The media sector is evolving in response to changing consumer preferences and technological advancements, which are influencing business intentions.
Strategies for targeting these business intentions involve understanding the media industry, developing strong relationships with key stakeholders, and offering tailored solutions.
Learn more about how sales intelligence can align its solutions to media companies’ business intentions, enhancing content, distribution, and monetization capabilities.
The deals in the media sector totaled US$ 46 Bn in the second quarter of 2023, an increase of 77% over the first quarter but a decrease of 41% over the second quarter of 2022. There were 455 M&A deals recorded in Q2 2023.
Media companies must be data-oriented to fulfill their business intentions like the above example (deals) to enhance their platforms and content.
What are the business intentions, and how can sales teams target them?
Business Intentions in the Media Sector
Sales teams must know about the top business intentions they can target in the media sector to effectively deliver tailored solutions to prospects.
1. Digital Transformation
Media companies are adopting digital technologies to enhance their operations, improve consumer experiences, and generate new revenue sources with streaming services, podcasts, interactive experiences, virtual reality, and video-on-demand.
This could include incorporating data analytics, automation, AR/VR, AI, and ML to personalize content and improve use preferences.
For instance, NBC News targeted consumers with content and alerts specific to their location for U.S. elections.
Sales teams must keep an eye on industry demands and technological advancements to portray their offerings as industry-innovative solutions.
They can facilitate collaboration between tech and media organizations to create cutting-edge solutions and gain a competitive advantage.
2. Expansion Plans
Many media organizations want to grow their businesses and enter new areas. Sales professionals can position themselves as partners in attaining these goals by providing solutions that assist growth and scalability.
It is critical to demonstrate how their products or services support the company’s expansion plans. Offering infrastructure solutions for new offices or technological upgrades, for example, might be enticing proposals.
Sales teams can investigate the potential for licensing, franchising, and foreign expansion to reach a diverse audience with content tailored to local interests and cultural subtleties.
3. Mergers and Acquisitions (M&As)
M&A is widespread in the media industry. Sales teams can target this business objective by detecting possible industry M&A activity. This entails staying current on industry news and trends.
Sales teams can become effective partners for media firms facing such changes by positioning their products or services to complement M&A efforts. During M&A talks, developing good ties with key decision-makers can lead to mutually advantageous partnerships.
4. Diversification and data
Media companies must explore subscription models, paywalls, events, retail sales, and e-commerce to diversify their revenue streams. This reduces reliance on a single source like advertising and gives a more stable financial foundation.
Understand audience behavior, preferences, and trends by using data analytics. This data can be used to guide content creation, distribution methods, and the development of individualized user experiences.
5. Regulatory Compliance
Compliance with industry standards is another critical economic goal for media organizations, particularly given the changing landscape of data privacy and content rules.
Sales teams should take the time to learn about the specific legislation and compliance standards that apply to the media industry. They can then provide services or products to help achieve these compliance criteria.
How To Target Business Intentions in the Media Sector
Sales teams in technology companies can play a critical role in assisting media companies achieve their business objectives in the ever-changing media sector.
1. Understand the media industry:
Sales teams must be well-versed in the complexities of the media industry, from content development to distribution methods, target markets, audience demographics, industry news related to M&As, diversification and data initiatives, and regulatory issues.
Enterprises use Draup’s Account Intelligence solution to learn about key initiatives of prospects and customers, explore their key programs and their partnership ecosystem so sales teams can shortlist prospects against key account metrics.
2. Develop relationships with key stakeholders:
Sales teams must have strong ties with department heads and key stakeholders like technology head or operations head in media companies. These contacts can help you open doors and manage complicated sales processes.
Using insights from Draup’s Account Intelligence solutions, sales teams in Fortune-500 companies have created an open line for regular interactions and collaboration with prospects and customers.
3. Offer tailored solutions:
Sales teams must tailor their sales pitches and proposals to each media company’s individual business goals and challenges. So, developing relationships with key stakeholders will also help in tailoring solutions and pitching them to their team.
Sales teams have explored technology use cases across 1,300+ product segments with insights on an enterprise’s IT adoption trend and usage metrics. With an understanding of the target accounts, they are able to design solutions and products tailored to their objectives.
Sales Intelligence to Identity and Fulfil Business Intentions
Sales intelligence platforms can help technology sales teams uncover business intentions in the media sector. It can detect new objectives like as product development, mergers and acquisitions, partnerships, events, and negotiations, among other things.
Sales teams can use these insights to propose personalized solutions that fit with the recognized intentions.
Furthermore, sales intelligence allows for competition analysis, which allows sales teams to identify where media businesses want to achieve a competitive advantage.
Customer insights can aid sales teams in keeping track of industry trends and technical breakthroughs aid in positioning technology offerings following media trends.
Draup for Sales, a sales intelligence tool, curates intelligent and actionable data about a company based on its present digital products/services and requirements.
These strategic signals can help service providers create tailored niche sales engagement proposals that appropriately satisfy the digital goals of their prospective clients.
Sales teams can use the information about M&E to reach out to corporate executives and present more distinct options that can improve their content development, distribution, and monetization capabilities.