Amid a pandemic that has left advertising spend sputtering and could permanently change consumer behavior, Condé Nast is releasing a new first-party data offering it hopes will draw interest from advertisers.
The offering, Now|New|Next Segments, uses Condé Nast’s first-party data across brands to share insights that speak to how consumers are spending now, how those behaviors might change and who will be the next customer who does spend as stay-at-home orders continue to lift.
It’s the first time the company (now a combined entity of Condé Nast and Condé Nast International) has released a data segment that can speak to its combined, international audience. “To be honest, really living in this moment in time engineered the idea,” said Pam Drucker Mann, global chief revenue officer and president of U.S. revenue.
It’s a way for the media company to distinguish itself from competitors looking to boost their data capabilities amid the pandemic. Data was a topic already on the minds of publishers before Covid-19 hit, with media businesses putting a bigger emphasis on acquiring first-party data as they faced new privacy regulations, starting with CCPA and now the looming cookie-less future.
Organizations across the media industry have doubled down on their data collection and have begun to more aggressively share those findings amid Covid-19.
“You actually need to capture that data and translate it to insights about what we know happened,” Andre James, partner at Bain & Company and the head of the firm’s Americas Media Practice, recently told Adweek.
The publisher has been no stranger to hardship seen across the media industry in the pandemic. Last week, Condé Nast announced it would furlough or lay off nearly 200 staffers.
Media companies have been challenged to make up for a drop in revenue as marketing budgets dry up and lucrative events go virtual, if they occur at all.
Also like other media companies, Condé Nast has seen an uptick in visitors across its brands as the pandemic took hold. Specifically, traffic is up 27% internationally, with particular growth in regions including the U.S, Japan, Mexico, India and France.
“We know how consumers are behaving right now. We didn’t have to close our doors. Our doors at Condé are very much open,” Drucker Mann said.
The latest data segment serves as a maturation of Condé’s in-house data-driven platform Spire, led by the company’s first chief data officer Karthic Bala.
The new data segment, in particular, is designed to give potential partners a more granular look at consumer behavior. Partners have access to a dashboard of insights that updates multiple times a day, Bala said.
“It’s all about finding that next customer for the partner now using our content and user engagement in the data we have in Spire, and reaching them across every point we can touch them so we can influence them at a time when they are decision-making for the future,” Bala said.