Thursday, July 25, 2024

Owned media’s high potential

The FY’23 owned media market in Australia is worth $3.9 billion in commercial potential, according to Sonder.

The independent owned media valuation business has released its Owned Media Market Report & Ranking for FY23, revealing the growth potential of the market and opportunities for various sectors.

Owned media

Owned media refers to a media asset that attracts an audience and can be used as a media vehicle for partner marketing communications.

It spans a vast array of channels and formats that an organisation controls and communicates through, including in-store, digital, data, publishing, infrastructure and people.

Grocery & liquor

The report finds grocery and liquor businesses have the highest commercial potential at an average of $100 million per annum.

“Grocery and Liquor businesses are frequently held aloft as the poster children of owned media leverage,” states the report. “Whilst the leading grocery player Woolworths is highly advanced, the rest of this category has only recently awoken to the significant potential and is taking steps to catch up.”

Sonder notes that customers data is the “secret sauce” for owned media leverage in this category.

“It allows businesses to differentiate from the paid media market in three crucial ways: targeting based on actual customer behaviour, campaign optimisation based on customer reactions, and sales reporting based on customer purchase behaviour,” Sonder says.

“We foresee more owned media organisations moving their data capabilities to the front office and, assuming customers have opted-in to partner communications, showcasing its power to the market.”

Untapped potential

The report highlights three ways organisations around the world are leveraging the potential of their owned media networks:

  1. Improved customer experiences via data leverage
  2. Improved commercial trading terms via representation of media value
  3. Highly profitable revenue stream via charging for media

To learn more about the potential of owned media leverage in your organisation, download the full report here.

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