with the help of integrated campaigns a company aims to develop better relations with clients. In accordance to it, the media businesses bag advantages from strengthening of their CRM account and also call planning capacities.

- Efficiency levels – Self service and unsolicited consolidation
More media firms are informing us that they are looking for improved ways with the aim to make their sales teams and the processes more automated, effective and also productive in nature with the sole aim to lower costs. Companies are able to attain this efficiency in two main ways –

• Client self service- In regard to the self service, the most successful media firms currently such as Facebook, Twitter or even Twitter usually do not have human presence for selling advertising. In fact, the major amount of advertisements pour in from clients going online and also scheduling of their own ads. The question which arises for the traditional media outlets is how they can follow suit?

• Consolidation of salesforce – It is believed that consolidation is a very important part of the convergence growth strategy, which aims to boost high margins with the combining of outlets.

- Client satisfaction – data is relevant 
Who are the clients today? The media outlets usually have two varied types of clients such as readers/viewers and also advertisers. But social media has now brought considerable change in this concept as clients can be both ie. readers/viewers and advertisers. Many at times, the viewers are not just aimed with advertising but also tracked for attractive data mining purposes.

This is also one of the reasons why social media outlets such as Facebook and Google are so valuable due to the data and the targeted advertising they are able to offer.

Although, ‘pay per click’ has been considered as a favoured online metric, but according to a research carried out by  Facebook claimed that even without clicking, social media advertising has the ability to influence the client behavior. Many at times, the digital outlets also provide new kinds of client intelligence.

It is important that media companies are able to find improved ways to share rich details back with the advertisers, mash up client data in new and innovative ways and use CRM to offer related sales and services in easy accessible way. This is considered as one of the most efficient strategies for involving with clients but also making them come back to your company in the future.

The article is also available at http://goarticles.com/article/Media-Industry-Needs-CRM-to-Achieve-Success/10072847/


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