Major issues media industry

The media industry contributes to global economic stability in terms of advertising revenue and broader community goals. Media understands audience interest in a particular topic and delivers content accordingly. The media industry is a broad spectrum and includes print media, news, cinema, photography, television and radio broadcasting, advertising.

Media assists in creating awareness on the social, political and economic conditions of a country. Media delivers knowledge around the world and bridge the gap between developed and underdeveloped countries. Societies and individuals can have access to several consumer goods and services through media advertising. A digital transformation in the media industry will help in operational efficiency and reduce costs. Digitization will also help the media industry gain a competitive edge over its peers by producing targeted advertisements based on audience demand. A digital platform accelerates supply chain workflow in the media industry and initiates timely delivery of products and services. Earlier the media industry had struggled with numerous challenges that affected sales and decreased revenue. Manual reporting processes affected sales performances, lack of communication between print and digital media led to delayed financial analysis and planning, recruitment and retention of trained employees were impossible, managing disparate data was difficult with increased competition, media industry faltered in keeping up with the changing market trends. Besides, miscommunication between clients, media and agencies, an increase in cyber risks with the emergence of new platforms, difficulty in gaining advertising revenue added to the fluctuations in the media industry.

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Salesforce CRM manages improved workflows

Salesforce CRM builds a strong customer base for the media industry. CRM for media industry connects managers, sales representatives, agents and customers over a unified system to ensure customer success. Media companies can create innovative ideas to gain advertising revenues and achieve business goals. Salesforce gets a complete view of the customer over any channel to understand their preferences and deliver the best practices. CRM assists in breaking through data silos to optimize the effects of digital advertising. Salesforce CRM for media companies connects agents and advertisers for quick exchange of information and speed up the sales process.

Big data creates customer centric outcomes in the media industry

Data analysis helps in business profitability in the media industry by understanding audience behavior and by analyzing their interests. This will help in crafting content based on audience preferences and delivering them across multiple channels. Big Data gives clarity on customer likes, dislikes through social media feedbacks, and understands customer subscription choices. Data driven strategies help in targeted advertising with improved visibility on viewer preference and optimizes TRP ratings for a media platform. Live streaming of shows and real time broadcasts delivers a personalized experience to the viewers and ensures high conversion rates. Real time data analysis helps in intelligent advertisement buying by monitoring audience dynamics across various channels. Salesforce CRM for media manages customer relationships with effective advertising tools to reduce the sales cycle and increase the revenue stream.

Managing subscribers and advertisers

Magazine subscribers assist in optimizing revenue operations for the media industry with regular subscriptions and payments. CRM manages the subscription modules and streamlines the payment process. Advertisements contribute to the larger chunk of revenue for the media business. Both electronic and print media manage their advertisements with salesforce.

Improved access to proposals

Salesforce CRM (Customer relationship management) helps to gain insight into past proposals and orders to speed up the funding process. Automation takes the revised pricing lists and makes quick changes in the documents on a unified system for the effective exchange of information between different departments. This helps in aligning sales goals and maintaining media packages across several channels.

Streamlining advertising revenue

Salesforce enhances the ad sales process in the media industry with effective CPQ (Configure, Price, Quote Software) software. This helps in understanding the price lists and discounting process and offers a holistic view of the configuration of the advertisement quotes. Salesforce Customer relationship management for media industry automates the Quote to cash by ruling out data irregularities and errors.

Managing media sales pipeline

Accelerating in-house collaboration

CRM for media industry connects multiple departments over a single system to analyze sales reports and make effective marketing campaigns. Seamless connection of the sales and marketing teams helps in tracking customer data patterns and onboarding new prospects. Personalized marketing campaigns to the existing customers and getting customer feedbacks over any device helps to build stronger connections. Internal teams like marketing managers, agents and sales representatives use AI and analytics to engage with customers from anywhere and win business deals.

Integration with other applications

Seamless integrations help the sales representatives connect with diverse applications to improve sales opportunity and generate leads in the media industry. API led integration tools assists in understanding client needs and boost media revenues. CRM connects customer data and interactions with salesforce applications to manage ad campaigns across multiple media channels to increase ROI and develop long-term customer relationships.

Automated inventory management

Salesforce reduces risks of manual data entry errors in inventory management with CRM software. Easy to use platforms helps in maintaining inventory bookings and free the sales team from spreadsheets to ensure transparency in order management. A centralized dashboard reduces errors in price configuration and improves inventory visibility. Salesforce CRM for media companies optimizes media related operations and enhances business potential by obtaining insights from targeted advertisements and personalized customer reports.

The media industry has received a huge blow due to the Covid 19 crisis. Event cancellations, decline in advertising revenue and reduction in customer spending habits due to social distancing has disrupted the media industry. To overcome challenges and move forward, the media business needs to adopt an innovative digital platform. Digital technology and CRM applications will help create eye-catching content and agile services to enhance consumer engagement and increase productivity in the media industry. To know more watch the video.