How does a market analysis firm prove to its subscribers that it offers them great value for money and saves them time? The quality of its analysis might be high, but beyond gathering anecdotal feedback from users, how does it prove to subscribers that it’s meeting their needs?
A lot depends on the way the market analysis publisher interacts with its subscribers. If it supplies content as PDFs, spreadsheets, or other documents that can be emailed or downloaded, the firm will be able to establish subjects in which the customer is interested, but that’s about it.
What they don’t know is how useful the document was, how it was used, how many people read it, and scores of other ways the subscriber might have interacted with the content. Establishing this level of detail will take lots of time-consuming and costly follow-up calls or interviews. Even then, the firm can’t be certain that what they’re being told is 100% accurate.
This information void makes it hard for the publisher to prove that its content is useful, used widely and that an investment in it represents good value for money.
Usage stats are key. If a market analysis publisher can provide reliable data, not only can it prove its value to the customer, it can legitimately enter negotiations expecting not just to renew, but to enhance the relationship through tailoring the packages it offers to meet the specific needs of each account.
Here are just a few examples of the insights usage stats provide, which can be invaluable during renewal discussions:
- Which users accessed content
- What content was accessed
- How frequently the content was accessed
- Most popular search terms
- Most popular content
- What content was shared among users
- Whether any communication existed around particular content
- Most favourable formats
- Key categories and topics
- The ways content was re-used once it had been accessed
- The numbers of hours in-platform content and workflow tools typically saved users
Of course, a market analysis publisher won’t be able to gather data like this unless it uses a smart platform to manage its content delivery and user access. Such is the growing need to provide clients with detailed information on their usage, however, it won’t be long until all publishers are compelled to start using a platform that enables them to demonstrate their usefulness to subscribers.
In addition to simply being able to provide detailed usage feedback, publishers will start to rely on this information, so they can assess the use of their platform and constantly provide the best possible service to their customers.
These requirements mean that within around five years, either through attrition or innovation, the businesses that make up the market analysis sector will be dominated by those who can provide customers with both high-quality research and detailed information on how that research is used.
An account manager who can establish what content has been accessed by users – and their engagement levels – is well-placed to accurately convey to the customer the value of the service they enjoy.Kellie McMillan Client Relationship Manager Content Catalyst
4 Key questions to answer for successful analytics
1. Can you understand who your active users are?
To fully understand your content usage, you should be able to see every single action a user has taken on the platform, including logins, searches, downloads, and even what part of the document has been re-used.
2. Can you review which content is popular?
Using the information gathered from your analytics, you should be able to understand which topics are most popular and be able to use this information to write content in the future based on demand.
3. Do you know if you are missing potential leads?
If you can see which users have tried to view a report they do not have a license to you can then reach out to offer new sales opportunities.
4. Do you understand true subscriber value?
Looking at the usage of many users within an account will prove the value of the content when it comes to retention of the account. If the content is simply downloaded then shared with other team members you miss that important usage information and don’t understand the true value of the account when it comes to the renewal conversation.
See how Content Catalyst’s Analytics features can transform your usage analytics reporting.