The world is being re-engineered as a digitally forward community. Rapid technological innovations have produced several ground-breaking implements that enable businesses today to create a positive impact on the community.
More specifically, the K12 education industry has mastered the utility of digital technologies in disseminating learning in more efficient and effective ways. However, education and publishing businesses must also focus on steering their finances in the right direction in parallel when working with novel technologies.
Much like Bloomberg uses AI to identify patterns and prevent fraud in its financial operations, and The New York Times leverages AI to provide personalization, other publishing businesses must also follow suit and leverage their Big Data towards financial enlightenment.
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Influence of Data on the Publishing Industry
Big Data provides valuable information about what your readers prefer to read, their behavior on your business’s digital channels, their patterns of engagement, and so much more.
As a K12 publisher, it is important to cater to the reading preferences of your target audience – without Big Data and analytics, achieving this is hard. While superficial analytics can reveal information like page views and clicks, the true financial potential of your content will be unlocked by deeper, data-driven insight for publishing through analyzing Big Data:
- You can understand your readers’ time on the page, an insight that indicates their interests and engagement.
- The scroll depth on a page indicates how far a reader reads published content, helping you understand where the disengagement occurs.
- You understand a reader’s preferences by analyzing historical selections and patterns and polishing recommendations to suit their taste. This helps maintain member retention to create stable revenue streams.
Big Data vests several more advantages to the publishing industry that can be easily achieved through in-depth analytics.
How Can Publishers Leverage Big Data: The Question of Finances
Big Data has a significant sway on publishing business finances. Connect this statement with a relatable example: content publishing platforms depend on subscriptions as a major and stabilized revenue stream. If they don’t provide users with content they are interested in, the subscription rates will drop. Analytics empower publishing houses to tailor-fit an entire reading experience to a user’s moods, preferences, and experimentation bandwidths. In return, users remain engaged and subscribed to services, streamlining the revenues for the publisher.
Penguin Random House publishers set an example of leveraging a combination of analytics and machine learning on their Big Data to determine the selling price of their printed books for the starting run. This is just one of the ways in which data analytics have a direct impact on a company’s revenue stream.
One of the major trends that drives reader engagement today is content personalization and recommendations engine. Big Data analytics empowers publishers to automate market research operations that reveal key insights regarding the topics, genres, themes, or trends that are ongoing and popular. K12 Publishers need to incorporate AI-driven analytics into their business intelligence systems to understand reader demographics and engagement metrics. Catering preferred content to existing users is a foolproof strategy for customer retention and acquisition as well.
Big Data analysis helps publishers measure the potential success of publications in the pipeline based on aspects such as trending genres, target demographics, and more.
Publishers can also gain insight into the type of content that brings in the most revenue at the end of the year, helping realign the publishing efforts and focus areas to maximize that revenue stream.
The financial impact of analytics is evident in the publishing industry. A Deloitte report, albeit a little dated, reports that the digital newspaper publishers experienced a boost of a little over 1% in revenues with a growth of about 10% in their web traffic. These numbers are an average of four markets in the newspaper publishing industry online.
The report also stated how data analytics had an impact on the revenues based on referral traffic. Referral traffic was found to support about 6.2% of the publishers’ revenues in the research conducted.
Big Data analytics provides publishing houses with necessary metrics that enable the orientation of all business operations towards a common goal. Through streamlining the following aspects, analytics can help businesses boost their revenues from digital publishing:
- Personalization of content
- Improvement of channel user experiences
- Recommendation relevance
- Market research
- Improved pricing and packaging of content to maximize revenues
- Better cross-selling and up-selling opportunities
A thorough understanding of the raw data a publishing house generates businesses design more efficient and targeted marketing strategies. Marketing refinement unlocks acquisition opportunities through studying consumer data and behavior analytics, enabling focused advertising to the right users at the right time.
Furthermore, data analytics can drastically improve processes like advertisement campaign design and promotion personalization, helping publishers capitalize on lead generation and capturing opportunities equipped with accurate information.
Considering the digital evolution that the publishing industry has undergone, the nature of supply chains has changed. Data analytics provides predictability on price fluctuation, logistics status, and other impacts that socioeconomic factors cast on the market.
Publishing houses can better prepare for adverse situations by realigning their efforts right in time so as to not interrupt their revenue streams or remain functional through alternative revenue streams, at the very least. A good example is the disruption of logistics that occurred during the pandemic, impacting the supply of raw materials for printed publications.
Digital avenues opened up for publishers, enabling business furtherance. Data and analytics came next, providing publishers with the necessary insight required for smart, data-driven decision-making for the future.
KITABOO Digital Publishing: Making an Impact
Digital publishing has emerged as an agile, resilient form of delivering content to the world. It is sustainable and is associated with lesser long-term costs as compared to print-based publication.
K12 Publishers require access to robust digital publishing platforms that enable content creation, enrichment, management, security, distribution, and analytics on the same dashboard. KITABOO is a digital publishing platform architectured for performance, especially for the K12 education industry. Interactive digital publishing empowers publishers with handy features like customer onboarding, license management, usage analysis, book management, and more.
KITABOO is integration-ready, with a variety of connectors available in the package. You can request for an SDK to have it embedded inside your systems. The interface is fluid and easy to use, enabling faster deployments and flatter learning curves. KITABOO can power your publishing operations with AI and data-driven insights. Visit the website to learn more.
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