The importance of analytics and insights for the content creator - why it matters
Before product management, I started my career in Data Science. During numerous hours in uncovering insights through data, data can provide visibility and guidance to drive a more informed decision…
Before product management, I started my career in Data Science. During numerous hours in uncovering insights through data, data can provide visibility and guidance to drive a more informed decision. I recently came across Jack Conte’s (Co-Founder of Patreon) video talking about data insights in the creator industry. He revealed some very interesting insights from Patreon data suggesting the creative industry pie is growing and how they are helping creators to earn more etc. I have huge respect for Jack and what the whole Patreon team has done for the creative community. From my previous post, I talked about how Content Creators are our North Star. Jack Conte’s video inspired me to share my view on how we can empower creators through data.
Let’s talk about data.
Through talking to various creators, the main metrics used by creators fall under the following categories: Reach, Engagement, and Audience.
Impressions: The number of times your content is displayed, no matter whether it’s clicked or not
Views: The total number of people who see your content
Cost per Thousand (CPM): It is a marketing term used to denote the price of 1,000 advertisement impressions on one web page. For example, a CPM of €2 suggests that an advertiser needs to pay €2.00 for every 1,000 impressions of its ad
Click-Through Rate: the ratio of the number of a specific link or call to action to the number of times viewers are exposed to the link
Watch Time: The amount of time spent watching or reading the video/post
# of Subscribers: number of viewers who follow the channel/ creator.
Imagine from a content consumer’s (viewer’s) perspective, he/she browses through the feed, spends time watching a video or reading a post, and ends up providing a ‘like ‘to it. The term “Reach” captures the very top funnel of this viewer journey and helps creators to understand what is the potential number of people who can be converted to viewers. Engagement helps creators better understand the quality of the videos and how well they can capture their viewers to stay and interact with the content. This is particularly important as this is a testimony to the creators and guides the direction of the content. Lastly, understanding the audience helps the creators to understand their community and the niche hence this can guide them on what content they can create next. Of course, there are other advanced metrics but these provide good coverage of insights about the content and their performance.
Redefining Metrics to Help Creators to Operate Like a Business
From my co-founder Pedro’s post “5 Reasons why The Creator Economy is not just a Buzzword”, he detailed the amazing business opportunities associated with the creators and they have been able to transform their passion into a sustainable business. This is all because of the incredible communities that they have built. However, the currently available metrics are not sufficient. The metrics mentioned above are certainly useful metrics for creators to understand their content performance, but unfortunately, those are not granular enough for them to operate as a business of their own. This poses a problem for creators to track their monetization as a business and understand the dollar values of their individual pieces of content to drive future business decisions.
At Paak, our mission is to empower content creators to monetize, so each one can create even more, as a sustainable business and keep doing what they love. When we talked to a number of mid-tier creators, they are incredible in creating high-quality content and reached a sizable community. They do not have the support structure to “professionalize” their monetization (e.g. by hiring a full team, a manager, or a company that will run deals and best monetization practices). Only through our data, we can provide analytics about how much sales are generated from individual content creators. We can provide content insights to guide creators on what type of content generate more revenues. For example, we can answer questions such as:
What traits of content generate more monetization? (video length? locations? topics?)
Who are true fans who made more than X bookings? where do they locate at? what are their demographics?
We build tools and analytics to empower content creators. Of course, data privacy and compliance are rooted very core to us. We will share in one of our future posts how we keep our data safe while providing useful insights for our creators.
What other metrics do you think are interesting for creators to know? Comment below and we can exchange our thoughts 👇
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