We’ve gone from a world of mass media marketing to an audience of one. Must-see movies, one-size-fits-all cable packages, and appointment TV have been replaced by personally curated media that’s consumed anytime, anywhere on any number of devices. In an environment where the consumer is king and expectations are at an all-time high, global media and entertainment (M&E) companies need to refocus business models to offer tailored, curated experiences.
M&E companies are used to pitching their products to audiences of billions. Now, they need to pitch products to billions of individuals — and do so effectively at scale. Change is always hard, but research shows that putting the customer at the center boils down to three primary challenges:
- Budgetary constraints
- Engaging with customers in real time
To affordably innovate and engage with customers in real time, analytics and data insights must be the core driver of all engagement. However, outdated backend systems combined with the onslaught of mergers and acquisitions within the M&E industry often means that data and teams are disconnected, siloed, and unable to reach their full potential.
If M&E organizations want to truly take advantage of data, they need to do more than just possess it. They need to go from an ecosystem of individual departments with their own KPIs and priorities to one in which everyone works together to create a cohesive customer journey.
How do you make this shift? How can you garner new insights and use data to drive intelligent decision-making? The answer lies in pulling three important levers that:
- Unlock data
- Understand data
- Take action with data