Data has always been a key component in effectively reaching your audience, but many OTT companies are not digging deep enough to leverage all of the data available to them to engage the right customers, at the right time, with the right message. Online video businesses are beginning to tap into the potential of insight-driven marketing, utilizing far more data to help learn more about their audience. This allows them to effectively target subscribers throughout the full customer lifecycle.
A recent article by McKinsey & Company addresses the trend in using customer data to effectively personalize the consumer experience,
Invest in customer data and analytics foundations: Personalization is impossible if marketers don’t have the means to understand the needs of high-value customers on an ongoing basis. So top marketers are developing systems that can pool and analyze structured and unstructured data, algorithms that can identify behavioral patterns and customer propensity, and analysis capabilities to feed that information into easy to use dashboards.
That said, making sure data is marketing ready is not an easy task. Most companies are using multiple tools to manage their video business. Bringing that data together into a single view of the individual customer journey enables a more effective direct marketing spend, acquisition and retention of higher-value customers, an improved user experience, and saving at-risk subscribers.
Start with a Few Questions
To make sure data is marketing ready, start with the end goal in mind. Ask a few questions:
- What are the major initiatives planned for the coming year?
- What are the goals with regard to subscriber counts and retention?
- What are the insights needed to make the right decisions?
Prioritize answering these questions. This ensures the collection and analyzing of the right data to help take a subscription video business to the next level.
Some key areas to consider to make sure the service is set up for successful insight-driven marketing and a more personalized customer journey include:
Consolidate the data
Similar to many businesses, multiple tools are likely used to power the backend of the video service. It is essential to bring these data sources together into a single harmonized set to help analyze subscribers throughout their experience. Working with a Customer Success team can ensure the use of best practices to capture and format the data properly.
This brings each data source together, then consolidate it into a singular view of each subscriber to enable advanced analytics.
Understand industry benchmarks
Understand how the video service matches up to SVoD industry peers across many key metrics.
Use machine learning and AI to identify additional insights and actions to take. Identify both happy and at-risk subscribers and reach them with the most contextual and relevant marketing messages.
Identify the right actions to take based on both a predictive model and industry best practices through working with a Customer Success team.
Have access to your data for deeper analysis or through direct integrations with a CRM or marketing tools to target specific audience cohorts with timely and relevant campaigns.
Getting data marketing ready, can be a challenging and daunting task. With the right focus on what is trying to be achieved and some help and expertise to structure the tools appropriately, it doesn’t have to be. Have the complete picture to understand the business as a whole, the goals, and the environment. Then iterate along the way to ensure the most effective use of the data.
It doesn’t stop there. Continually analyzing the data to identify trends and recommending actions based off real-world examples employed by industry leaders. Once the data is ready, targeted and personalized experiences can be aimed at specific audience cohorts within a video service. Identify both the positive and negative trends, leverage marketing efforts to customize messaging for finding more happy customers, and engage users that are displaying signals of churn.
Following are some examples of data points to help run effective campaigns across multiple customer cohorts.
Use a machine learning model, similar to the Customer Happiness Index (CHI® score), to analyze multiple data points to identify both happy subscribers and subs that are showing a likelihood to churn. Use this to run lookalike campaigns through social channels for high-consumption users who visit frequently and are happy users of the video service.
A machine learning model can be used to identify at-risk subscribers but doesn’t stop there. You can identify the factors that are resulting in a low score and recommended actions to take to save specific subscribers.
Quickly identify the content subscribers enjoy regardless of audience size. Identify the “hidden gems” in the content catalog to promote additional titles of interest.
Find highly-correlated content consumption at the individual user-level and recommend other specific content to users with similar viewing habits. Couple that with the Attention Index and the likelihood of engaging users with additional content goes way up.
These are just a few examples of ways to leverage a marketing ready dataset to effectively acquire, engage, and retain subscribers. Additionally, having the capability to effectively analyze each campaign helps direct the budget and attention to the most cost-effective and profitable marketing channels.
A final note. Remember, this doesn’t have to be done alone. In addition to setting up the data and doing the heavy lifting to consolidate, transform, and analyze it, the Customer Success team continues to work with clients to share industry expertise and best practices to achieve the best results; analyze the data, recommend best actions to take at each stage of the customer lifecycle to attract new subscribers and retain or save current ones. Key insights into how customers are interacting with the service help drive retention and customer satisfaction. Additional insights will help analyze the success of every campaign launched.
If your video service could use help with this approach, let us know. As I said, it’s a team effort. Wicket Labs’ Customer Success team will integrate your data, extract the insights, analyze trends, and work with you to develop the right approach for your subscribers.
Combat Churn Whitepaper
You know that churn is a potential hurdle for your service. Click the button below to download the Understand & Combat Subscription Churn Whitepaper to see how the Wicket Scorecard can help you recognize and reduce churn in your video business and begin to maximize audience lifetime value.
Tags: acquisition • actionable insights • client services • Customer happiness • marketing • Subscriber export • SVoD