Sharpening up media data perspectives
Big data and data analytics are everywhere in discussions with our media clients right now.
It’s hardly surprising when you consider the way in which analytics has become such a hot topic for so many professional communities in the media industry. Conversations are certainly not limited to technical specialists.
This is a topic that excites business development teams, financial specialists, marketing and communications, and of course, operations management.
Analytics – why and why now?
Analytics is nothing new for media companies. Just a few years ago, for example, you’d get rooms full of students earning a bit of extra money fast-forwarding through tapes of tennis matches and counting every full and partial logo to deliver quantified ROI justification to event sponsors.
What has changed are the data volumes, the explosion in channel diversity, and of course the digital sophistication.
Media companies can now collect, process, correlate and analyze large volumes of data in real-time. This is possible because they have access to big data platforms, cognitive technologies, and best practices offered by IT companies.
But it’s not just about these technologies being available. It’s about how they are offered. It’s the fact that access is available as-a-service that makes them affordable, and which makes it possible for media companies to exploit data assets in ways that were unimaginable back in the days of students and tapes on fast-forward.
Think use cases …
Whenever game-changing technology comes along, we’re always going to ask, “how can our clients gain tangible benefit?”.
With data analytics and media, we see three application areas of immediate interest:
- Customer relationship development, and
- Infrastructure management.
Advertisers and media companies understand just how important it is to be able to maximize value across multiple channels. Your audiences use a wide range of online, broadcast and print services – and you need to make sure that advertising gives the best return across multiple channels.
And as consumption options explode, media companies and advertisers need ways to automate effective placement and analysis so that this automation is driven by quantifiable performance.
Programmatic advertising platforms can now automate digital ad sales. This makes it possible to implement multi-channel advertising strategies that span fixed and mobile audiences, TV and out-of-home.
These developments fundamentally change professional roles. From now on, the big hitters in this business are going to be obsessive and creative data analysts.
Customer relationship development
The ability to build actionable customer profiles now becomes an essential skill for any media company. Without a deep and highly articulated understanding of customer preference and behavior, it’s impossible to build sustained and profitable engagement.
The big change here, perhaps, is the range of source data that becomes important. We need to look far beyond the boundaries of a traditional CRM system. We need cumulative views of the personal advertising histories, outlined above. We need a full view of spend and billing profiles. And, of course, we need advanced social media analysis.
In addition, we need to learn how to capitalize on this new intelligence without compromising confidentiality or trust.
With radically changing customer behavior and continually shifting consumption options, analytics also becomes key to managing and optimizing the underlying media infrastructure and operations.
The precision with which you manage infrastructure has a direct impact both on the quality of customer experience and on the cost of operations.
Real-time analytics now become a real differentiator, for example, in a media company’s ability to optimize routine upgrade and to enable predictive maintenance activity: intelligent analytics is the media world’s biggest challenge and biggest opportunity.
Follow our next articles as part of “IT in Media” Blog series for NAB 2018