How Audience Insights Empower the Media & Entertainment Industry
"Companies across the M&E sector need an effective fan-centric strategy — or risk decline and irrelevance," shared by the PwC network in their 2016 Entertainment & Media Industry Trends report.
The Media and Entertainment industry is in a constant state of transformation. New experiences, brands, and platforms are continuously entering the market, leaving consumers with an endless list of options.
The connected, digital consumer is fickle, and they increasingly want to align with the brands that understand their cultural identity. The keys to driving subscriptions, content engagement, ad revenues, and ultimately sales in the M&E industry is changing. To compete and stay relevant, players in the M&E industry must focus on putting the audience first.
New technologies, big data, and audience insights are radically changing how the M&E industry connects with its consumers, enabling them to take a genuine audience first approach. Here are six ways data-driven insights empower the M&E industry:
Understand Your Audience
Consumers want to align with the experiences, brands, and platforms that understand their cultural identity. Imagine having a 360-degree view of your audience and knowing who key segments are, what they want, when they want it, and why they have an affinity to your brand? With these insights, M&E teams can easily monetize their offerings, craft cultural experiences that resonate, and understand which target segments are most likely to convert.
Develop Data-Driven Content
According to the PwC report, across the M&E industry, consumers are gravitating to the properties that are “differentiated as much by the quality of their curation, customization, and convenience as by the quality of their content.” To create content that sticks in a content-heavy world, M&E teams must understand what content is already resonating with key segments and why. Marketing intelligence empowers M&E teams with insights such as the keywords, hashtags, images, influencers, and media sources needed to create content that consumers will want, not refute.
Identify Key Influencers
Understanding which individuals, celebrities, and brands influence key audience segments gives M&E teams a strategic advantage by ensuring their messages are aligned with who matters most. The wrong pairing can alienate brands from their target audience. Who should headline a festival or be the face of a new campaign? Using data to select the right pairing can build and strengthen consumer fandom.
Expand Your Audience
Audience insights are essential when it comes to growing a consumer base. The most successful M&E teams leverage audience insights to understand both their audiences, as well as their competitor's audience. For example, if a competitor has managed to engage a young community of gamers, using audience insights you can first familiarize yourself with that audience, and then develop a strategy to capture and convert their interest. Leverage insights to reach the right audience and increase ticket sales, viewership, downloads, subscriptions, and more.
Drive Advertising Sales
Audience insights are invaluable to M&E companies when it comes to placing their own ads, as well as when publishing ads on their own properties. Audience insights enable ad sales and research professionals to conduct superior audience discovery, leading to a higher return on ad spend for the advertiser, and more impactful campaign plans for the publisher. With an intimate understanding of target audiences, M&E teams can ensure ads they place are targeted and align with the interests and passions of the audience. Using the same approach, M&E teams can prove why their advertising space is an ideal place for select brands to spend their ad dollars.
Perform Cross-Channel Promotion
The M&E industry is constantly looking for new ways to innovate, distribute, and monetize its content. Teams can leverage large data-sets and insights to inform strategies across all of their marketing including other digital and traditional efforts.