Dynamic Content & Economic Changes Shape a Unique Landscape for Media & Entertainment Marketers
From the emergence of streaming content and interactive video possibilities, to cord-cutting trends, on-demand expectations, the democratization of content creation, and disruptive economic changes, the media and entertainment landscape continues to evolve from every angle. Consumer consumption habits and behaviors are drastically different as well. In an industry where content is ‘king’ and online content is more important than ever, consumers seek full access through different devices and services– 69% of consumers across baby boomers, gen x, and millennials stream video, TV, or movies online, and more consumers say they watch some type of video via computer or smartphone than actual TV (“Connected Audience Report,” Salesforce, 2018). And while people around the world continue to be impacted by the ongoing crisis of COVID-19, it has never been more important to listen to and understand consumer preferences, in order to reach them with the right content, at the right time, and with the right medium. What’s more, with some media budgets expanding and others declining, media companies must take this moment to focus their efforts on efficient use of their marketing investments to ensure that no dollar goes to waste.
Maximize audience engagement, strengthen relationships, and grow subscriptions
Whether preparing for the launch of a new streaming service or engaging an audience on a publishing platform, media and entertainment marketers need to ensure that their content, messages, and creative resonates with and inspires their audiences. In a world with a non-stop flurry of content to choose from, marketers must bypass the noise and reach consumers in an effective and memorable way to successfully attract new customers and build long-term loyalty. In an age where 84% of consumers say the experience a company provides is as important as its products or services, interactive personalization across the consumer journey has become a mandate to remain relative and competitive (“State of Connected Consumer,” Salesforce, 2019). Meanwhile, 33% of all consumers (and 50% of millennials) maintain subscriptions of two or more paid streaming video services (“Connected Subscriber Report, Salesforce, 2017). The media and entertainment industry doesn’t subscribe to a winner-takes all approach, so new subscription services have the potential to attract, acquire, service, and retain customers, while maximizing subscriber lifetime value.
Accelerate media sales and optimize campaigns and spend
Media publishers and agencies also operate complex businesses in which they need to measure and optimize the value of their investments across direct and programmatic channels, while providing transparency across their clients. With campaigns spanning different regions, products, and services, media companies need to process and report on campaigns in a timely manner in order to strategize effectively. What’s more, is that media marketers are running these campaigns across different devices and channels, with the goal of engaging audiences within their preferred format. In times like today, where marketing budgets are getting reduced or cut, marketers need a holistic understanding of which sources drive the most revenue and engagement in order to optimize acquisition and retention, and reduce ad spend waste.
Marketing Intelligence Supercharges Growth & Engagement for Media Marketers
How can marketer’s in such a complex industry and volatile economic environments meet consumer expectations and maintain efficiency? Marketing Intelligence platforms, like Datorama, allow media marketers to connect and unify fragmented data sources, across devices and channels, providing a single, comprehensive view of all their marketing investments. With one holistic view, marketers can access real-time insights into their trends, campaigns, and sales/revenue performance, allowing them to redefine their strategy in real-time and ensure quick optimization and elimination of inefficient spend. Whether working toward a near-term launch or seeking to attract long-term consumers, media marketers must make sure that their content is effective and resonates with their audiences to drive conversations and revenue.
For media marketers managing client budgets and campaigns, Datorama allows them to automate reporting to give internal teams and clients on demand access to their cross-platform and cross-channel KPIs. In addition, Datorama’s platform provides instant and customized data visualization with AI recommendations to help optimize those KPIs and make smarter, data-driven decisions. This increases operational efficiency and ensures that teams across the organization work from the same set of facts, KPIs, and taxonomies – ultimately laddering up to a common set of goals across the business and their clients.
Hear from one of our Trailblazers, Disney Streaming Services, on how they utilize the Datorama platform to drive customer engagement and business-wide growth: