Miracle Oyedeji is a creative millennial and poet. To Miracle, writing is not just a skill, but also a lifestyle. He really enjoys writing.
To a great extent, getting first-hand audience metrics has been the dream of most digital media publishing companies and brands. In order to make this dream happen, Memo has taken laudable step forward — trading readership information on articles that feature brands.
As explained by Eddie Kim, founder and chief executive at Memo, “marketers will pay an average of about $100 for data on each story…”
Kim explains further, but the pricing will vary depending on certain factors. Widely read articles will cost more, for example, as will stories about companies in cash-rich sectors like technology and finance.
Memo is set to launch this service in January. Kim stated that the company has agreed with Publishers like Meredith Corp., BuzzFeed Inc. and PopSugar Inc. — to provide their data to Memo.
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The data offered are; page views, scroll depth and engaged reading time. This information is already available with Publishers, who carefully track page views and other data, but seldom disseminate it.
Since every service cannot exist without a buyer, Memo has gotten Unilever PLC shampoo brand Living Proof, direct-to-consumer contact-lens marketer Vision Path Inc., and bed-and-bath retailer Parachute Home to sign on using it.
They created this new audience metrics business to serve as a new buyer base and 100% gross margin for publishers, because the information’s always ready. When speaking on the profit splitting formula, Mr. Kim stated that “The revenue will be split with publishers”
Mr Kim acknowledged that selling audience data is not new — Dataminr Inc., Storyful Ltd. and Factal Inc., provide companies with real-time data that illustrates how their brands are booming with internet users—but noted that only few companies provide marketers actual audience data on specific posts instead of the usual social-media traction.
What publishers and communication firms have to say:
To support memo’s vision, Matt Minoff, chief digital officer at the publisher and Chris Perry, chief digital officer at communications firm, Weber Shandwick Inc. spoke on the indirect benefits and importance of Memo’s proposed service to brands, respectively.
Memo’s proposed service is relevant to marketers, PR’s and brands. If the company can provide data on page views, scroll depth and engaged reading time, they would help many companies function better and help publishers generate more funds. This will in turn improve the effectiveness of their campaign.
What’s your take on this?