When nothing goes as planned, we have two options: adjusting or giving up. Publishers are currently struggling to survive and thrive in something that is a tough environment, but not a hostile one. This is an important distinction. Things are hard because the Covid-19 pandemic has devastating effects in general, but not because people don’t need information, good stories, interesting podcasts, etc. We DO need that more than ever and this is a golden opportunity for publishers.
Though, I know what you are thinking. It’s ironic that right when the content consumption has skyrocketed, publishers have to deal with such a difficult situation. Layoffs and furloughs are not exactly the consequence of a successful business, right? However, it’s only a question of time for publishers to get back on their feet.
A question of time
Here is why: the current crisis has proven the high value of a quality content production, no matter if we are talking about news or TV shows. Moreover, it has brought to light the need for that. Information and entertainment have supported people’s resilience during the hardest moments of the pandemic.
Publishers have widened their audience and have started to produce more content and also, more diverse. This means that they are able to attract new, more and more diverse, potential advertisers. But right now, most advertising budgets have been cut off!!!! True, but let me emphasize something: right now. A bump in the road, but not the end of it.
New publisher products are an opportunity also for advertisers to reorient their strategy and restructure their advertising budgets. This is the reason why it’s all a question of time.
Direct impact, direct relationship
Since everything publishers do has or could potentially have a direct impact on the advertisers’ possibilities and this is also true the other way around, the more direct the relationship between both parties is, the higher is the potential for both to succeed.
Publishers have amplified their reach and diversified their audience. They need to work on knowing their audience even better, partially because some segments are new, but also, because no one is the same after going through one of the toughest events in recent history. People have changed along with the world.
They need to accurately define every single segment of their audience and work on meeting their needs and demands. This will pay off with fidelity, recognition and growth.
At the same time, advertisers are trying to analyze the new needs of their customers, but they already have an idea and some data of their target audience. The information that they can provide is key for publishers to find the right match between every single segment of their audience and the advertisers’ target.
Publishers and advertisers are better together
Building a strong, direct relationship with the advertiser is key to guarantee a higher level of accuracy and therefore campaign success. It’s also a way for advertisers to eliminate multiple intermediary costs and to really invest in reaching those potential customers that can bring a return. Ultimately it’s not a question of having a giant budget to spend, but a question of rationalizing it to get the most out of it.
In other words: publishers need to build direct relationships with advertisers to reach campaign success by combining advertisers’ information with the right audience segmentation.