Media planning delicately balances creatively reaching audiences, meeting business objectives, advertising goals, cost efficiency, and profits. Advanced media incorporates all of those needs, while incorporating data to help streamline the process, inform reach decisions, and improve effectiveness of frequency. Incorporating advanced media tactics in your business or brand strategy model is vital for success.
Modern Media Businesses and Their Advantages
Consumers are constantly inundated with advertisements on various forms of media. In today’s hyper-competitive landscape, companies who design their strategy model around and for users command multiple strategic advantages: the ability to evaluate consumer behavior and both effectively collect and incorporate user data are all tools which our predecessors lacked the sophistication to accomplish on scales which are commonly seen today. Incorporating these advantages into your business plan will provide for a higher probability of success.
Consumer behavior can be difficult to predict, but new data keeps businesses on the edge of delivering exactly what their customers want. New tracking allows brands to become intimately familiar with their target demographics: learning who users are, what they are looking for, and even the best way to deliver the content they seek. Nailing down these patterns are vital; fans today spend more per capita than any time previously. They are also less likely to churn. Furthermore, brand loyalty today establishes a basis for future loyalty in some way businesses have not seen before.
However, small missteps can alienate an entire demographic group. Users are still individuals, not just a set of data; they make decisions based on a variety of factors. Thus, entertainment and media companies need to understand fans on a deeper level than just advertising to them. Elevating the sophistication in which brands incorporate, value, and learn from data, segmentation and measurement, and technology will affect commercial success.
Using User Data to Create Effective Business Strategy Models
The ability of a company to successfully leverage data, segmentation, and various measurements can influence many components of your business model. While failure to do these things will keep you from becoming a powerhouse in today’s highly competitive internet-driven world, effectively managing and incorporating these objectives spells success.
Investing in data driven and targeted marketing leads to long-lasting benefits. It increases the relevancy of brand messaging, offers, and promotions. This leads to parity between marketing investments and meeting key business KPIs such as Incremental Subscriber Growth Rate. In turn, average monthly revenue increases per paying membership.
Brands can maximize on this growth by successfully optimizing moments. Presenting the perfect content at the correct time to that specific individual translates to higher sales volumes. Advances in AI platforms allow business to continually adjust content, which allows companies to focus and maximize advertising strategies on an individual basis. This ensures both time and monetary investments in growth and churn reduction are more efficient than previously.
This leads to improvements in profit contribution. While you are temporarily increasing the cost margins of your products in order to implement this new technology, it pays off. Companies target consumers less, but in a manner that more effectively translates to sales. Since 90% of advertising budgets are spent on media, reducing the overall times a brand reaches a consumer while simultaneously increasing the effectiveness of those reach moments helping to improve costs drivers and ultimately profit contribution.
Advanced Media: The New Business & Brand Strategy Model
Old models of reaching consumers are no longer efficient. With the advancements in AI, big data, and the increased consumer spending trend, businesses who incorporate advanced analytic and data into their brand strategy model will see greater returns than those who do not. Successfully evaluating consumer behavior while effectively using user data to optimize on critical moments should be the goal of every entertainment and media company looking compete in our rapidly evolving digital economy.
The Entertainment & Media industry is facing an existential shift in how media companies measure and gain insight on their audiences. The average household was found to have at least seven active devices in use every day. That has a major impact on media consumption and how advertisers reach consumers. Trying to figure out viewer behavior is a major hurdle.
Ads are going unseen. The reality of ad waste is a top concern as achieving marketing and advertising objectives is a matter of reaching the right audience with the right message by way of the right device at the right moment. Each device requires a different approach. Technology targeting should not only consider what device the person uses to watch content, but also the browser and OS.
Ad Sales teams need “fit-for-purpose” audience insight factors that match up to the outcomes that their client is expecting, can drive relevant connections to customers with compelling offerings, and convey data-backed confidence – that the firm has the audience that a potential customer is looking for.
