“Welcome to the Party, Pal!” Digital Transformation in the Age of The Duopoly
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Meredith Corp., founded over 110 years ago, now reaches more than 110M women across its premium brands which include Allrecipes, Better Homes & Gardens, Parents, Martha Stewart Living and SHAPE. But just a few years ago, Meredith was viewed as a print company that happened to have websites. Today, digital growth outpaces print declines, and despite stiff competition from the duopoly, the company continues to thrive. In this session, Meredith Chief Digital Officer Matt Minoff will share lessons learned and pitfalls to avoid while enacting your own digital transformation, from the importance of building a great team to how to grow revenue without sacrificing editorial integrity.
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“Welcome to the Party, Pal!” Digital Transformation in the Age of The Duopoly
- 1. Digital Transformation in the Age of the Duopoly MATT MINOFF CHIEF DIGITAL OFFICER MEREIDTH CORP.
- 2. kraftrecipes.com comidakraft.com Meredith inspires women to achieve daily and dream big. social followers 66MM of Meredith consumers go shopping within 24 hours of coming to us ~50%90MM O&O uniques
- 5. June 30, 2012… Digital is 8% of Total Advertising Revenue 95% of Digital Revenue is Standard Display 25M Unique Monthly Visitors
- 8. At-Scale, Highly-Engaged Audience digital Premium Branded Content & Products First-Party Data (Insights & Analytics) Ad Tech Platforms Ad Revenue Diversification Consumer Revenue Growth MILLENNIAL WOMEN Meredith Digital Strategic Overview 5
- 9. And then we decided to make it really complicated…
- 10. 5 Deals in 6 Months!
- 11. What Did It Bring Us? Talent Native Digital Know-How New Proprietary Products New powerful brands in areas where we lacked strength New Revenue Streams Entrepreneurial Mindset
- 12. June 30, 2015 Digital is 21% of Total Advertising Revenue 87% of Digital Revenue is Standard Display 64M Unique Monthly Visitors (2.5X+ Growth) 2015 2012 8% 21% 87% Standard Display 20152012 25M 64M
- 13. Index of Percent Rating Media Brands 7-10 on a 10-point Scale Criteria in Order of Overall Importance And We Were in Last Place… Cost/Pric e Ad Results Image/Envi ronment Value Audience (Net) Targeting Capabilitie s Optimizati on Source: Advertiser Perceptions, Wave 21. AVERAGE INDEX Meredith Net Competitive Set
- 14. People Process Product Platform
- 15. People & Process •Building Partnerships with Clients •Solution sellingSales •Media Planning •ActivationClient Services •Ideation •CollateralSales Marketing •Pre/Post Sale DesignCreative •Ad Trafficking & QAAdOps •Pricing, Pacing, Performance •Yield OptimizationRevenue Operations •Campaign Wrap Up & InsightsInsights •Product Development & Support •Sales SystemsAd Product •DFP Ad Platform •Programmatic Solutions •Tag Management Ad Tech •Proprietary Ad Platforms •Native / Engagement •Shopper Marketing Ad Platform •Branded Content and Influencer MarketingStudio M •Billing & Invoicing •ReconciliationFinance •Advertising Product/Package Ideation Product Marketing Cross Functional Pods Grouped by Agency Centralized Functions
- 16. INFLUENCER SHOPPER MARKETING DISPLAY VIDEO SPONSORSHIPS NATIVE SOCIAL Develop Proprietary Products That Perform
- 17. inspiration to purchase Inspiration AdvocacyConsiderationEngagement We developed expertise in driving her from Purchase
- 18. SIMTEST Brand Awareness Brand Favorability Purchase Intent Store Visitation Sales throughout the purchase funnel Committed to accountability
- 19. Platform: Get Your Data & Systems in Order
- 20. Interest & Intent Deep Commitment to Understanding Her visit register email follow subscribe share search list watch buy 3 billion >6 million new >6 billion 25 million 'I made it' 'I did it' profiles Add to Shopping List Print/Save/Build Collections Video Views 7 'Shops' Local Offers INTEREST INTENT Home Services 200 Million Monthly Actions 66 million 125 Million Consumer Database 90 Million Digital Consumers First-Party Data >25,000 Attributes enter 50 million
- 22. From “Ad Display Network for Women” to Something Ownable Shifting the Tide Standard Display vs. Non-Standard Display Revenue
