Selecting the best product development opportunitiesPresentation Transcript
10 – 12 October 2011, Vienna, Reed Messe WienMedia PortSession: Innovative AdvertisingTitle: Selecting the best product development opportunitiesSpeaker: Audra Martin, The Economist
Selec%ng the best product development opportuni%es for your business Audra Mar%n Vice President, Customer engagement & Opera6ons, The Economist online Tom Ricca-‐McCarthy Global Sales Director, Madgex
Revenue poten6al in our industry Source: Morgan Stanley Internet Trends 2010
Revenue poten6al in our industry In 2010 total UK online ad spending was £4 billion, 25% of total marke6ng spend, only 1% behind television Source: IAB/PwC
Challenges Opportuni%es What is compelling and valuable to our customers? What will customers and clients pay for and how much? What is the right balance of revenue streams to mi%gate risk? Does this ﬁt our brand and mission? Do we have what we need? Does someone else?
Distrac%on or opportunity? Will this help me achieve my strategy?
Vying for your %me & resources
Social media: distrac%on or opportunity? Source: Search Engine Journal: http://www.searchenginejournal.com/the-growth-of-social-media-an-infographic/32788/
Relevant to publishers Source: Search Engine Journal: http://www.searchenginejournal.com/the-growth-of-social-media-an-infographic/32788/
Approach must match to strength of medium Immersive Con6ngent Subscrip6on Adver6sing
Ready to commit? Understanding Answers ques%ons Market trends What is compelling & valuable? Customer behaviour On brand / mission? Product strengths Develop new or partner? Opportunity: Priorities: Approach: Commit your resources to what is important
Where has it gone right? Case study: Madgex white label jobs board replaces legacy classiﬁeds system
Old to new Outdated branding & design No product management/ roadmap No up-sell opportunities Limited SEO value
Star%ng the process What is compelling and valuable to our customers and clients? What is that value worth? Is the cost reasonable? Does this increase or reduce risk to our revenue streams? Does this ﬁt the brand and our mission? Oﬀ-‐the-‐shelf or bespoke? Do we have what we need? Does someone else?
Commitment of resources Understanding Answers ques%ons Market trends What is compelling & valuable? Customer behaviour On brand / mission? Product strengths Develop new or partner? Opportunity: Brand & audience alignment to international exec-levelrecruitment offering Priorities: mature but evolving recruitment solution platform; neededto resonate with customers & clients; be off legacy platform within 2 months Approach: Competition & best practices clear among 3rd partyrecruitment solutions; bespoke not important
Madgex perspec%ve What an amazing global brand and high quality audience They really needed to work with some experts (limited exper2se) We are 11 years old this month We are 50 highly innova6ve job board geeks powering 200 major news and publishing brands (limited resources) They needed a best in breed solu6on, a signiﬁcant increase in capability and that leadership to be maintained And they needed it fast
Old to new Branding & designinline with main site Better tools forcustomers Expanded valueproposition recruiters Improved SEO,better awareness
So from our perspec%ve In 7 weeks we put in our award winning platform And we constantly add to that to keep The Economist competitive
Change and impact • Project: Replace legacy classiﬁeds product (7 wks) • Results – Traﬃc: Triple page views in ﬁrst full month – Revenue: Increased self-‐service sales by 30% – Job seekers database: 1000 in ﬁrst six weeks • Other beneﬁts – Value proposi6on improved: posi6ons, audience, applica6on rate – SEO minimal marke6ng costs to realise beneﬁts – Madgex provides product improvement roadmap – Minimal impact on internal teams
Thank you Audra Mar6n VP Customer engagement & Opera6ons, The Economist online firstname.lastname@example.org Twiger: audranyc Tom Ricca-‐McCarthy Global Sales Director, Madgex www.madgex.com tom.ricca-‐email@example.com Twiger: madgex Stand : A331