How Publishers Can Develop New Products in Strategic Partnerships
posted by Daniil Tarakanov on 30.11.2020
When it comes to designing a new product, it’s important for developers to focus on innovations that will resonate with their target demographic.
This is easier said than done, but by analysing audience behaviours and gaining insight into purchasing decisions, it’s possible to uncover gaps in the market and establish products which will make a definitive impact.
Today’s markets are flooded with modern innovations, so its essential new products can address market needs or voids.
With the help of publishers like yourself, companies can better understand what motivates consumer purchasing, especially after a thorough market analysis has been performed.
When a publication specialises in a niche, they can analyse audience behaviours and sell their insight to strategic partners. Publishers are better positioned to understand topical trends, meaning it’s wise for companies to consult with those who have critical information.
For example, if you work for a gardening magazine, you’ll have advanced insight on which of your articles are garnering the most interest. If you notice readers are particularly interested in fighting weeds in a particular way, this insight would be useful for Resolva, who could leverage the information to create stronger weed killers.
This is where strategic partnerships can be mutually beneficial.
But as a publisher, how exactly can you help to develop products for a given demographic?
Let’s take a look at some recent examples of companies thriving in strategic partnerships, something which should motivate you to consider options like these.
How Can Publishers Help Develop New Products?
As a specialist within a particular field, the chances are you have considerable knowledge which can be used for the benefit of many interested parties.
Let’s take a look at Buzzfeed as an example, a company with an advanced understanding of themes, content and stories which others find interesting. Alongside continuing to offer value to an established audience, Buzzfeed is now using what’s been built to help strategic partners develop new products.
Buzzfeed is positioned to help others increase brand awareness and interest, a huge incentive for others to capitalize on its wealth of knowledge.
As a publisher, it’s important to conceptualize strategic sharing as a means to increase revenue. The more revenue you receive from helping partners grow, the more you can reinvest in your business operations.
Walmart recently teamed up with Buzzfeed to license the collaborative cookware brand Tasty. This is a great opportunity and mutually beneficial arrangement, where Walmart can leverage the intellectual property created with Buzzfeed’s new platforms, as Buzzfeed gains exposure and financial success.
Tasty can be promoted using Buzzfeed’s innovative media outreach, generating a successful outcome and providing inspiration for publishers that have the knowledge to help others grow.
How Exactly Can You Gain From a Strategic Partnership?
Let’s use the above Buzzfeed example to illustrate how you can gain from sharing your ideas with a strategic partner. Buzzfeed earns licensing revenue when Walmart uses its trademarks, alongside receiving product development fees for its efforts.
As a product development innovation partner, you can bring ideas to the fold based on the trends you regularly witness and capitalize on yourself. Sharing this knowledge can be empowering, where audience rich insights can help to forge multiple product lines if you collaborate with the right people.
Helping marketers solve tough challenges will be rewarding, even when what you’re sharing might seem like common knowledge to you. Diversify your business while developing products which will bring value to the lives of a target demographic.
Also, working on a new product line will undoubtedly help when it comes to marketing your own brand, as you discover new, innovative marketing methods along the way, and generally, expand your business operations.
Exploring new ideas can inspire you in ways you never could have imagined.
Establishing a Smart Collaboration: Data Driven Insight
Today we’re seeing many collaborations between retailers, brands and restaurants that leverage considerable big data analytics to enhance decision-making.
Utilising modern technology like AI and advanced knowledge of social sharing, companies can combine multiple information sources for maximum benefit. Let’s take a look at the collaboration between Subway and Tastemade.
Tastemade is a highly popular online recipe platform, with an advanced understanding of new food trends. The company is providing new insights for Subway to guide the development of a new sandwich. Understandably, this is a great arrangement for both.
Spotify has also made news for its creative partnership with Starbucks. The arrangement aligns customer’s musical interests with coffee preferences, where consumers can determine which roasts of ground coffee to try based on flavour preference correlations with listening habits.
How exactly does this work? Well, different ground coffee ads were shown to consumers based on the type of music they like most. Listeners with a dark and moody taste were shown dark roast ads, whereas upbeat music listeners saw light roast ads.
This advanced, collaborative approach is not dissimilar to the type of business relationship interested parties can build with a company like levels.digital. Advertising experts have a vast swathe of knowledge to share with those who need it most, and with more and more data arriving at our fingertips, advanced level decision-making becomes much easier.
What Can You Take Away From All This?
Looking at a case study written by Damian Radcliffe for What’s New in Publishing (2020), he says “Platforms like BuzzFeed, Tastemade, Spotify and Pinterest are expanding their business models and core competencies, applying their predictive analytics and trend insights to generate innovative new product ideas for strategic partners.”
Tapping into the collective insights generated by firms like levels.digital is a great way for companies to expand business operations. As a publisher, you should become open to the idea of offering your understanding of social trends, and your huge databases of information which can be used to segment based on target personas.
Innovating strategic product ideas for strategic partners is possible when you have considerable information at your disposal, where you can expand your business model and core competencies via predictive analysis and trend analysis.
Revenue streams are constantly being created as a result of data and consumer knowledge. This provides the backing and reassurance for business partners, where the odds of creating an impactful product increase greatly.
More relevant products and experiences for customers is a win-win!
levels.digital is a full-service design and technology agency that specialises in creating innovative solutions for publishers. These can transcend your business model while adding significant value to your audience and advertisers.
If you think we can help your business, please contact our founder Daniil Tarakanov at firstname.lastname@example.org.
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