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What happens when sales, marketing, customer service, and finance departments function in silos?
For one, data gets fragmented and nobody works based on a single source of truth. This leads to companies missing opportunities to generate additional sales and revenue. Sales cycles for deals also become longer. Poorly conceived product and pricing strategies could also lead to losing out to the competition.
This approach is manifestly unsustainable!
A unified approach is called for to address these challenges. In such a approach all these functions work together to increase sales and earn profits. In a nutshell, we are talking about Revenue Operations.
Revenue Ops is a strategic approach that helps sales, marketing, customer service, finance, and other business units collaborate to generate more revenue.
It helps companies improve operational efficiency, unify data, identify new revenue streams, and make data-driven decisions to grow business and earn more revenue.
Revenue Ops is gaining significance in industries struggling to earn revenue due to the changing business landscape and growing competition. One of them is the media industry.
The Challenges Of The Media Industry In Revenue Management
The media industry is no stranger to competition and changes.
Even the biggest media brands are struggling to mazimize their revenue stream and reduce operational costs. Rising programming and production costs, competition from new and existing media houses, and fragmented customer service have made generating revenue an arduous task for the industry.
Here are some other challenges they face:
1.Over-reliance on legacy systems
Most media publishers still rely on multiple spreadsheets to track and analyze revenue. Given the complexities and current data volumes, legacy systems like Excel cannot handle them efficiently. This makes it difficult for decision-makers to collect, track, and analyze revenue data from different demand partners and present it to higher management.
2.Silos between different teams
Since all the teams work separately, gathering ads, sales, and revenue data takes time and effort. There is no single source of truth that the teams can access to make decisions, leaving the media publishers with no clear or accurate picture of their revenue.
3.Revenue management issues
Publishers earn ad revenue from various sources, such as direct campaigns, programmatic revenue, and content syndication. However, with this data dispersed across multiple systems, getting a complete overview of essential metrics like revenue, effective cost per impression (eCPM), fill rate, and discrepancies become challenging. They have to manually download and consolidate spreadsheets from different platforms to track the revenue generated. This manual process prevents them from identifying revenue management issues or developing strategies to boost their ad revenues.
4.Campaign management challenges
Every platform, whether Demand-side platforms (DSP), Supply-side platforms (SSP), or ad exchanges, has different advertising compliance rules and stringent operational requirements. This makes it difficult for media publishers to manage and optimize campaigns across various platforms and earn revenue. They cannot choose the platform that would yield maximum returns.
5.Lack of visibility into programmatic revenue
Due to factors such as manual data collection, reliance on demand partners for data, declining third-party cookie usage, and a shortage of in-house experts, media publishers have limited visibility of programmatic revenue. They cannot optimise the programmatic revenue strategy and miss out on opportunities to maximise revenue.
How Can Effective Revenue Ops Help The Media Industry Generate Revenue?
Revenue Ops functions on three pillars: people, process, and platform. Each of these pillars helps media publishers streamline revenue operations and achieve the goal of growing revenue. Let’s explore how they can help the media industry earn more.
1.Centralise data
To solve the problem of fragmented data across disparate systems, media publishers can use platforms like Media ERPs to centralise data and provide a single source of truth to all teams. This will help all the departments (SalesOps, RevOps, AdOps and executives) to access real-time information and make data-driven decisions quickly.
2.Eliminate silos
Since media ERP and other tools consolidate all the data in one place to create a single source of TRUTH, all teams can use them to make decisions. This breaks the barriers between the teams and promotes cross-functional collaboration, making it easier for them to align and achieve the company-wide shared goals.
3.Automate and optimise operations
Platforms like Media ERP have built-in automation features that help companies automate invoicing, billing and reconciliation, and data entry tasks. They can integrate with different systems like SSPs, DSPs, Ad Servers, CRMs and Fiance systems, to automate data flow and consolidate it in a single platform. This helps media publishers save time on manual processes, improve operations, and give teams more time to spend on valuable tasks like building strategies. The role of such tools becomes more prominent when the data volume and scale of the business grow.
4.Identify Trends and Make predictions
In addition to real-time data, publishers can access historical data to identify patterns and predict trends. This will enable them to innovate and stay ahead of the curve. Some examples are, revenue projections, missed revenue opportunity projects, inventory fill rate projections, deal closure projections, etc.
5.Find new opportunities to grow revenue
As media becomes more sophisticated and digital, publishers must find more revenue streams to thrive in a hyper-competitive landscape. Revenue Ops provides publishers with a clear picture of their existing revenue streams and helps them identify inefficiencies and new opportunities and change their strategies to drive growth.
How Can YuktaOne Help The Media Industry With Revenue Ops?
The constantly evolving media industry needs a holistic approach, such as revenue operations, to navigate the complexities and manage revenue generation and business growth.
At YuktaMedia, we understand the unique challenges the media industry faces due to increasing competition, tight regulations, and changes in customer trends.
To help media publishers manage people and processes, we have developed a Media ERP called YuktaOne. It is designed to manage end-to-end ad, revenue, and sales operations across different channels, such as Online / Digital, TV/ Broadcasting, OTT / CTV, Print, and Radio.
Unified Revenue Trend (URT) is a revenue operations solution within YuktaOne that helps media publishers:
- Centralize and segment data: URT collects and consolidates revenue data from multiple demand partners and channels into a single platform and segments it to provide publishers with a comprehensive view of revenue earned. They can harness the power of data to identify underserved customer segments or channels, develop strategies to target them and explore new revenue streams.
- Slice and dice data: URT provides advanced filter and segmentation capabilities that help publishers slice and dice the data based on various parameters, such as date range, property source, demand partners, country, and more. This gives them a clear picture of the trends and performance across various industry segments and helps them find ways to optimize and manage revenue.
- Analyze and make data-driven decisions: URT offers detailed breakdowns of revenue data that enable publishers to analyze performance at a granular level. They can drill down into specific metrics, view daily data distributions, and generate graphical representations like line and pie charts for quick analysis and visualization.
- RO Billing & Reconciliation: Manual processing could lead to errors in billing and reconciliation – whether it is generating daily or monthly revenue reports, processing payments, or updating data. YuktaOne solves these issues by automatically updating data from various sources, consolidating data for detailed analysis, sending timely notifications and confirmations to all stakeholders, applying precise revenue shares, and generating reports with selected columns. It simplifies the process of reconciling billing and revenue in just one click and increases accuracy.
For more information about YuktaOne, contact us.
