Are you having difficulty using data to gather intelligence on your subscribers? Don’t worry, you’re not alone. Singula Decisions recently interviewed TV providers from the United States including broadcasters, Telco’s and online video services. The research looks at how operators today are truly using data insight and analytics to improve customer engagement, marketing and communications throughout the entire customer lifecycle as well as their future plans. Customer analytics is a minefield, and for those starting out or near the beginning, it’s often difficult to know where to begin. We’ve pulled together some best practice recommendations to help along the way.
Keep it Simple
Often, when starting data projects, it’s easy to start off too big – in order to succeed, best practice is to start with ‘small data’ before moving on to bigger data sets. When it comes to where to use data; look at key business challenges and consider how data can potentially solve these issues. We recommend looking at two particular metrics: ‘customer lifetime value’ and ‘viewer engagement’. Avoid deploying multiple analytics tools that don’t easily integrate and as suggested by an Online Video Provider we interviewed, “The key is – very simply – single dashboard reporting. I think the tools are too varied and too many.”
Take Control Over the Process
With data and analytics projects, there are significant variations in how the initiatives are managed within organisations. The best results will come from direct sponsorship by the CEO or driven by groups that integrates Technology, Business, Content and Customer Care, as it’s is essential to get input from across the business. We believe the sophistication and efficiency of tools available today from a range of vendors means that in-house development efforts are often a distraction.
Focus on Content Differentiation and Community
Competition is fierce, so offering the right content to engage your particular audience is a key fundamental to success. As simple as this sounds, this requires a deep analytical understanding of your customer base in order to select the most effective content to suit the needs of each and every viewer.
Develop an Analytics Strategy Focused on the Customer Journey
Our research underlines the importance of focusing on every stage of the customer journey and being able to reliably track and connect each consumer interaction. Analytics need to be carefully deployed to understand and respond in the most effective way at each touch point – from finding new customers, growing ARPU and predicting churn to winning back lost subscribers.
Find out more in our Research Paper
Download the full paper here to find out more about the challenges operators are facing in the data analytics journey, who’s leading and more.