With a lot of recent changes and new trends to catch upon for publishers, the focus has shifted on monetizing activities and beating the competition. This is not a healthy sign to grow the business. At this point of time, the need of the hour should be to engage with the audience, old or new, along with creating a better strategy with the advertisers who, for improved results, are ready to pay the premium price.
With already holding immense experience of decades of this industry, it is time for the publishers to leverage this expertise with proprietary data, combining smartly with technology, to reach out to the right user, sharing the right content at the right time – could help the entire media ecosystem to grow and thrive in this current age of standing out from the others.
New challenges with changing times
Back in the pre-digital revolution time, the publishing industry flourished tremendously and were masters in marketing rightly and making sure the users are engaged with the great content and keep coming back for more. Coming back to the post-digital era, the speed and the volume at which the information and content are flowing in has no limit. But the logic of marketing still remains the same – with a change in the medium of reaching out to users
Publishers are sitting on a goldmine of user data on real people and not based on approximate inferences from third party cookies. These publishers know the exact interests of these subscribers – this data can be used to rightly pitch them the right content they are looking for to give them a better experience and keep them coming for more content. This can help build more engagement – thus can demand higher ad rates from the advertisers for the already engaged users.
So, the challenge is to reach a magnanimous scale of the user base that attracts the interest of the majority of marketers and advertisers. It is easier for the gigantic publishing empires to generate enough audience by themselves to gain the required traction and generate meaningful ad revenue at premium prices justifying the brand value. The medium and small publishers have been facing a major issue in growing their subscriptions and user base.
Also, with the onset of Chrome 76 and stringent regulations over the use of third-party cookies, the road ahead is difficult for sure.
Why you need to reconsider your analytics strategy
The key is in its details. The idea should be to set up a detailed long term goal for the publishing firm, dig deep in the data and interpreting the data to align with the goal. Here, data can play a very significant role for publishers. To get insights from the data, there is analytics that helps you to break down the complexities of the data and shows you seamless information about the audience, its interests – helping to build a long term brand value amongst the users.
A lot of publishers rely on Google Analytics as their data bank to gain the insights they require. But it comes with its own issues. Once your website reaches a certain limit, the data then becomes a guess rather than factual. So basically, instead of analyzing all of the data, there’s a threshold on how much data is analyzed and any data after that will be an assumption based on patterns.
Say you’re looking through all your traffic data from the last year and find you have 5 million page views. Only 500K of that 5 million is accurate! The data for the remaining 4.5 million (90%) is an assumption based on the 500K sample size. This comes off to be a limiting threshold as your data in a third-party analytics platform may become more inaccurate as the traffic to your website increases.
Another disadvantage to sampled data is that you might be missing out on opportunities you would’ve noticed if you were given a view of the whole. For example, as the data is already being predicted, we are unable to see the real occurring pattern. The bigger your business grows, the less you can risk making business decisions based on assumptions that could be inaccurate.
Also, all the data and 100% analytics are completely in control of the third party. The elaborative downloadable reports also do not include all the parameters and the major sections are not included in it, which is a major loss to the publishers.
Hello Open Source Analytics!
With the existing ample content and data present in the house, a viable way out is to use or develop an in-house analytics platform. It becomes a full-fledged all-in-one customized web analytics platform giving the most conclusive insights.
You can also evaluate the full user-experience of your visitor’s behavior with Conversion Optimization features, enhance your SEO, access full Visitor Profiles, use our data-sensitive Tag Manager and so much more.
Benefits of Open Source Analytics
- 100 % of data ownership
The aim is the decentralize the internet and be a platform that hands you back the control. There is no external source peeping in your insights and your audience privacy remains intact. The application can be hosted on your server and you get the freedom to choose as to where to store the data.
- Deeper user insights
By having raw data access, the sky’s the limit. Having that data means unearthing what was once undiscoverable. Tracking any data you want about your users and their interactions (pages, clicks, goals…), from many different mediums (website, mobile apps, custom apps, IoT…) becomes easier.
Every business and website has different wants and needs which change over time. The insights that matter to you may not be of importance to someone else, that’s why having adaptable analytics software is essential. This is what makes your in house analytics efficient. With the immediate implementation of the analytics, you can immediately begin gaining measurable insights to make smarter data-driven decisions.
- Extremely Cost-Effective
For many publishers, choosing the right analytics tool can be expensive and time-consuming and flexibility considerations may not come into the picture until it’s too late. This oversight could cost you dearly. This in house analytics is a one time cost with yearly low-cost maintenance for necessary updates.
Time to rethink?
It is never too late to consider switching over to something that is more beneficial to you in terms of growing the user base, increase the subscriptions and boost your revenue. Ace Publishing is a trusted partner who would be able to help you customize analytics for you. Having delivered 200+ successful customized projects for their clients, they are the technical experts to bank upon.