B2B MEDIA companies are seeking new ways to market the proprietary data imbedded in their publications to offset shrinking revenues from magazine advertising. The proprietary data was described as ‘Rich Data’ for some time.  The American Business Media Association (ABM) has even dedicated a special ‘Rich Data Council’ to help members to develop new ‘Rich Data’ products.  In a recent b2b media senior management conference organized by ABM, publishers were thinking aloud to accelerate the process of new product development.  The ABM responded by renaming its ‘Rich Data Council’ to the ‘ Business Information Council’ with the following objectives in mind:

  • Define business information/rich data and help ABM members to develop business information products;
  • To identify leading business information providers and give ABM examples of successful business strategies and best practices within this field;
  • To provide training for business information managers and staff in successful database management, data sales, pricing, vendor management and related skills, and to ensure that ABM members better understand technological innovation and its impact on the delivery and use of business information;
  • To help make ABM more important and more relevant for pure-play rich data/business information companies

To document the intent to exploit ‘rich data’ or the new business information opportunity the ABM has published a booklet with the title: “The Rich Data Commitment”.  The ABM identified three stages of ‘rich data’:

  1. Examine: providing information that customers can examine, search, and analyze
  2. Personalize: personalizing information at the point of delivery
  3. Transact: creating the information system for an industry

ABM plans to hold a special conference with the title: ‘Business Information: Capitalizing on new Business Information Revenue Streams’ on April 25th 2007 in New York City.

BIIA Newsletter February – 2007 Issue