The growth of modern media agencies in recent years has been unprecedented. The industry has grown exponentially thanks to the need to reduce operating costs and increase revenues in the ever-competitive market. In addition, digital agencies have adopted big data technologies, which enables them to drive digital transformation. As a result, they can fully exploit available data and new data sources outside and inside the organization.
In the era of digital marketing, data is the currency. It guides strategic efforts within an organization by ensuring marketers understand their target audience. Consequently, marketers can create more personalized campaigns. Therefore, every digital agency needs to understand Big Data and how it can assist them in optimizing efforts and maximizing return on investment.
In this piece, you will learn how the media and modern digital agencies utilize data for improved results.
How Modern Digital Agencies Are Using Data for Better Results
Predicting the Interest of the Audience
The media industry has seen a massive transformation. There has been a shift in how people consume content, with live streaming, subscription viewing, and pay-per-view becoming the order of the day. Traditional media allows you to turn off the television or change the channel, but modern entertainment allows you to choose the content you want to watch and the time you want to watch the content.
More than ever, there are many programming choices for viewers. As a result, companies need help understanding how their decisions relate to audience interests. Big data assists companies in understanding the correlation between customer-watching preferences, customer history, search, ratings, and social media information. Moreover, you can monitor the duration consumers take to watch videos and their reactions to trailers.
Big data is also helpful in understanding how users react to changes in the website or its layout. Working with a professional company such as Global Media Group is essential. The company will liaise with you to ensure you have quality leads and convert those leads.
In addition, the experts will assist you in analyzing content to make vital business decisions. With the help of big data, you will develop and market new programs and initiatives according to the interest of your audience.
Increasing Audience Acquisition
Media companies can leverage big data to serve their customers better. Yet the big question lies in how big data can be utilized to appeal to new customers.
Many media agencies have experienced a dive in advertising revenue and print readership due to shifts into online models. Many of these organizations previously reached millions of users monthly, with their brands spanning various genres such as sports, entertainment, IT, technology, and luxury, among others.
A company experiencing a drop in revenues and viewership needs to integrate all data sources into one big data platform. These include digital social media, video, print, podcasts, and apps. As a consequence, the company will mine patterns in consumer behavior. It will lead to a high response rate, more revenues, and partnerships.
Improving Ad Targeting
Ads are a vital source of revenue for media brands. As a result, advertisers pay huge amounts of money to place ads between show segments.
With big data, you can enhance your digital marketing strategy as it helps create highly targeted ads. You can adopt the approach to target subpopulations within a broad global community. Implementing a streamlined data warehouse allows you to collect data from external and internal platforms. The new warehouse will collect valuable conversion data, allowing you to tailor your campaign to fit consumer life cycles better and enhance business reporting.
Your organization will constantly deliver high-performing ads across a large consumer base.
Lowering Audience Churn
Audience churn is one of the biggest pain points in the entertainment industry. Therefore, it is crucial to understand why a consumer cancels a subscription or membership. This knowledge is important in reducing customer churn and maintaining customer retention.
You can apply for big data to enhance your audience retention. You will need to institute a big data warehouse to stand out and increase engagement in your market. You can compile HR, financial, network, distribution, and production data to deliver operation reporting that is enhanced. With big data, you will predict the unpredictable, maximizing the value of entertainment and lowering churn.
Analyzing Campaign Results
Big Data allows you to measure your campaign performance, which is usually the most crucial part of digital marketing. Marketers will utilize reports to measure all the negative changes to marketing KPIs. If they fail to achieve the desired results, it will indicate that the strategy needs to be changed. This will help you maximize revenue and make future marketing efforts more scalable.
Big data analysis uncovers correlations you never imagined existed. You will have the upper hand when you combine the insights with a 360-degree view of a customer. For example, a company can cater ads to their customers’ geolocations. This will ensure you provide relevant content to your viewers and thus easily monetize the viewership.
Coming up With New Products
A selection committee of a production company picks a show pitched to them based on a hunch it will do well. Likewise, big data allows designers, writers, and executives in the media to create and select products based on the mathematical possibility they will become popular.
Also, big data platforms will predict content success ahead of time instead of depending on guesswork. The technology comes up with apps, actors, storylines, and formats that customers will fall in love with even before they know they enjoy.
It is easy to make a case for big data in the media industry since many organizations flourish after implementing the approach. In addition, the conclusions drawn from big data can result in the growth of audience, lower churn, better advertising strategies, new products, and better pricing.
Even though big data has significant advantages, you need the right tools and staff to implement it. A great place to start would be purchasing data integration across on-premise and Cloud environments. Then, get a single suite of applications that can integrate media data sources using multiple components and connectors. Then, utilize big data today to make your media company a favorite of customers.