The impact of social media on STM* publishers and their online advertising income

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  • 1. May 2008 The impact of social media on STM* publishers and their online advertising income Joep Hutschemakers “Scholarly publishers need to aggressively add online to counter flat or declining print dollars and not be fooled into complacency by continued small growth from a large base.” (Outsell March „07)*Science, Technology & Medical
  • 2. Accelerating Growth – Build Large Audiences Through Social MediaIntroduction These slides are part of a larger presentation on drivers of online advertising sales. It illustrates the impact of social media on STM publishers who want to grow their online advertising income by growing their target audiencesKey Drivers Online Advertising 1) Clear & reliable Measurement & Campaign mgt 2) Wide Spectrum of Online Product Solutions Fulfill Main Client Needs 3) Targeted – Highly Profiled Audiences 4) Large Target Audiences 5) Knowledgeable sales reps 1
  • 3. Attract Large Audiences by Applying Social Media Principles Client Needs Attract Large Audiences By Applying Social Media Principles & Technologies Social Media Principle & Technologies Examples of Best Reacting to each Orga- Accelerating Practices Creating content Connecting Collaborating other nizing consumption Ads? Pod- Social Virtual OpenURL Description Blogs cast Video network network Wikis Source Forum Rating Review Tags RSS Widgets Discuss science news& events,NATURE interact global& locally X X X X X X X X X X X X (By Nature) Share&rank sciencePostgenomic knowledge across Web X X X X X X X Search science videos, screenedSciencehack by scientists X X X XWorldPharmaNews Share & rate pharma news X X X X X News & discussion on PS&E,cr4.GlobalSpec subdomain of GlobalSpec.com X X X X X X Applying Social Media tactics successfully strengthens online advertising competitive position Larger audiences  More usage  More impressions More quality & profiled users  Targeted audiences All Addressing Main Client Needs More sponsorship opportunities 2
  • 4. Social Media Content Outgrows Traditional Content Client Needs User generated content via Social Media A growing % of researchers time outgrows traditional content fast is shifting to Social Media sites • Ph.D. students & postdoctoral fellows more and more familiar with social networking • On a topic like microbiology alone there are already 205 Online Content Social Media User Generated groups on Facebook • 130 laboratories up and running on OpenWetWare (wiki on which researchers can share expertise) • Nature Network: Every month 1000 of researchers sign up Commercially • Nature Precedings: >750 entries listed to get feedback Produced from community on preliminary findings 2000 2012 Monetization via ads purely around full text Tactically: Apply on sites where demand for1 articles is limited. Ad rev. growth to be achieved impressions exceeds supply created around full by expanding activities into social media text article use Strategically: Capturing the intent by opening up2 Besides reading full text articles, spending time on social media will grow as % of researchers to collective user value in audiences already workflow activities served 3
  • 5. Connect Content AND Conversations Client Needs Build sites "into user click stream/ workflow“, make it a network hub that connects content & conversations Stem cell Content/ Events protocols Cell metabolism Immunology Reacting to each Orga- Accelerating Creating content Connecting Collaborating other nizing consumption Bio-chemistry Pod- Social Virtual Open Blogs Video Wikis Forum Rating Review Tags RSS Widgets cast network network Source Organic chemistry Renewable energy Products Jobs Etc, etc Serve the Long Tail of Capitalize on conversations that take place on the Web: Scientific Social Networks • Make destination site a network hubStart with one segment and • Attract users from many different sites and retain some of them for a whilebuild blueprint to roll out to 4 • Route people to relevant material elsewhere other segments/societies
  • 6. A Case Study: Nature Publishing Client Needs Building THE destination & networking site for life scientists Network theory shows the winner takes allNature: Leading Social Media developments (Shapiro in Information Rules: A Strategic Guide to the Network) in Science 100 Winner- Implementing best practices of Social Media Market share (%) in principles & technology fast terms of usage- At global AND local level- (THE) destination site for Scientists (in addition to 50 Battle zone Content also Events, Jobs and Products)- (THE) networking site for Scientists- Leading in online enhancement & innovation, few 0 Loser 2008 2012 examples: Time - NatureJobs.com (2000) Practice proofs right so far… - Connotea.com (2003) (Source: Compete May 2008) - one central domain to build scale competition - 3 virtual islands in Second Life - Partnered with BioCompare: foremost online buyers guide for Scientists - Webby Award: Best Science Website „08 5
  • 7. Stay Ahead With Critical Mass & First Mover Advantage Client Needs Now is time to act in order to establish competitive advantage 1. Build critical mass  value of Social Media initiatives increases exponentially with # of users 2. First mover advantage: users limited set favorite sites  likely sites that reach critical mass first Driver Web 2.0 User Participation USA UK FR DE JP KR• Social Media is more than a Read blogs 25% 10% 21% 10% 52% 31% Comment on blogs 14% 4% 10% 4% 20% 21% blog, regional differences need Creating Write blog 11% 3% 7% 2% 12% 18% to be taken into account: E.g. content Watch user generated video 29% 17% 15% 16% 20% 5% participation highly popular in Upload user generated video 8% 4% 2% 2% 3% 4% Asia while Europe needs to get Listen to podcasts 11% 7% 6% 7% 4% 0% Connecting Visit social networking sites 25% 21% 3% 10% 20% 35% traction Read wikis 22% NA NA NA NA NA Collaborating Contribute to wikis 6%• Start experimenting in different Participate discussion forums 18% 12% 11% 15% 22% 7% regions, spreading the Reacting Read ratings & reviews 25% 20% 12% 28% 38% 16% workload while learning e.g. Post ratings & reviews 11% 5% 3% 8% 11% 11% Organizing Use tags 7% 2% 9% 10% 6% 14% blogs in Asia, video/ podcasts Accelerating Use RSS 8% 3% 5% 4% 0% 1% in US Numbers shown are % of all online adults and include consumers who participate at least monthly Source: Technographics surveys, 2007 LegendaHIGH LOW user Participation 6
  • 8. A Social Media Vision For STM Publishers Client Needs STM Social Media Vision Serve and build the largest online social network around every scientific segment targeted and become the network & destination site in each user (topic) segmentSocial Media Benefits to STM publishers 1) Increase satisfaction of editors, authors, reviewers, societies 2) Help our users make better research driven decisions 3) Strengthen STM journal brands 4) Broadens and deepens customer understanding Social Media 5) Learn about needs first hand and test ideas 6) Grow commercial sales & conference revenues 7) Increase society contract value 8) Increase research workflow solution sales 7
  • 9. Questions? Email: Hutschemakers@gmail.comLinkedIn: www.linkedin.com/in/joephutschemakers Twitter: JoepHutsch 8