Trading the Currency of Relevance
Providing the content people want, when and where they want it, is now a consumer requirement
Media and entertainment professionals know that an opportunity firmly rooted in advanced analytics enables them to provide a highly customized instantaneous experience that is highly adaptable to preferred audience experiences without requiring input from the audience. The goal of these advanced analytics is to convert insights into relevance. This real-time, data-driven conversion creates a currency of sorts that consumers can earn and build on by continuing to interact with linear and digital content. Consumers can then trade that currency with their content providers to further enhance the experience over time.
To enable this digital economy to grow, leading-edge media and entertainment organizations are activating a suite of advanced data integration and analytical capabilities. These tools and technologies help media professionals to understand audience preferences and personalize content in a way that helps ensure a continuous dialogue with consumers. The result is a radical departure from business-as-usual processes to advanced capabilities across the content lifecycle.
A focus group of epic proportions
Today, social media serves as more than just another engagement channel. It becomes a real-time focus group with Internet-scale potential that can be exploited to analyze content metadata and consumer preferences to predict success. This information feeds right into an ongoing need to target content and marketing campaigns and tailor messages to reach influencers and drive engagement, so organizations can effectively allocate marketing dollars across all channels and media. And with content available anytime and anywhere, they can develop an ecosystem to own their customer relationships—instead of just waiting for them to churn.
Network television, for example, has its own business goals that are highly focused on maximizing content reach and audience value. Broadcasters need to take the following actions:
- Promote content effectively to grow fan bases and drive viewers to tune in
- Maximize the value of content by creating compelling packages for advertisers
- Build over-the-top integration and analytical capabilities to reach the audience anytime, anywhere
Consider that a leading US broadcaster worked with IBM to build a shared data repository and platform for audience insight. At the time, the broadcaster had data sources that were stuck in organizational siloes and audience data that was fragmented across platforms. As a result, visibility into a newly launched TV Everywhere model–based application was limited, and the organization suffered from long cycle times for audience research and creating sell sheets for ad sales.
By partnering with IBM, the broadcaster was able to define a road map to integrate up to 40 data sources for audience and viewing in a shared-data repository. In this way, the broadcaster could develop a data discovery and analytics layer to enable high-value use cases, drive efficiencies across the research function, and help eliminate duplicate costs for third-party data and tools.
A measurement model with advanced capabilities
Without a doubt, analytics tied to measurable outcomes can drive business value for the enterprise across all functions—but traditional measurement tools and technologies are not equipped to handle the influx of direct consumer interaction data. Successfully integrating internal and external audience data streams into measurement models designed to assess adoption, authentication, time spent, and other key performance indicators is becoming a requirement that broadcasters can provide and consumers can now enjoy.
Please share any thoughts or questions in the comments.
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