LONDON – TECH – Companies in the media and entertainment industry are dealing with more competition than ever before. With so many options for viewing all types of content, consumers nowadays have greater power and therefore the need for companies to keep up is increasing the pressure on SMEs and more traditional organisations.
One of the biggest factors in driving change in the industry is the rise of big data. It offers a range of new opportunities and advantages for forward-thinking companies who implement it effectively in their strategies – and here’s how you can do just that.
Big Data for the Media and Entertainment Industry
Nowadays there are more analytics available than ever before in the industry; things like mobile devices and social media sites as well as apps and platforms such as pay-per-view or on-demand services. All of these sources provide huge amounts of data for companies in the sector, allowing them to build detailed overviews of who their customers are, as well as their preferences and online behaviour.
Everyone in this sector, whether a media owner, TV channel, video production or gaming company, can take advantage of big data. Not only through internal sources such as company website, sales history, and social media sites, but also the wealth of insights offered through third-party sources including a B2B business database.
Ultimately all of this information will allow your business to better target your ideal customers and create a better customer experience.
Using Big Data in the Media and Entertainment Industry
So how exactly can your business use big data to your advantage? Here are some of the main ways companies in the sector are using it as an asset to improve their operations.
Better Targeted Ads
Traditionally the main type of advertising for the industry has been programmatic; putting random content in front of an audience and hoping they like what they see. Nowadays this just isn’t likely to cut it; you need smarter ways to engage your prospects and a more tailored approach.
This is why big data is so useful in advertising; it allows you to build up a solid picture of different segments based on their needs and interests, and choose the best content to put in front of them. The same goes for the B2B market; it’s now easier than ever to research your prospects, for example, if you wanted to expand into the Spanish market you’d only have to look at a Spain companies directory to find insights about the market and potential clients to use when advertising to them.
Today’s big data technology means it’s even possible for advertisers to alter their broadcasts in real-time in order to create a much more engaging and personalised viewing experience, ultimately leading to a better ROI.
Easier Customer Retention
Preventing customer churn is one of the biggest challenges for any company in the media and entertainment sector. While it has previously been much more difficult to establish exactly why customers are choosing to unsubscribe from your service or stop making regular purchases, the rise of big data has meant that this is now much more possible.
Unstructured data such as reviews or social media mentions provide great insights into what people are feeling about your brand and products, allowing you to understand what’s working and what isn’t, and then adapt your strategy accordingly. It also means you’ll have a much better chance at identifying which customers are in danger of unsubscribing, so you can then target them with offers or content more suited to them in order to prevent them from leaving.
Establish Audience Interests
Another huge advantage that big data can offer is the ability to predict what your customers want. There are so many insights being produced across such a wide range of platforms that it’s now much easier to create content that is likely to resonate with your audience without having to rely on gut instinct.
Whether it’s Netflix developing new shows based on data, or YouTube suggesting videos for someone to watch, big data and analytics are a powerful tool for ensuring companies are delivering the type of content that their audiences want, and ultimately will keep them coming back.
Increase Audience Through Streaming
Thanks to the growth of distribution platforms for different forms of media, it’s now easier than ever before to reach users without the need for an in-between. The prevalence of social media also means companies can connect directly with their audience and increase their revenues, where once they would have had to rely solely on mass distribution of their content.
New Forms of Revenue
The ability to find new streams of revenue alongside more traditional methods such as advertising or sponsorship is clearly a great advantage for any company in the media and entertainment sector. One example of such a company is The Weather Channel, a privately-owned organisation that monitors and tracks consumer behaviour based on the weather.
This use of big data opened up a new opportunity for the company, as they realised the potential to make money from it by creating a platform for targeted ads. This online marketplace enables businesses to advertise their products or services based on the particular type of weather.
Clean Data is Key
In order to get the most out of your analytics, you need to ensure that you’re working with quality data. Having incorrect or incomplete information in your database is likely to have a negative impact on your strategy’s results; particularly when it comes to things like predictive analysis. Whether you’re sourcing a list of companies in Italy or historical weather data for the last forty years, make sure you use only reputable resources and have a robust system in place to ensure no errors can slip through the net.
Big data is currently having a massive impact on businesses across every sector, and this includes media and entertainment. As we’ve explored in this article, there are lots of ways it can be a real asset to your company, provided you’re willing to take the time to implement it effectively into your strategy.