Over the next several weeks iPublish Media Solutions will share our 10 best tips for selecting the best technology partners for your business. This is the third in a series, based on lessons learned during more than a decade of media partnerships.
Question #3: What is the size of the total opportunity?
For media companies selecting new technology tools and platforms, there are always trade-offs. One criterion to consider is the size of the total opportunity. Simply put, is the opportunity created by this platform large enough to warrant the investment of time, let alone money, to implement it?
The size of the opportunity is different from the ROI. Let’s say ROI from the use of the platform is 10x. That sounds great! However, if the initiative took up valuable management time and attention, as well as the financial investment, it makes a difference in the total financial impact to your organization. Everyone has a full plate these days. Does dedicating manhours to the project now, will the ROI & the long-term manhours savings be worth it?
Media companies who purchase technology successfully typically have some strict parameters around the size of the opportunities they will consider.
The less likely an initiative is to meet their core objectives and qualitative KPI’s – say, improving content and growing audience – the higher the bar for total revenue performance.
At iPublish Media Solutions, we focus on right-sized opportunities.
Some of our platforms power $300,000 to $1.5 million in self-serve revenues, for low SAAS fees or a small percentage of revenue. That’s a big win, and we know our customers are happy with these numbers.
When looking at a new technology platform, the scalability and the stability of the platform should be considered. Can you easily and inexpensively add on to the initial software licensed? Is the platform reliable and user-friendly? What is the value of having your team and your customers satisfied? An unhappy workforce or frustrated customer due to a bad software experience needs to be factored in.
It is important for your technology partner to provide real-world case studies and metrics, plus references for other media companies that have achieved their goals with the software.
iPublish Media Solutions is the leading provider of self-serve marketing and advertising platforms. Contact us for a demonstration including case studies and references from media companies with total dollar metrics.