I’m back from a much-needed mini-break so Tuesday is the new Monday, well at least for me this week. Up first today in today’s media newsletter is a review of a talk by Adam Davison, the Head of Insight and Data Science at The Economist. The great write-up by Esther Kezia Thorpe looks at the evolution of The Economist’s paid content strategy over the last 20 years. This really builds on the post I highlighted last week that pointed out that businesses that get better are businesses that get smarter. They are constantly working and refining their model.
The killer quote by Davison was this one in which the business was trying to evaluate the trade-offs to certain business decisions whether that was advertising versus reader revenue or the number of articles that a reader had access to before hitting the paywall. Davison said:
Historically, we’ve not been very data-driven when evaluating these trade-offs basically. It’s been very much sort of…business strategy gut feel, maybe a little bit of data here and there, but probably not used anything like as effectively as it could have been. So I think with this latest transition, I really wanted to try to do this the right way, use data to be as informed as possible when we made this decision.
Inside the Economist’s data-driven paywall evolution, Esther Kezia Thorpe, What’s New in Publishing
Read the whole piece, but the other thing that really stood out was how their data strategy has changed. The Economist has had to break down data silos in their business. They had data and talented analysts across the business, but they worked in isolation.
I have seen this in the work that I do. Editorial teams have data, usually quantitative, but marketing teams often have more information about the habits and preferences of audiences. Both pools of data can be useful to the other team.
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