BI software can slice and dice data in beautiful charts, graphs and tables fairly easy today but the BI presentation still needs an audience stakeholder in mind when building applications. Critical in your BI strategy is defining the Questions to be answered by the BI. LaunchPad Media Management uses KPIs to answer top of mind questions stakeholders have, related to Sales, Production, Marketing, Finance and Editorial. One software leading the way is LaunchPad Media Management, who has built BI into their new software suite for media companies.
C Suite executives are looking for Top Line comparisons by Brands, Budget or Pacing. Marketing departments are looking for Audience influence based on their marketing strategies related to Email Campaigns, Social Posting, Website interaction and more. Your sales team is looking for new leads, cultivating new business and influencing existing customers to buy Bigger and more frequently. And finally, your advertisers want to know how spending money with your media company is promoting their brand image and awareness while driving customers to purchase more and more of their products. On the surface, it seems apparent that every company needs business intelligence.
Business intelligence, or BI, goes beyond data analytics. BI uses technology to not only analyze data but also present the information in a format that executives, management and other teams can easily access and understand. Relevant decisions can then be made that affect different areas of the business, depending on the queries and reports delivered. Build BI applications from the top down by prioritizing your Stakeholders who are likely to use the data to impact the business:
#1. Marketing
#2. Digital Ops
#3. C Level
#4. Senior Management
#5. Finance
#6. Operational Management
#7. Client Reports
#8. Sales Professionals
#9. Event Professionals
#10. Editorial Professionals
A business intelligence tool can connect the flow of data from the various silos of your company to a dashboard of useful information. For instance, sales data could tip off the marketing team about a successful campaign. That same data could also be used to determine if you need to hire more people or change the direction of your next magazine cover.
Amazon uses data gathered on its customers to display a completely personalized experience for each customer. Analytics also informs Amazon’s pricing, supply chain and product selection. Huffington Post uses the data gathered on its readers to determine content and ad placement. The Sacramento Bee analyzed how long readers interacted with stories to build a tool that helps advertisers target specific demographics.
See also: How CRM Contact Management Helps Publishing Sales Reps
Content strategy is important to create a consistent message that your audience responds to. An articulate editorial and marketing strategy are important to your brand story. Without the data identifying customer responses to campaigns, your editorial and marketing teams are only publishing what they think your audience wants to know.
The LaunchPad Media Management platform is designed specifically to meet the needs of publishers and media companies. With reports integration into sales, production, accounting, digital, editorial and events, LaunchPad can help your organization identify weaknesses, build efficiency and maximize production. Find out more about LaunchPad Media Management by scheduling a demo or reaching out to us directly.