Are you excited to grab an opportunity offered by an idea of Audience monetization?
But don’t know where to start?
Nothing to worry! Here all you need is your audience data. With this, you can go ahead with monetizing your traffic irrespective of your business size.
Top brands are already practicing it, and it became popular in the market.
In light of this, Audience data monetization has given a new scope even for web-startups.
Being the owner of a huge amount of data, most of the business owners are still unaware of the audience monetization concept.
If you are also one of those, don’t worry, we are here to build confidence in you to start with audience monetization. By clearing the most probable questions, you might get by starting with it. Like-
- What is Audience Monetization?
- What are the Key Drivers of Effective Audience Monetization?
- Steps to Follow for Audience Monetization
- What Factors are Making the Audience Monetization to Fail?
- Example of Audience Monetization Platform to Leverage Maximum Benefits
Let’s get into the deep drive of audience monetization!
What is Audience Monetization?
It is the concept of generating revenue out of your audience data.
This concept emerged with the evolution of data in the online market—this you can achieve in a variety of ways such as Facebook audience network monetization.
Almost every company is making an amount of data based on their interaction with the customer on various channels. And it has paid the way to get the advantage of it.
How effectively you can monetize user data basically depends on customer experience. Here all you need is-
- Your product or services aligned with the customer demands,
- Good customer service,
- And your business priorities change with the customer automatically.
Ultimately, the more you satisfy your customer and gain their loyalty, the more willingly they share their details with you.
That, in turn, results in gaining better insights into your audience data. And build confidence in you to offer the right product/service to the customer at the right time.
Most importantly, you can utilize this audience data in monetization platforms.
Now you are clear with the concept of audience data monetization from its definition.
Now let’s dig a little deeper into-
What are the Key Drivers of Effective Audience Monetization?
- The nature of the business model you practice.
- Quality or type of product or service you offer to your audience.
- The platform you make use of for generating revenue from your audience data.
- Channels you use to grab your customer’s attention or to provide customer service.
- The type of technology/software/tools you employ for your customer data management.
- The quality of audience insights you have.
- Most probably, the budgets you have for maintaining your audience data.
- The technical infrastructure you have in place.
- A single view of your customer or customer-centricity.
- What are the data privacy and security measures you take to protect your audience data?
- Your ability to adopt any off-platform strategies.
- The level of customer satisfaction, loyalty, engagement, and retention rate.
- Relevant traffic to your website.
- How promptly you’re adaptable with the changing digital landscape?
All these are the common factors that drive effective audience monetization. It even helps you, in the long run, to generate a good ROI from your existing and future audiences.
But first, regardless of the level of understanding, you have of your audience. You must have a step by step plan to get success in that. Let’s look into this-
Steps to Follow for Audience Monetization
Revolution in technology and dynamic nature of customers forcing the brands to reconsider ways for audience monetization.
Look into this stat: 63% of millennials use ad-blocking technology. (Source: Adweek.com)
To put it in another way, it’s enough to say that technology has entirely changed the way customer access and consume media content.
Now it’s become a challenging factor for the marketers to focus on how to monetize your traffic more appropriately.
Most probably, the solution should build a deeper, long-lasting relationship with a customer, not the temporary one.
Here are the important steps to consider:
Understand Audience Interests and Behaviors
When we say targeting audiences based on segments, the first thing that comes into the mind of advertisers is demographic or firmographic details.
But, we have so much more that can be gleaned in a world of digital data consumption. That can help you target beyond your expectation on a precise level of information.
Getting clear insights into the audience data is a powerful tool for advertisers to reach their end goals.
Consider an example- where we know complete details of a particular person, his/her exact age, gender, mode of payment prefers, preferable brand, budget, and many more details.
Isn’t it beneficial for the advertisers to target the audience based on their needs with the right offers and at the right time?
Here you have endless opportunities to reach your customer expectations with a message of their point.
Acquire a Single View of the customer
Usually, audience data come from various departments, sources, and channels.
To get better insights into customers, the companies must have a single view of the customer . That adds all the details of the particular customer in a single place like their-
- And other precise levels of information that is 360-degree coverage of the interaction of the customer with the brand.
A recent survey conducted by Folio found that 71% of the pioneers in the advertising industry assume that customer data management is the magical-mantra to create and monetize media products.
Trigger the Right Response
Once you have completed the behavior pattern of your customer in one place, now the next step is to work on uplifting their engagement rates.
For this, you need to reach your audience with the right product/service with a compelling message at the right time.
All this helps the brands to reach their end goals. As per superoffice.com, 86% of purchasers are willing to spend more on great customer experience.
It shows that, customers who hold trust in your brand will share more details with you. With this in mind, you can take this as an opportunity to use it in various ways that will be win-win for customers and companies.
Tailored monetization mix
To deliver the highly personalized customer experience, you need a truly tailored monetization mix. Thus, it can be performed by deploying a combination of approaches, touchpoints across the customer journey and revenue streams.
Here are some examples-
- Personalized advertising experiences
- Native advertising experiences
- Direct data sales
- Indirect data sales — a second party.
- Paid content
Now you have cleared with how to monetize your traffic, but planning is not the end, you need to implement the same, under which you may come across various challenges.
What Factors are Making the Audience Monetization to Fail?
Not adhering to your word.
To explain, when you have given the word to your audience in your policies, the company must stand on it.
To put it another way, your existing customer is loyal to you just because of the quality of the product or service you deliver to them and the way you are taking care of them.
Notably, if you’re using audience monetization strategies that betray the trust of your loyal customers, then your loyal customers feel that –the company wants to earn at my expense . Most probably, for this, you end up with a loss of your customer trust.
On the positive side, you may find in the market a range of customer data platforms that ensure to drive massive traffic continuously on your website.
It ultimately doesn’t imply it can be monetized effortlessly. In a word, false targeting is the primary reason for losing your customer trust.
In the final analysis, false targeting your customer when they are not at all in need of that product or service that creates a sense of disturbance in customers.
They might feel why I’m getting this type of ads when I don’t need such products.
What could be the possible way-out for it?
Despite these hurdles, there is still a possibility for effective audience monetization. When you make use of the right monetization platforms that can breed positive feedback, and relatively drives your revenue.
Here’s an Example of Audience Monetization Platform to Leverage Maximum Benefits
To demonstrate, DigitalKites is one of such monetization platforms that provides an end-to-end solution to your audience monetization challenges.
DigitalKites core product that is Audienceplay, has three features – Audience segmentation, extension, and monetization.
Using these features, you can easily generate revenue from your audience data by adhering to the data privacy and protection policies.
Here, you need to upload your CRM audience data into the Audienceplay dashboard, then segment your audience data based on some factors.
Here, you can target and run campaigns on your audience segments beyond your website/app even though they are not active on it.
Here you can perform the following-
- On the whole, you can integrate all your audience monetization operations in one place.
- In brief, you can monetize your audience data by targeting segments from your ecosystem. That is, it activates you to generate revenue by sharing your segments to your programmatic seat that enables you to carry out campaigns for your partnered brands. Even if you don’t have your programmatic seat, Audienceplay can help you.
- Even you have the option to monetize your audience by retargeting your segments with the most personalized campaigns to meet your business goals.
- Also, you can monetize by audience exchanges with the global brands & agencies and other audience purchasers in a transparent manner.
- Additionally, you can generate revenue by sharing your audience segments with the programmatic platforms of your partnered agencies & brands.
Key Takeaway for Audience Monetization
To conclude, Audience monetization given a new scope for the business to generate income. In fact, most of the companies are still unaware of the power of audience network monetization.
As can be seen, by its name itself determines its process of generating income from audience data.
In the long run, the effectiveness of audience data monetization all depends on the key driving factors of your business.
What it all needs is considering every step you take towards audience monetization. Definitely, while putting it into practice, you may encounter some challenges not handling correctly will cost you.
For this, you need to search for the monetization platforms that is a one-stop solution to tackle all your audience data monetization challenges.
All things considered, Audienceplay is such a platform, with features you are in search of for monetizing your traffic. Along with additional features of audience segmentation and extension and many more benefits to brands.
Another key point is before adopting such monetization platforms, many of us will worry about privacy and security measures. That’s obviously a mandatory thing to look for while handling audience data. Under those circumstances, Audienceplay audience monetization will stand beyond your expectations. Don’t wait, try it now!