Are consumer databases the new "bread and butter" for news organizations?
There are four ways for a news organization to make money:
1. To sell content
2. To sell advertising
3. To sell products and services
4. To sell consumer data
News organizations have used the first three ways to make money. In today's society, to know your consumer for the goal of personalization, and thus use the fourth way, is increasingly becoming the wave of the future.
The choice that consumers have for information sources on the Internet is increasing each day. They need tools to help them with this choice. RSS can be one such tool. Alert emails are another one. The sites like My Yahoo news, Google News are also tools to help consumers organize information. What do they have in common? They allow personalization of information.
Technology is again helping to shape a marketplace and this time for news organizations. It helps to simplify the search and consumption of information. It makes it possible for the consumer to interact with the medium. It allows organization, tracking, and analysis of the needs, the wants, the behaviors and the actions of consumers. News organizations can store this invaluable information. Where? Its consumer databases.
Armed with this information, they can offer personalization to their consumers, and so make an impact on the first three ways to make money. Personalization of content, personalization of advertising, personalization for the sale of products and services - all more interesting for the consumer.
News organizations can offer this invaluable knowledge to other companies. What other medium can boast the daily, if not hourly, and consistent interaction with consumers. All of which leads to very robust details of the paths that consumers take to obtain information.
Knowing your consumers not only enhances the first three ways to make money, but also leads to a new way to make money. Collecting this rich consumer data will become the heart of future business based on personalization.
E-bay, Amazon, Yahoo... and others understand this well. It is the heart of their business.
It all boils down to knowing the consumers' needs, wants, behaviors and actions. Those media companies that have and will have the consumer knowledge will control the future of personalization and will shape the media landscape. Those media companies that do not have the consumer knowledge will depend on others.
The news organizations have a choice.
1. To sell content
2. To sell advertising
3. To sell products and services
4. To sell consumer data
News organizations have used the first three ways to make money. In today's society, to know your consumer for the goal of personalization, and thus use the fourth way, is increasingly becoming the wave of the future.
The choice that consumers have for information sources on the Internet is increasing each day. They need tools to help them with this choice. RSS can be one such tool. Alert emails are another one. The sites like My Yahoo news, Google News are also tools to help consumers organize information. What do they have in common? They allow personalization of information.
Technology is again helping to shape a marketplace and this time for news organizations. It helps to simplify the search and consumption of information. It makes it possible for the consumer to interact with the medium. It allows organization, tracking, and analysis of the needs, the wants, the behaviors and the actions of consumers. News organizations can store this invaluable information. Where? Its consumer databases.
Armed with this information, they can offer personalization to their consumers, and so make an impact on the first three ways to make money. Personalization of content, personalization of advertising, personalization for the sale of products and services - all more interesting for the consumer.
News organizations can offer this invaluable knowledge to other companies. What other medium can boast the daily, if not hourly, and consistent interaction with consumers. All of which leads to very robust details of the paths that consumers take to obtain information.
Knowing your consumers not only enhances the first three ways to make money, but also leads to a new way to make money. Collecting this rich consumer data will become the heart of future business based on personalization.
E-bay, Amazon, Yahoo... and others understand this well. It is the heart of their business.
It all boils down to knowing the consumers' needs, wants, behaviors and actions. Those media companies that have and will have the consumer knowledge will control the future of personalization and will shape the media landscape. Those media companies that do not have the consumer knowledge will depend on others.
The news organizations have a choice.
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