Go BIG on Data! Why Publishers should Harness Big Data
Publishing is gradually evolving from being an intuition-driven industry to becoming a data-driven industry. Until recently, the only data publishers would analyze was sales data. Today, big data is making inroads into every industry, and for good reason.
Know Thy Readers
Big data makes it possible for you to know your readers inside out. Besides getting basic demographic information, you can also derive specifics such as your readers’ buying patterns, reading preferences, their level of engagement with a particular book, their general interests, and more.
Know What Sells
When we talk about the engagement levels of readers, we are talking about very specific data. For instance, you can understand how fast your reader completed a book, how many books were left mid-way, and how many were purchased but left unopened.
Knowing your readers, what sells, and more importantly, what does not sell, will help you deliver highly personalized content. It paves the way for targeted promotions that have the potential to yield better results. For example, if a reader is interested in thrillers, then recommending other genres will not work. But offering a small discount coupon on thrillers could possibly do the trick.
Make Smarter Decisions
Analyzing big data can help you make smarter editorial and business decisions. If you find that people of a geographic area prefer a particular genre, then you could deliver more such content to them. Or if you find that you are publishing content that is not currently trending, then you can modify your content strategy. Making such decisions will enable you to capitalize on market demand, thus increasing your sales with minimum risk.
Although publishers are aware of the many advantages of harnessing big data, most fail to deep dive into these uncharted waters. To make your job easier, there are solutions and professional analysts who help you make sense of the large volumes of structured and unstructured data. Utilize these solutions to sift through data sets and derive what matters to your business.