Data-driven analytics culture is alive and well at b5media blog network. That’s one of the big reasons behind their success, and why they’ll continue to be successful. Whether you’re a content owner looking for revenue, an advertiser trying get more value, or a corporate web analyst, there were some good learnings from Jeremy Wright and b5media at Third Tuesday:
Jeremy Wright, President of , was the guest of honour at tonight’s Third Tuesday Toronto Meetup [In photo*, Jeffrey, left, with Michael O’Connor Clarke].
b5media VC Rick Segal of JLA Ventures was in the audience and also participated. Both Jeremy and Rick were very open and candid about the business model of b5media, its history and future plans (read other comments on meetup site or search Twitter for hashtag #ttt).
b5media publishes over 100 blogs & other consumer-generated content properties. Although b5media is working in a relatively new and emerging area, their analysis of the potential of building out new engaging products, their process for recruiting and managing bloggers, and their approach to building strategic, collaborative relationships with their advertisers are all grounded in solid business management. They try many things, expect to fail often, and learn from each adventure.
Revenue comes from advertising on blogs. They maximize revenue by maximizing value to advertisers. In areas related to leveraging data, these three were especially interesting:
- Behavioural Targeting: It was believed advertisers would like to maximize their exposure to certain niche target audiences. Behavioural targeting (BT) capability was ‘cobbled together’, but this proved to be too complicated for most advertisers.So although there’s lots of talk about potential for BT, there’s not much demand (“maybe 10 advertisers are ready for this”). Sounds like BT is sitting idle because it’s too much, too soon.
- This is New. Keep it Simple: As this is a still a relatively new space, advertisers often don’t know what to budget. b5media has data and experience to identify what’s likely to be successful. So they typically suggest up to three alternative options to measure outcomes and value from advertising, that advertisers can try on for size.In discussing the options, sounds like their advertisers get a great education about how to derive value from blog advertising.
- Teach Advertisers Not to Buy Impressions: Too many prospective new advertisers still want to buy impressions. b5media has the data and takes the time to teach advertisers why buying impressions is not of value. They work with advertisers to identify outcomes of value, and work to deliver those outcomes.
And if you’re able to talk about “outcomes” instead of impressions, you’re likely talking to Marketing and are now engaging more strategic thinkers. This likely means bigger budgets than what a media buyer typically has access to, and the potential for more if you can demonstrate value.
Even though Jeremy was sick with the flu, he fielded discussions for over an hour. Well supported by Joe Thornley for another excellent Third Tuesday., b5media Director, Content. Michael O’Connor Clarke moderated and roved the room well with his mike. Thank you to
Updates – Other reviews:
– Guinevere Orvis
– Joe Thornley
* Photo above courtesy of more event photos on flickr)(