Meeting consumer demand and content monetization
It seems like eons ago since I disconnected the generic cable connection from my house. I now consume content which suits my palate on my cell phone, tablet, TV etc. when I choose to. How the world has changed in just a few years! Now, how are media companies able to sustain this massive explosion of data and leverage it to their advantage and provide a better experience to their consumers?
Consumer expectations are also on the rise as they expect instant access to preferred content at very less cost. Consumers also want content to suit their exclusive taste and it must also be available to them on all their devices. There is no limit to expectations! It is now a very consumer-centric, demand-driven content delivery that is the expectation. On the flip side, the media companies and related businesses have a lot of data with them that has built up over time and now they are looking for ways to derive actionable insights from them.
And this is exactly the reason why data analytics is important as it opens up huge opportunities for the media and the industry. Let us see how this is a win-win for everyone.
Better User Experience
Data analytics adds value to user experience. What we have seen in the past is a blanket service that is more like a one size fits all. However, today, consumers demand tailor made experiences that suit their individual taste. We need to ensure that we use the right channel (mobile, laptop, TV) and provide the right content to the right audience and also at the right time. By understanding user behaviour, thanks to data analytics, media companies can not only predict consumption patterns, but also the exact preferences of the target audience.
This, simply put, is using your content to generate revenue. Monetization can occur through ads supported model or through subscriptions. You can also sell it in raw form, or as analysis and insights.
Indirect content monetization involves analysing your content to reveal insights that can improve business performance. Available content can identify how to reach consumers and even help you understand their behaviour patterns and thus assist in increasing your sales. It can also help save costs, avoid risk and streamline operations.
There are also content driven business models that help you discover new business opportunities and customers. You can embed analytics into your products and services. This is of great benefit to customers as they get direct access to usage analytics and other data generated by each product that they already use. Businesses can offer this as a value-added service or as an entirely new service and even gain customer loyalty. This gives companies a better insight into how customers use products.
While Ads can be annoying, they also help consumers gain access to content they chose without having to pay for it. It is a great source of revenue for media companies. It is very important to improve click-throughs, conversions and of course the ROI for the advertises to be interested. Thanks to all the data we have and the analytics, we can understand customer interests, behaviour and predict their actions across multiple data sources. This is what helps in creating hyper-targeted advertisements that consumers are more likely to interact with. Scheduling and optimizing campaigns also become easier with data analytics.
Data analytics can thus help in bridging the gap between the end-users and the creators. It allows media to understand their consumers at an individual level and this is of great advantage to the industry that thrives on the preferences of the consumers.