For many years B2B media companies had the luxury of a business model that changed very little, says Hanley Wood CEO Peter Goldstone. "You sold a widget, the widget was a four-color ad page, and you sold it a million times. Or an event booth -- you sold that a million times."
But "the world has changed," says Goldstone. And along with it, so has his company. While Hanley Wood remains dedicated to serving the residential and commercial design and construction industries, how it goes about that task has evolved.
This is actually Goldstone's second stint at Hanley Wood. He spent 11 years with the company before moving on to serve as president of Government Executive Media Group, the B2B division of Atlantic Media. Goldstone returned to Hanley Wood in 2012.
In the handful of years that Goldstone has been back, he's led a quick-paced transformation that put data insights and marketing services at the center of the company's business strategy and brought in new talent to support this shift in focus. With the old B2B model turned upside down, print media and trade shows remain, but as components of a much more complex media marketing landscape, says Goldstone.
Hanley Wood's data resources enable it to see future market trends and make more informed marketing strategy recommendations for clients. In particular, Goldstone says the company's acquisition of Metrostudy , a proprietary data platform for the residential construction space, was a "game changer" for the company. Where a lot of publishers traffic in behavioral and demographic data about readers, Metrostudy gathers primary market data. "We have hundreds of researchers that drive up to 200,000 miles every quarter to look at over 36,000 building and housing developments across the country. From that activity we collect a lot of proprietary data in in the building environment."
Data acts as the guiding light for setting media and marketing services solutions, says Goldstone. "That has transformed the company dramatically. Where we used to lead with media or trade show sponsorship, now we lead with data." What sets Hanley Wood above a strict data company, says Goldstone, is its connection to the marketplace through its dominant media brands. The cherry on top, says Goldstone, is the marketing services competency the company has built into a $20 million-plus business. Those services include everything from long-term consultative marketing engagements and website development to lead generation and content marketing. Hanley Wood is even getting into data-as-a-service, providing database management services and helping clients align customer acquisition, media, marketing, and events strategies.
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