BroadcastMed: Oncology Division isn't just a leader in medical communication; it's a trusted haven for medical professionals. Partnerships with key oncology societies like ASCO, NCCN, and APSHO propel their mission to advance oncology through information dissemination. The revenue that funds these efforts comes from collaborating with pharmaceutical companies to effectively reach their target audience, predominantly through advertising.
From Print to Pixels: BroadcastMed's Digital Transformation
BroadcastMed, originally a print focused B2B entity, embarked on an exciting journey of digital transformation. Prior to teaming up with BlueConic, their digital advertising strategies hinged on a Data Management Platform (DMP), which segmented users based on broad content consumption patterns. For instance, oncologists who frequently read about skin cancer were categorized into a segment accessible for relevant pharmaceutical advertisers.
However, there were significant limitations: DMP data remains anonymous, making audience targeting imprecise. Recognizing these limitations, BroadcastMed identified two pivotal avenues for growth that necessitated a change:
Precise Targeting: The ability to target the right individuals with the right advertising and then report user-level activity back to their clients.
Harnessing First-Party Data: The ability to enhance high affinity segments with first-party data and productize this offering.
The team’s priority around data enrichment, audience segmentation, and ease-of-activation led them to BlueConic.
The BlueConic Difference: A 27% Boost in Digital Revenue
The transition to BlueConic empowered BroadcastMed to go beyond conventional behavioral targeting and harness previously inaccessible first-party data—a realm beyond the scope of a DMP.
The process was transformative: The pharmaceutical companies, armed with deep research, provide BroadcastMed with a list of specific individuals they are targeting which are then matched to profiles in BlueConic. Using the BlueConic connection to Google Ad Manager, they could then target individuals with hyper-relevant content. By incorporating first-party data, the quality of the segments skyrocketed. Because segments were now more valuable, Broadcastmed could justify raising their selling price.
But the inclusion of first-party data wasn't the only boost. BroadcastMed massively increased the size of their segments by using BlueConic listeners to search multiple places like URLs, meta tags, and content for specific keywords, increasing their monthly banner impressions by 25%.
“BlueConic CDP has allowed us to go beyond behavioral targeting and capitalize on the wealth of first-party data we weren’t able to utilize with a DMP.” - Mike Fritz, Director of Audience Development at BroadcastMed.
Taking a step back, by productizing their user-specific targeting, BroadcastMed became a contender in more sales deals. They saw an impressive 27% boost in their digital revenue, and all signs point to even more success on the horizon.
“Our journey has taught us the immense power of data granularity. Micro-targeting not only increases profitability but also enhances our sales opportunities manifold.” - Mike Fritz, Director of Audience Development at BroadcastMed.
Insights for B2B Publishers Exploring CDPs
For B2B Publishers embarking on the CDP journey, here are some tips to consider:
Before you jump in headfirst, invest time in shaping and truly grasping your segments. Think about the people you're targeting and how they differ from each other.
Understand what your clients and your target audience actually want right from the get-go.
Tailored content is golden. It should directly resonate with their interests and needs, matching each unique segment.
Make sure your clients understand the value of first-party data and targeting. Clearly communicate how it's a game-changer for their success.