The last six months have been a busy time for publishers, dealing with challenges such as increased submissions as well as getting used to working from home. As we start to return to some kind of normality, and to assess the business impact of the virus, sales and marketing activities will be returning to the top of the priority list. Here’s a reminder of some of the ways MasterVision gives publishers a significant sales advantage.
Cross-selling: MasterVision makes it easy to analyse co-purchasing patterns (e.g. customers who buy journal A frequently also buy journal B) and identify segments of customers likely to be interested in particular titles. This enables highly targeted promotions.
Up-selling: Publishers who make both ‘one-off’ and subscription sales can target purchasers of books or single journal articles with subscription offers, to turn a single purchase into a recurrent source of income. MasterVision allows you to slice up your sales data by subject area, so that you can tailor these offers to the purchaser’s specific interests.
New prospects: MasterVision can be used to target new contacts who have interacted in a non-financial way (e.g. signing up for TOC alerts) and who are not current customers or subscribers. A saved search can be set up to provide staff with easy access to this segment each month – they can then target this group with specific incentives to buy, maximising conversion of browsers to paying customers.
Denials: Denials activity is an often untapped resource that can provide excellent targets for generating new revenue. Within MasterVision, denials data can be contextualised with other activity, such as article submissions, to indicate the ‘hottest’ leads, potentially yielding good returns for minimal effort.
Sales opportunity reports: The data in MasterVision can be used to calculate a nominal ‘prospect’ score for each journal, based on an institution’s non-subscription activity for that journal in the current year. This provides a useful ranking of the most promising leads.
Detailed customer reports: Three-year summary reports of usage, denials, subscriptions revenue and article submissions provide invaluable information as to what customers are doing now and how that has changed over the last few years.
Dashboards: Dashboards provide staff with one-click access to the information they need, and can be filtered by territory, sector, sales manager or subject area to tailor them to the requirements of a particular member of staff.
None of this needs to create extra work – MasterVision is designed to make it quick and easy to query data and produce the reports you need, and DataSalon staff are always happy to advise on exactly what reports are needed and to help run them. To find out more about how MasterVision can support your sales and marketing activities, please get in touch.