There are those incredible moments when a customer shares a wish on how they could use your product that causes the lights to go on. We experienced this recently when a regular user of our Scorecard said, ‘I love this graph, but I wish you would do the math for me.” We instantly decided that she was right and introduced our newest Wicket: “Net Customer Change” including subscriber projections.
At Wicket Labs we have long understood the importance of making insights actionable. We’re helping our customers take a big step forward in that endeavor with the introduction of our Segment Builder, which can be automatically synced with downstream CRM and marketing systems to create highly tailored campaigns and communications.
Today’s streaming giants aren’t only competing with services like them. They’re also up against mainstream gaming, Facebook, and, if you ask Netflix, even sleep. In other words, modern living has created a vast and varied battleground for consumer attention. It’s a reminder of how perceived value is hugely important. Not just for initially attracting subscribers and grabbing their attention early on, but holding onto it too – increasing audience lifetime value.
No streaming service is safe from churn. Every subscriber type, even those who have been active for a long time, can swing from ‘safe’ to ‘at risk’ if engagement levels drop. But two particular groups pose a greater risk than others: users who are either idle or inactive. Knowing what action for to take for these critical audience cohorts also means knowing what makes these user groups different from the rest.
Surfacing insights into content performance has been a keen focus of ours since we started Wicket Labs. Our latest updates are a direct reflection of customer feedback and introduce a simple way of generating royalty reports for content partners as well as a ton of new information in our Content Catalog Wicket available as an export.
The effective use of data separates the winners from the losers in the streaming space. In fact, 67% of OTT businesses consider actionable intelligence key to their survival, benefitting executive leadership, licensing efforts, marketing initiatives, and more. But building a culture of data isn’t easy. Let’s run through the four stages of data maturity for a streaming service and establish what data-driven decision making looks like.
What happens to the sports fans using your streaming service after the final whistle? Sports engagement is naturally spikey. So, how should sports services look to increase perceived value? And how can data insights be used to drive more engagement to support this goal?
Perceived value doesn’t always align with real value. What can streaming services do to increase perceived value? It’s not just investing in new, blockbuster content. Getting the most out of your entire catalog is the key. And the content discovery experience in terms of editorial curation, promotion, and recommendation has a big role to play.
When you think about the complex role of content for a video streaming service, it needs to simultaneously inspire new customers to join, delight existing subscribers, and prevent users from switching. It’s a tall order. Using data to understand the impact of content towards these goals is essential for enhancing licensing efforts and platform performance.
Understanding the speed at which an audience is growing for any title, class, season, or series overall can provide powerful insights into your library. We’re excited to introduce a VOD Release Performance view in our Content Catalog. It’s easy to see the content performance over the first seven, fourteen and thirty days.