- 23. Above Industry Benchmarks for All Aspects of Direct Sales Today… Source: Advertiser Perceptions, Wave 23. Meredith Net Competitive Set 147 142 139 167 117 117 124 117 0 20 40 60 80 100 120 140 160 180 Knowledge Customer Service Creativity/Innovation Sales Skills
- 24. March 2017 Digital is 30% of Total Advertising Revenue 55% of Digital Revenue is Standard Display 81M Unique Monthly Visitors 2015 2012 8% 21% 55% Standard Display 20152012 25M 64M 2017 30% 2017 81M
- 25. Creating Shareholder Value 24 Consecutive Years of Dividend Increases
- 26. Final Thoughts
- 27. THANK YOU
Editor's Notes
- This is who we are Beloved magazine publisher Large digital footprint
- Digital was an afterthought - separated across 8 business units! Still in the middle of our transformation Loads of assets, under-monetized
- Native Digital company Scale to build upon
- You need change agents Four key levers to ad revenue diversification and consumer revenue growth Target: ~$2.50+ in Average Revenue Per User each year (vs. $1.75 today) Branded Experiences Audience Scale Cheap reach is a race to the bottom Need segments of value beyond women (Affluents,Connected Consumer, Millennials) First party data (address across platforms) Proprietary Technology platforms I wasn’t there, but the board bought in Independent reviews by different third-parties (consultant, banker, data specialist) > this is the right strategy, now go execute!
- What Did Bring Us? New talent/people Reality: Legacy business it hard to hire top people - I was at a startup! Top talent wants to do their own business, or work at Google or Facebook Entrepreneurial mindset Brought Entrepreneurs into Meredith, giving these fast-paced leaders meaty enough roles to be interesting, paired up with people who can navigate the larger culture Native Digital Know-How New Proprietary Products New Powerful brands in areas where we lacked strength
- Digital was an afterthought - separated across 8 business units! Still in the middle of our transformation Loads of assets, under-monetized
- [Built new teams ] Playbooks Getting teams work together and on same page
- 360 Approach GTM includes all of these offerings Proprietary to Meredith
- And we proved it worked every step of the way Even put skin in the game with our own “Sales Guarantee”
- And we also got our own data in order… To innovate in a holistic way, we needed to unlock value of our data No consistent set of metrics, different CMS, some 10+ years old When I took over, we didn’t have a seamless way to deliver advertising across channels in a standardized way Created a centralized data team across all properties and channels
- Part of what differentiates Meredith is our expertise in combining and applying the vast amount of interest + intent data we possess. Beyond simply gauging her interest through site visits, registrations, email opt-ins, sweepstakes entries and subscriptions, we make it truly actionable by marrying that information with 200,000 million monthly actions—or intent indicators—across our digital audience and consumer database. Whether she sharing her successes through an online profile, creating a shopping list, watching a how-to video or buying through an online shop, we leverage that data to extend opportunities and drive value for our partners.
- Actual audience data Site and campaign data > better optimize Operational data > what’s working/not
- Talking points: 80% of revenue tied to display Other people selling our inventory (mobile) Perception: “Ad network for women” Race to provide cheap efficiency; we were acting as ad networks, not solutions providers We would never win in that race long-term-- devalues assets and brand equity We have trusted branded with large reach Never tried to “hack” our way to huge scale We became good at SEO, Social and Email - now it’s paying off Takes discipline not to just try to grow at all costs -- everyone out in market touting reach #s And it’s a balance -- still need to be a Top 10 player - 90% ad revenue goes to duopoly, so have to shift share within what’s left
- Digital was an afterthought - separated across 8 business units! Still in the middle of our transformation Loads of assets, under-monetized
- 360 Approach GTM includes all of these offerings Proprietary to Meredith
- 360 Approach GTM includes all of these offerings Proprietary to Meredith