In recent memory, no event has had the effect that Covid-19 had on the whole world. It affected every aspect of human interaction and every sector of the economy.
Media companies, too, were not left out. The lockdown forced many to change the way they operate and connect to users. A studyby Alexander Group reveals the five strategies common to thriving media companies post-pandemic.
Capturing the Advertiser and Agency Voice
Media companies are pitching products on behalf of third parties and more than ever, understanding the perspectives of that third party is critical. This makes it easy to understand the perception and needs of the stakeholders.
Voice of advertiser and agency (VO2A) enables the media companies to have a clear idea of how customers and partners perceive a company. Thus, they can use the information to market the company and engage the stakeholders. However, Alexander Group discovered that only 35% of media companies implemented actionable VO2A processes and strategies.
Opportunity Planning based on live Data
The markets are constantly evolving. But unfortunately, as the research discovered, most media companies don’t operate in a way that makes it possible to capitalize on market shifts quickly.
Most media companies cannot identify and prioritize their best-selling products because they don’t rely on relevant data that could help determine what’s currently driving growth and engagement. Media companies need to effectively analyzecurrent trends and historical data for their opportunity planning. This makes it possible to identify new growth areas quickly.
Account Managers and Overlay are becoming more Important
In the past, account managers only served support roles, but that’s no longer the case. Advertisers now want dedicated account managers assigned to their campaigns to monitor and optimize them for the best ROI possible. Another role that has become equally important is an Overlay specialist.
There’s now a need for a continuous relationship between the business and customers. As a result, the leading media companies prioritize these roles and equip them appropriately for the functions.
More Focus on Teams Than Individual Players
Gone are the days when one individual does all the work needed to land an account. Now, it’s more of teamwork. Companies are now working with teams and focusing more on collaboration. While doing that, they are also restructuring wages and compensations.
According to the research, more media companies are now combining individual and team goals for critical roles. However, achieving the desired results requires the right approach.
Revenue Operations is the Data Science of Sales
Another noteworthy thing in the research is that leading media companies are now focusing on revenue operations. There, they can identify opportunities for more productivity. These companies are building their revenue operations team and equipping them to be more effective.
These five areas distinguish the leading media companies in the post-pandemic economy from the rest. Any team that wants to succeed in the sales sector will also have to adopt these strategies and integrate them into their operations.