Why Joint Ventures are the New Way to Go (and Grow)

While audience fragmentation is nothing new it39s never been more prevalent given the explosion of media platforms and that consumers have more control than ever over what where and when they watch contentamp160 As a result the industry has rightfully so shifted its attention towards audiencebased buying methodologiesamp160 But that39s not enoughamp160 We also need to take a more holistic view at how we connect brands to their audiences no matter what time of day platform or deviceamp160 That means being able to follow the customer journey across online and offline channels and allowing for more customization as it pertains to the creatives we target them with and the data we collect about themThis begs several questions includingHow can we scale efficiencies streamline processes and innovate our product offerings for our clients in this new worldHow can we navigate these turbulent fragmented waters and still deliver a seamless experience for customersWhere do we go from hereThe answer to these can be summed up in two words joint venturesToday more and more media and ad players are realizing that to best serve clients and audiences creating joint ventures among all providers is the most efficient way to reach their coveted demographicsamp160 And because no one content platform has that silver bullet only by working together whether it39s with linear TV OTT or ISP networks will we start to see the best possible outcomesIf you look around across the various other industries you39ll see plenty of examples of how different brands have formed joint ventures to better serve today39s consumersamp160amp160In the technology space for example we have the perfect marriage between Nike and Apple39s Nike appamp160 The fashion world has seen Alexander Wang39s successful partnership with HampampMamp160 In finance we can see how Apple Pay and MasterCard worked together impeccably to bring consumers a more userfriendly and secure payment experienceCobranding initiatives like these make sense in the B2C worldamp160 But they certainly work well in the B2B space tooamp160 Recently Viacom and Snap entered into a multiyear advertising deal in which the two work together to develop and produce shows that use popular Snapchat starsamp160 The result is a more attractive accessible platform that helps marketers drive brand awarenessamp160 Here the customer winsThis was one of the main driving forces that led to the creation of the new NY Interconnect NYIamp160 To give advertisers the full reach of the New York market three of the country39s leading media providers Altice USA Charter Comcast expanded the existing NYI label by forming a bold joint venture one that would also create greater cohesiveness among the audience fractionsamp160 Today with the addition of Fios DirectTV and Dish audiences the new NYI can provide multiscreen advanced advertising to over 64 million households a veritable onestop shop for any mediabuying needThis singular comprehensive approach to media buying is key to delivering highly targeted consumers across linear TV addressable TV digital and connected video and data will play a predominant role in its successamp160 As the industry seeks to become more integrated we need to look at not just what different types of data we can collect and share but at how these new data partnerships will shape the media planning of the futureamp160 For some agencies and media providers this means facing a steeper learning curve particularly for those who handle multiple types of buysamp160or who specialize in omnichannel strategies but are less familiar with say Advanced TVamp160 In the end however investing in greater collaboration and integration will prove itself to be the smartest strategy for all those involvedRememberamp160 Partnerships can provide substantial value for everyone involved while delivering all the necessary advancements and efficiencies that marketers craveamp160 Missing out on these opportunities could have enormous impacts on any media company that opts to stay behind the curveamp160 A synergistic relationship opens the door to greater innovations enhanced capabilities and ultimately a more desirable customer journeyPhoto courtesy of NY InterconnectClick the social buttons above or below to share this story with your friends and colleaguesThe opinions and points of view expressed in this content are exclusively the views of the author andor subjects and do not necessarily represent the views of MediaVillagecomMyersBizNet Inc management or associated writers

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Why Joint Ventures are the New Way to Go (and Grow)

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Ed Renicker

"About That" with Carl Mayer: Corinne Casagrande (Episode 8: Consumer Spending) - By Carl Mayer

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Why Joint Ventures are the New Way to Go (and Grow)

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Ed Renicker

"About That" with Carl Mayer: Corinne Casagrande (Episode 8: Consumer Spending) - By Carl Mayer

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