The media industry is in the midst of major changes. The way consumers use media is constantly evolving, as are the needs of advertisers. August’s client, a major media player, was getting pummeled in this disruption. The company launched a transformation program and enlisted August’s support to identify ways of boosting topline growth.
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The company had been consistently losing revenue and profit. There was a real danger that its offering and ways of working would become obsolete, as consumers’ and advertisers’ needs evolved fast. For example, its consumer portfolio was not meeting the changing demands of how consumers used media. On the other hand, advertisers were demanding a higher return for their marketing investments. The company was struggling. How to tackle these challenges? What kind of offering improvements needed to be done? How to better harness digitalization in serving customers? How to update pricing to ensure future profitability?
The client and our team started by making a long list of hypotheses for improving the topline. These hypotheses had to do with both tackling the consumers’ changing media consumption habits and catering to advertisers’ more complex needs regarding, for example, the targeting of ads. The team did a complete analysis of the hypotheses and estimated the related topline improvement opportunities. Additionally, the client and August created a solid implementation roadmap that included key initiatives to ensure that the transformation would be completed successfully.
After the project, the company had clear a ”playbook” to counter the changing market environment. Also, the people within the company were committed to making the necessary changes. The project provided a great understanding of the big picture and of the changes that were happening in the company’s operating environment. The company now had a clear vision regarding prioritized development areas and could confidently start growing its topline.