Why publishers of market analysis should use analytics to prove value to their subscribers

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?

Interactions

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.

Rich information

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.

Kellie

Kellie McMillan
Client Relationship Manager
Publish Interactive

“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.”

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 Publish Interactive’s Analytics features can transform your usage analytics reporting.

Analytics

Track user behaviour to assist with retention and enable upsell opportunities to existing customers and new prospects

Closing the deal: The life science market analysis firm harnessing Publish Interactive to increase sales

ScienceandMedicine

Science and Medicine Group’s sales team rely on Publish Interactive’s customer intelligence features to understand subscriber behaviour and content engagement

SMG

Science and Medicine Group, Inc. is a leading research and advisory firm serving the life science and diagnostic industries. It owns a proprietary, international community of more than 55,000 scientists and biomedical researchers to provide insights that grow businesses and move markets.

Revenue-generating insight

Science and Medicine Group uses the Publish Interactive platform to publish and deliver between 50 and 100 market reports a year which account for around 30% of the firm’s revenue. The market analysis firm benefits from a software system that not only enables it to attract new customers but also for the commercial team to have solid insight into customers and their use of high-value content.

Devin Holland, Science and Medicine Group’s Director of Business Development, finds that the Publish Interactive system successfully helps drive customer growth and create cross-selling opportunities. The platform enables the sales team to glean invaluable client insight through user analytics, allowing them to quickly transform their customer engagements into further revenue. “The strong usage reporting abilities of Publish Interactive are probably one of the most useful elements harnessed by the sales team to both cross and up-sell customers to additional products in our research portfolio,” he said. “The site enables us to monitor and identify the number of overall reports accessed, to see which content areas are of most interest and who is requesting access to them. The more insight we have, the easier the conversation is with our client,” added Devin.

“Understanding customer research trends using Publish Interactive’s enhanced analytics capabilities means we can continually fine tune our offering to build trust and reliability, to further reinforce our position as one of the leading research resources in the life science industry.”

Simon Hodson
Devin Holland
Director of Business Development
Science and Medicine Group, Inc.

High returns & reaping value

The usage stats reporting is also something the sales team leans on heavily for leveraging the value a customer has gained from using the platform. This is particularly effective when approaching clients regarding subscription upgrades or renewals. Even during the 2020 pandemic, Science and Medicine Group had over a 90% subscriber retention rate.

Devin explains: “Having the usage stats to show clients the value they receive from Science and Medicine Group’s content – which is usually between four and five-fold their spend – as a resource for their work is incredibly valuable and often makes a potentially tricky sales conversation pretty easy. We are able to make data-driven arguments that buying our content is a necessary part of our clients’ (now more limited) budgets and means that, if required, we can use this data to justify the price they pay for access. For example, we are seeing the same scenario across many clients where a department has purchased Science and Medicine Group’s content but it is actually being used by their whole organisation. Usage data is vital in justifying an acceptable fee increase for company-wide licenses.”

Devin added: “We find that using the platform for our own internal use not only generates revenue but also gives us a significant competitor advantage. Customer intelligence really is pivotal for the purpose of driving our future growth. Understanding customer research trends using Publish Interactive’s enhanced analytics capabilities means we can continually fine-tune our offering to build trust and reliability, to further reinforce our position as one of the leading research resources in the industries we serve”.

Success benefits

  1. Successfully help drive customer growth and create cross-selling opportunities
  2. Enable the sales team to glean invaluable client insight through user analytics
  3. Quickly transform customer engagements into further revenue
  4. Use analytics data to justify the price paid for access
  5. Using the platform for internal benefits also gives a significant competitor advantage