Step 3: Optimizing your Revenue
Now that your Multiplatform Media Management System has been planned, developed and is now live, it’s time to begin optimizing its performance and revenue. Based on our many years of experience, your new media management system is designed to optimize every facet of your business, which then works together to continually generate profits. It is a complex media management system that empowers its users, operators and dozens of software applications to communicate and interact using the web, postal systems and other legacy media systems.
A Mequoda System is made up of both people and software, and is closely monitored by more than 40 separate reports in a Gold Member’s MECA (Monetize, Engage, Capture, Attract) Reporting Package. These reports show, in depth, how a system is performing on the 4 Mequoda Management System Principles:
There is simply no more thorough, painstaking monitoring process in publishing today. As a Gold Member, you and your “brain trust” of your Chief Strategy Advisor (CSA), Systems Director (SD) and Analytics Director (AD) meet monthly to identify opportunities and ways to take advantage of them, uncover areas where improvement is needed, and decide if resources need to be reassigned to any specific areas.
And one of the advantages of being a Mequoda client is that you are part of a large co-operative group of fellow publishers whose data we have been compiling since 1997, giving us detailed and incredibly reliable benchmarks by which to measure your performance.
Better yet: We’ve learned that improving just one of your critical metrics in turn improves revenues by an equal amount, because the metrics we track are linear drivers. That’s why Mequoda Gold Members who follow the program succeed: It’s a tightly monitored, scientific, data-driven method for generating revenues over which you and your Mequoda team have complete control.
7 Mequoda Management System Strategies that optimize your entire organization
Of course, before we can monitor your performance, we must optimize every facet of your existing organization to work smoothly and profitably together. We’ve identified 7 Mequoda Management System Strategies to do just that. Here’s how it works.
We examine all your minimum information units (MIUs) – the smallest pieces of your content that tells a complete story, such as an article, portal post, record, profile, review, book chapter, report, document, lesson or episode – to see how they perform against average. For example, we measure how well your affinity (free) content attracts, engages and converts unique new visitors to your website. We also determine how well your premium content is selling when it’s promoted, and how it might compare to other products we could have promoted instead. In this way, you always know which products deserve the application of your precious resources, and you never waste time, effort or money producing and promoting the wrong kind of content.
Mequoda has identified 7 primary marketing platforms, that is, methods for delivering an audience for all products. Most of these are web-based, such as email, social media and search marketing. We determine which platforms bring the most traffic to your site, focusing on not just the return on investment for each platform, but also the lifetime ROI per customer. This allows you to make apples-to-apples comparisons for each platform and make smart resource allocation decisions. This is a fluid process that’s executed on the fly and on demand to allow you maximum flexibility.
The Mequoda Revenue Strategy in a nutshell: Making the most of your content, audience and advertising sales to earn ever-growing paychecks from your users and your sponsors. All of these things are equally important to us on your behalf.
We examine your products, channels and offers (packaging and pricing) to ensure maximum revenue for minimum wasted effort. For example, when promoting a multiplatform magazine, Mequoda’s experience shows that it’s most profitable to offer customers both single issues and annual subscriptions, and to let them choose multiple deliver platforms including print, tablet, web, web library, Apple, Amazon and Google.
To optimize your products for profits, we typically recommend combination offers that leverage contrast pricing based on different platforms or on different terms.
If you sell advertising, we’ll do the same for that revenue stream, which we call sponsorships. We don’t want you to sell ad pages or banners: We’ll advise you to sell packages that include advertising on eight to 10 different platforms. And we don’t stop there: We’ll also help you sell content generation services, the newest revenue stream in the multiplatform publishing universe, in which you utilize your expertise to create content that flies under a sponsor’s banner and also meets your editorial standards. We consider that a win-win, and so do our clients.
Finally, we analyze what’s working best and help you decide how can we do more of it. In the end, our clients always discover new revenue streams and better methods of monetizing their products than they ever dreamed possible.
Your team is one of your most important assets, and deserves special optimization attention. We take a long look at the people creating your content, building your audience and generating revenues. Do they need training? Do they have the right tools and support materials? We also examine whether everyone is the right fit for the job they’re doing and whether you have enough manpower to properly execute a Mequoda system. We even assist in creating job descriptions and locating exactly the right people for your team.
Above all, your Mequoda Chief Strategy Advisor plays a huge role in this phase of optimization. Your CSA has run media businesses that more than likely were even larger than yours is (so far …), and knows that finding, hiring and managing personnel is one of the most challenging aspects of managing a modern media organization.
When it comes to the technology behind your multiplatform media management system, one person understands it all. Your Systems Director uses all of the information gathered on content, audience, revenue and organization optimization to keep your massive Haven Nexus customer experience management system (CXMS) running smoothly and effectively.
This system includes 19 modules and nearly 100 managers, plus templates, trackers, reports and service gateways. Your SD manages all of these and identifies ways to execute the optimization efforts already agreed on better, cheaper and faster with the software and hardware in your system. Your team gets the tools, the process and the training to make their jobs easier.
Because every Mequoda Gold Member has a CXMS that is unique, 20-30% of software and hardware components are changed, added, modified or upgraded in some significant way in any given 12-month period. This is a dynamic environment, with tools developing at lightning speed to meet your specific needs.
Most important, your SD is not just a technology wizard; he or she, more than anyone else on the team, understands all the components of your CXMS. The SD is the generalist who brings all the moving parts together and presents your team with suggestions for upgrades, modifications and enhancements that will allow us to operate entire system like fine Swiss clockwork.
Strict measurement of your metrics is how Mequoda supports every decision you make. Your Mequoda team continually monitors every metric that matters, and identifies new ones that will help you reach your goals. Our only goal: Improving the data and trend reports to help you make better decisions, faster and more confidently.
Between your Mequoda team and the 24 organizations that are part of the Mequoda co-op – who constantly work with our analytics directors – the system evolves rapidly, gaining momentum from the input of these operators. In short, analytics support for every choice you have to make becomes more robust, easier to use and more valuable almost every day.
In order to optimize your economics, your Chief Strategy Advisor and your most senior executives put their heads together to ensure that you’re allocating resources effectively across all of the strategic activities Mequoda leverages for you. Using the data we’ve gathered for you, you can decide if you need to devote more resources to audience development, launch new products or focus on revenue or sales opportunities you might be missing.
Your operation is never “complete:” Your content, audience development and revenue teams, through the metrics of organization, technology & measurement, will continually build and improve it, and with complete confidence that you’ll succeed. In the end, you increase value to your stakeholders, and also to investors, talent or potential acquirers – because everyone wants to be associated with an organization that’s financially successful.
Call or email Julie Ottomano (617) 217-2559 to learn more.