While publishers keep hearing about monetizing their data to drive revenue, there are many ways to achieve this objective. Selling data, whether through a data exchange or private market place is perhaps the most obvious option for increasing revenue.
In fact, there are many creative ways publishers can monetize their data and increase revenue. Here are 5 opportunities to monetize data without having to sell it.
1. Content Customization:
Your editorial team may have a good grasp on the type of content that performs best on your site, and as the old saying goes: if it isn’t broke, don’t fix it. But if you want to keep visitors on your site for longer, you need to provide them with content recommendations that match their interests, so they can see more content and more ads.
Once again, data can serve as your guide by revealing what types of content are performing best with your audience. Your data will reveal what piques the interest of a particular readership, allowing you to show them content related to those interests. For example, if they read a lot about fashion, you would serve them fashion-related content.
2. Increase Average CPM:
If you’re focused on selling ads, raising the individual price of each one will obviously help increase revenue. But how can this be accomplished? Giving advertisers the ability to target their ads to the exact audience they’re trying to reach means they’ll be willing to pay more to reach that engaged audience. Improved target audiences are more marketable, translating into more revenue. When advertisers know they’re reaching an engaged audience, they’ll pay more to display their ads on your site.
3. Get More Members:
For subscription-based publishers, reducing churn is of the utmost concern. The key to keeping customers engaged is serving the content they want. You can use your DMP to gain insight into the people who subscribe to your site. You may find that your regular readers share different interests beyond what you expect based on the content of your publication. For example, let’s say you run an online golf magazine. It goes without saying that your readers are interested in golf. Your data may show you that the bulk of your audience is also interested in fine wine, bowling or even apparel.
4. Expand Your Overall Audience:
If you’ve signed major advertisers for large-scale targeted campaigns, you should be able to meet those campaign goals. If you lack enough specifications to make a campaign a success, second or third party data can help you broaden your goals.
Paying for data to make money may seem counterintuitive. However, if there are gaps in the data available, you may need to spend more upfront to be able to attract more visitors to your site. More visitors mean more impressions or, in other words, more people seeing the ad.
5. Reducing Residue Inventory:
Ideally, you are already selling all of your ad space as premium inventory, however, if you’re in the majority, that’s seldom the case. And while it’s rare, it is possible to turn your remnant inventory into premium ad space with the help of the right monetization platform, thus providing a nice boost in advertising revenue. With higher CPM’s increased view ability and increase in the value of your website as a whole, your inventory will sell out quicker and faster at higher rates resulting in the creation of premium ad space if you know how to keep users engaged and on page. Find out how with Hindsight Solutions.
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