Within your media company, there is a regular need for a commercial audit of what you are currently achieving (and not achieving) for future exploitation and development of commercial revenues.
As the industry transforms more from a print into a print-plus-digital or even a digital-only business, we need to examine what opportunities exist that aren’t being exploited. This way, we can see where any synergies emerge using technologies and third parties as appropriate, especially around our customer-first- and usually mobile-first-led operation.
This audit would include:
- A study of the global market factors determining our industry’s commercial development.
- Commercial staff examination, including structure, staff skill sets and shortfalls, future needs, and culture change needed.
- Current commercial revenue, including a breakdown and examination of revenue lines. For example, are we achieving optional performance? What are the limiters? What can help drive it (expertise, resources, external help, etc.)?
- Future opportunities for new, sustainable revenue growth. This includes global industry initiatives we’re not currently undertaking (this is where INMA is invaluable as a checking and education resource), strategic third-party alignments and brand extensions, new technologies (either outsourced or internalised) such as the Internet of Things and connectivity, and the rise of mobile and the new experiences this platform generates.
- An examination of how the above can positively affect the customer experience and, therefore, future revenue (including commercial data collection and exploitation, new verticals and spending, new audiences, lifetime values, and more).
In short, how can new revenues be achieved while protecting and developing current revenue streams, as well as involving multiple, internal disciplines to engender a “one company” approach and buy-in?
All of this, in my opinion, should be presented in a no-nonsense, practical style — an “understood by all” strategy that helps the company further existing and begin new commercial journeys.
Invariably, those new journeys mean mobile first.
Use the above as a checklist to see if you are covering all bases in your mobile strategy, which should be part of an overall, wider digital strategy for future growth.