3 Rich Data Products Driving Major Profits
As publishers learn how best to position themselves and their products in the digital era, one of the most important realizations has been that new publishing formats can and should complement, rather than compete with, each other. Leading the way into this new paradigm has been the revenue-generating possibilities of rich data (also called business-intelligence applications)—the repurposing/restructuring of content/data that allows companies to use existing expertise and assets to draw existing online audiences back again and again, reach new audiences and realize explosive revenue growth.
With the rise of rich data has come a number of disparate applications tailored to the needs of specific client bases. From practical industry information updated daily by trade publishers to archived data enhancing a consumer magazine’s Web site, rich data has proven an effective way to capture and keep readers. Examples of how this principle has been successfully—and profitably—applied can be seen in Commonwealth Business Media’s PIERS product for the trade and transportation market (and beyond); Forbes.com’s “people tracker” and brand-new Corporate Org Chart Wiki; and McGraw-Hill Construction’s online platform, the McGraw-Hill Construction Network.
Commonwealth Business Media
The East Windsor, N.J.-based information provider for the trade and transportation market has realized significant success by expanding its rich data offerings through PIERS (www.PIERS.com), the leading Web site for maritime shipping information. After purchasing The Journal of Commerce Group (including PIERS) from The Economist Group in 2001, the company expanded the capabilities of the PIERS service, implementing in 2002 a commercial marketing strategy that has successfully raised its visibility as a market resource by repackaging existing products and creating new ones to drive demand outside the shipping sector.
PIERS’ formula is built on a foundation of public information available through the U.S. customs service—the bills of lading that all shippers must fill out before entering a U.S. port. The information collected was used for many years almost exclusively by seaborne carriers to calculate market shares, plan routes and set prices, according to Commonwealth Business Media (CBM) Vice President of Marketing Lisa Wallerstein.