Content Strategy teams must be able to accomplish the following: Determine what type of content to invest in next. Develop empirical measurements of the impact their title catalog on subscriber retention. Create content that enables personal engagement across TVs, PCS, consoles, tablets and mobile devices.
It is the depth of qualitative data —particularly the micro-level nuances of attitudes and daily behaviors that allows one to get an accurate, in-context picture of your audience and its preferences.
Enter Block Chain
What is Block Chain? The blockchain itself is a piece of software. The name blockchain is literal: blocks of code and data chained together using cryptography. Each block typically contains a hash pointer as a link to a previous block to form a linked structure. Any technology to measure user views has to operate on a form of open decentralized ledger which is the actual database.
Each block transmits a block of information to the ledger at intervals which will be time-stamped and resolved into the ledger. The ledger, sitting on a remote server or servers, will be publicly accessible by API in order to answer questions about media content usage and access across devices. Data accuracy is assured because of Public-Private Key cryptography.
As the Block Chain develops over time, it will increasingly hold massive stores of data contributed by a variety of devices.
By targeting a global share of these digital devices, Block Chain technology can collect truly global media consumption and usage data including programs watched and when – to answer questions about content usage and access – Over time, this should lead to fewer but higher-impact ad executions – reducing ad load and not inundating your target audience with content and advertising that are out of context.
Modernism is defined as, “a style or movement in the arts that aims to break with classical and traditional forms.” From the perspective of advertising and advanced media, I am referring to a strategy called: Mixed Reality – that means delivering content on one device while delivering adverts at another.
Consider the following scenario: Media Brand ‘X’ wants to offer insights that allows advertisers to measure the “real performance” of their ad campaigns, such as whether someone who saw an ad on their Connected TV walked into a retail location and actually converted a targeted promotion.
The Situation @ The Brands
CMOs are confronting a myriad of painful realities: The declining effectiveness of mass advertising, a proliferation of new media, declining trust in advertising, increased distribution channels and digital technologies that give users more control over their media time are only the most visible signs of stress.
When network TV was the preferred advertising medium of choice, marketers and the ad agencies serving them rightly focused on the massive audiences that tuned into the most popular shows.
Disrupters like Netflix and Hulu have moved from streaming videos in browser-only constructs to making content available on virtually any device – changing the way in which audiences watch TV, transforming the medium from appointment-based watching to one where viewers watch what they want, when they want, on the device or devices of their choosing.
But how, exactly, do advertisers understand and measure the impact – the performance of their ad campaigns? Marketers need a more inventive/rigorous approach to a fragmenting world.
Enter the Smart Creative Asset
A Smart Message is an intelligently enabled ad asset designed to be embedded inside of modern applications (or even an embedded HTML5 video) that can be extensively personalized for a particular recipient or campaign, and above all is trackable. Tracking URLs are not novel. So, what’s different?
Smart Messages allow for a mapping between an identifier and provides the ability to profile users behaviorally: providing real-time, unfettered access to multi-dimensional data on how users are interacting with your ad and insight on its related performance.
The benefits: ability to track the actual performance of campaigns in real-time, measure fulfillment, reduce ad loads by presenting relevant adverts at a time and device that affords the highest probability of engagement and improves media investment return.
Data is data — until you make sense of it. Smart Messages provide end-to-end transparency and innovative analytic capabilities.
Audience insights are essential when it comes to audience development. Avid fans typically represent 10 to 20 percent of a brand’s user base but can drive 80 percent or more of the business value. Content efforts therefore must prioritize initiatives aimed at super-serving them.
Content preference is a segmentation problem and requires the use of clustering algorithms. We look at attribution over a range of media factors are mined from content metadata things: like genre, playing time, album name, release year, artist, actors, director, etc. as opposed to device factors. We want to understand how people’s demographic attributes affect their media preferences – These metadata also describe what users like about the content.
Every type of metadata provides a unique segmentation view – The ultimate goal is to be able to take a demographic profile, and target exactly what type of content they like to consume.
Leverage these insights to reach the right audience and increase, viewership, downloads, subscriptions, and more.