Last year, it was hard to miss all the headlines about how the media landscape is changing: mergers and acquisitions, new subscription and revenue models, direct-to-consumer distribution — the list goes on. It’s clear that building recurring relationships with customers has never been more important to the media industry.
Behind these headlines, we find real-world examples of how business-to-business (B2B) media organizations are evolving. Notably, traditional B2B publishing and business information firms are experiencing massive shifts toward new subscription and revenue models while new media businesses are entering the scene to challenge the way these traditional companies sell, price, and collect revenue on their products.
For many traditional media companies, the typical sales process remained unchanged for decades. Sales teams would follow leads to pursue opportunities, deliver a sales quote, close a contract, and fulfill the order. That was the end of the cycle until they returned a year later with new products to sell.
In today’s digital industry, B2B buyers expect the same easy subscription product offerings they get from Netflix and other consumer businesses that are compelling B2B media sellers to adapt. In many cases, this means they now offer traditional products alongside digital versions and other new service offerings. Because of this, the legacy business systems which at one time sufficed have become obsolete.
Take a look at McGraw-Hill Education. Formed in 1899, this textbook publishing company has embraced the digital revolution and broadened its mission to sell innovative learning experiences across multiple platforms. This evolution has meant a change in the processes and systems McGraw-Hill Education uses to do business.
On March 19, we’ll be hosting a webinar with the team responsible for leading the transformation at McGraw-Hill Education. Join us to learn more about how the media industry is shifting, and get insight into how you can evolve the content sales processes to make way for new and innovative business models.