Why Lists Fail ... And Succeed
The game of data-driven products is no joke. Here’s how to know if you are winning.
MEDIA PUBLISHERS AND DATA-DRIVEN LISTS
Most of you know this, but it bears repeating, now and again. If you are a local/niche media publisher, including City/Regionals, Business Journals, Trade/BtoB Publishers, Newspapers, and LIONS, our mission is to help you leverage data and research-driven products to create engagement and profit.
When I say “data-driven products,” I mean initiatives that leverage research, surveys, and data analysis to create valuable products for audiences and advertisers.
These include professional awards, like Top Doctors and Top Lawyers, corporate awards, like Best Workplaces, and Book of Lists, and other variations on the theme.
We love data-driven projects because they offer media publishers a chance to generate new revenue streams and deepen audience engagement.
LISTS AREN’T ALWAYS SUCCESSFUL
We estimate that these projects fail about 5-10% of the time. When they fail, they fail in very predictable ways. I’m going to explore the ways they fail, so you can increase your chances of success with both existing and new data-driven products.
THE THREE CRITICAL PHASES
At DataJoe, we’ve learned that the success of these projects hinges on three critical stages: conception, research execution, and sales execution. Each stage has its own challenges, and understanding them is key to creating effective, profitable products.
1. Conception: Finding Market Fit
The first stage is about ensuring the project resonates with the market. Success here means creating products that drive both audience engagement and revenue opportunities. However, market fit isn’t always easy to predict. Sometimes, you won’t know if there’s a misalignment until the project concludes. Even with a solid execution and robust sales strategy, a poor market fit will make it difficult to monetize. To avoid this, invest time upfront in understanding your audience and testing the concept.
What Failure Looks Like: When there isn’t a market fit, the product simply can’t be monetized, even if the research and sales are executed properly. Advertisers don’t get it. The whole market is “crickets.” You’re playing the music, but no one’s dancing.
2. Research Execution: Data Credibility and Complexity
These projects are often intricate, with multiple moving parts, and the stakes are high. Companies will only buy into the product if they trust the methodology and believe in the accuracy of the data. We have a documented 25-step process for these lists, for everything from data collection to outreach cadence to vetting and verification. They are hard to execute consistently.
What Failure Looks Like: Failure in this phase often stems from insufficient participation, resulting in lists that are too small or don’t represent the market adequately. A comprehensive, rigorous process is essential to ensure credibility and value.
3. Sales Planning and Execution: Where Projects Live or Die
The final phase is where most projects fail, but it can be a reflection of a failure in any of the previous phases, or something in this phase. A robust, multi-touch sales strategy is crucial. Success requires a strong product mix that includes plaques/memorabilia, ad packages, event tickets, even agency offerings. Without proper sales planning and execution, even the best-conceived and executed projects can falter.
What Failure Looks Like: Failure in this stage means that the market wasn’t adequately prepared and informed, prospects didnt’ receive enough touches, product offerings were not compelling, etc. Sales is a game of grit and tenacity. A framework that produces consistent tenacity is a MUST for list sales.
HOMEWORK
If you are not seeing the success in your list programs that you had hoped for, I guarantee that the problem is happening in one or more of these phases.
At DataJoe, we support publishers through all three stages—conception, research execution, and sales. This article is a service to help you identify challenges and overcome them. As a research company, we don’t win if you don’t win.
By focusing on market fit, data credibility, and sales excellence, publishers can unlock the full potential of data-driven products to create more revenue and engagement.
Reflect on your own process: are you hitting the mark in each stage?