Publishers, broadcasters, news organisations, and cable companies in the media and entertainment industry are facing new business models for the way they create, market and distribute their content. This is happening because today’s consumers search for and access content anywhere, at any time and on any device. As a result, there’s increased pressure to execute new digital production and multi-channel advertising and distribution strategies that rely on a detailed understanding of consumers’ media consumption preferences and behaviours. And, as consumer interests shift from analogue to digital media, there are substantial opportunities to monetise content and to identify new products and services.
With thousands or millions of digital consumers, media and entertainment companies are in a unique position to leverage their data assets for more profitable customer engagement:
Predicting what audiences want - the ability to understand what content, shows, movies and music consumers want
Scheduling Optimisation - being able to understand when customers are most likely to view content and what device they’ll be using when they view it.
Increase Acquisition and Retention – ability to understand why consumers subscribe and unsubscribe, media companies can develop the best promotional and product strategies to attract and retain customers.
Ad Targeting - by analysing entertainment consumption and behaviour that can be used along with traditional demographic data to provide personalised advertising in the right context, at the right time and in the right place.
Making ads more effective
Improved audience targeting opportunities is one benefit that big data analytics offers, but there’s much more it. Online advertising has grown relative to traditional ad campaigns - relying on information drawn from user’s internet activity about consumer preferences, website popularity and clicks per ad.
Information gained from social networks and search engines can be used to create more attractive and effective ad campaigns. This is frequently used by ad platforms like Google AdWords and Facebook Ads.
So if a marketer knows what consumers are looking for they can create more suitable ads. If the targeted audience is doing frequent researches about, say, low cost flights to Dubai, marketers can add promotional ticket prices to their ads. Response rates can be boosted significantly by having the right segmentation coupled with the right offer at the right time.