Delivering Smarter Customer Experience with Data Analytics
By Media Entertainment Tech Outlook | Wednesday, September 09, 2020
Data analytics is becoming a vital factor in operationalizing customer engagement strategy in the media and entertainment sector.
FREMONT, CA: Data analytics has become a game-changer in most modern industries over the last few years. Enhancing customer experience is the critical application it offers. With smartphones and associated digital media becoming the primary source of entertainment, firms are embracing big data analytics to create a lasting connection with their customers. It will help them unlock hidden insights about customer behavior and facilitate achieving the ultimate business goal.
With the changing consumption habits and continuous transformation, media and entertainment companies are forced to make quick decisions based on analysis and facts. For this, they need new ways to target their content in the modern world of instant customer service and hyper-personalization. The ultimate goal is to attract and retain customer relationships while increasing revenue and profitability. For these, firms need data organized in an intuitive and integrated way, so that users can derive answers quickly.
Customer data analytics can help to firmly establish a 360-degree view of customers with the ability to provide efficient business performance tracking and consistent information across the organization. Analytics can tap into data to identify viewing and spending patterns and then evaluate the data to achieve the desired customer experience outcome. The amount of data that media companies gather can give them ample opportunities to leverage significant data capabilities to understand the demand of the customers in various channels.
With the better understanding of the digital media and consumption behavior that the data analytics offer companies can also personalize advertisements to suit the need of specific customers. Using analytics and micro-segmentation of customers can significantly increase the digital conversion rates. It also helps in additional revenue generation for firms. Accurate data gives companies the ability to incentivize customer, and in the process reveals the actual market value of the content.
A large number of media and entertainment companies have already invested in and are planning to capitalize on big data analytics due to its massive impact on business transformation. The industry now stands out as a prompt adopter of analytics solutions, enabling positive changes in customer relationships.