Big Data: More than Just a Buzzword
So far, publishing has been based on a combination of instincts and sales & subscription figures. The sale of a book or subscription of a journal was noted, but there was no information beyond that. There was no way to know whether the consumer read the book or not, started reading it but left it midway or simply did not open it. Today, things couldn’t be any more different.
The trend of going digital has made it essential for the scholarly publishing industry to become more data-driven. Publishers are making use of sophisticated and useful analytics solutions to measure the effectiveness of their research articles or journals and make smarter decisions. Analytics solutions will help publishers understand which article, research paper or citation is being viewed or downloaded the most and which ones have received less response.
You can track the level of engagement of the consumer and know how much time he/she took to complete reading, which page took a longer time, which sentences were highlighted, and more. Publishers are analyzing this data to understand what worked and what didn’t and are optimizing their content for maximum profit.
Big data also helps you know your customers better, in terms of reading preferences, age, gender, real-time location, etc. Once you analyze your customers, you can deliver highly personalized content. Customized content not only has higher chances of converting into a sale but also delights customers. You can mail your target audience articles or abstracts that are relevant to their research/focus area or offer attractive discounts on new journals related to their field.
Publishers are increasingly realizing that big data is more than just a buzzword; it is a powerful tool that can help boost sales and increase revenue.