WRAL gets deep on their platform and distribution strategy
On Tuesday at WRAL, the media company dug into what makes their platform and distribution strategy work. Here's what they had to share:
One of the more interesting elements of their deploy strategy is through regional and national distribution of their Capitol Broadcasting Company content. Here are a few other areas of focus.
There's a lot to love about their "live, lean in and lean back" approach to OTT. It helps set up how the organization thinks about the experience they are providing their audience.
And their video-ize strategy goes across numerous brands including a few really interesting ones like SmartShopper and GoAskMom.
Podcast: UNC Center for Innovation & Sustainability in Local Media visits with LMA's Jed Williams
The UNC Center for Innovation & Sustainability in Local Media welcomed the Innovation Mission group on Tuesday in the Reese News Lab. Knight Chair in Journalism and Digital Media Economics Penelope Abernathy and Associate Professor Ryan Thornburg both shared their insights with the group.
They spoke with LMA Chief Innovation Officer Jed Williams about hurdles local media face and how they can best prepare themselves using innovative ways of thinking and challenging their own ingrained habits.
Photos from Day 2 of the Innovation Mission
3 case studies that show how leveraging customer data can maximize marketing efficiencies
At a special event on Monday night for Innovation Mission attendees hosted by Blue Venn, individuals learned about utilizing customer data to address business problems.
Here’s a look at three business problems that Blue Venn outlined and how customer data could help solve them.
Data Analytics & Modeling
• Business Problem
Gain better insight into growing customer base
Conducted analysis and modeling on propensity to buy among different consumer segments
Enhanced customer records using third party sociodemographic data
Profiled most profitable customers and identified prospects for acquisition with similar characteristics and profiles
Enhanced segment granularity (increased segments for targeting from 20 to 80) leading to more cost effective outreach
Discovered trends in product growth and differences in purchase patterns across segments
Increased new customer acquisition rates and customer retention
Journey Orchestration & Campaign Execution
• Business Problem
Improve marketing productivity across many regional papers, websites, and properties
Created comprehensive segmentation for each newspaper market
Drove all multichannel marketing campaigns through this segmentation model
Constructed customer lifecycle curriculums to manage the customer journey
Automated campaign triggers and communications for start verifications, easy pay upgrades, renewal notifications, etc
46% improvement in subscriber retention – annual savings of over $1 million
Increased revenue per subscriber by 8.4%
Reduced discount investment by 30%
Performance Benchmarks & Reporting
• Business Problem:
Report on key metrics that drive the business (cost per acquisition, retention rates, spend per customer, LTV and orders per customer, average selling price, items per order) to influence marketing strategy
Brought marketing data into unified database across channels
Managed campaign and segmentation activities using full customer history
Added 45k high-value customers to marketing file that were previously being dismissed
Reduced campaign concept to action time from weeks to under 24 hours
Leverage attribution model to make more informed decisions about where acquisition spend should go