House of Cards by Netflix exploded on TV when it aired. Big data helped it gather the audience – and the ratings! – they wanted. Hollywood’s doing it now, as are major networks and media corporations across the world. The question naturally is: how is big data relevant to the media & entertainment business?
No more are massive content consumers anonymous. It is possible to know who they are, what they do, what they like, how they spend, and what they spend on. More importantly, how much they spend.
How do we know all this?
Big data tells us almost everything. It changes the way you listen to your audience, the way you analyze your targets, and how you respond to them. Big data and analytics are the new mantra!
It’s relatively simple. Millions ‘like’ your Facebook page, retweet your tweet, watch (or download) your videos and subscribe to RSS feeds (or sign-up for a newsletter at least). This tells you about what they like about you and your content.
Big Data for Social Media
The consumer operates in an unstructured, even complex manner. Millions and millions of feedback data about you and your content on the Internet is soloed. At the macro level, all this digital information is just noise.
But with big data services, this noise can be reduced, refined, and then enable you to specifically listen to a single voice.
What does this single voice tell you? A LOT. When users connect their social profile, the media, and entertainment history, you obtain a 360° view of your target. Every click, every search term, every page opened, every view, every comment, and every sign-up creates a vast amount of data.
Advantages of big data in Media & Entertainment:
- Refine consumer profile information and influence millions of users to create individual profiles
- Develop models to predict buying proclivity, influence, engagement levels, return rates, etc.
- Create prospect lists that are based on predictive models to produce targeted marketing campaigns
- Improve campaign performance by delivering focused targets
- Real-time applications include content development on the go to satisfy and delight audiences
- Multi-platform access to consumer
- Analyze social conversations to understand audience sentiment towards the product(s) and/or brand
- Precise understanding of customer micro-segments
Big data helps trawl consumer behavioral patterns. It brings more sense to random clickstream behavior coupled with predictive analysis and other metrics. Big data also helps understand and gather insights on consumer psychology across touchpoints. Access to wider and more comprehensive data means that using demographic, geographic, psychographic, and economic data, you can now communicate directly with your target. You can speak to every voice!
This information can be used to build new products around existing product categories or even develop entirely new categories. Not only does this help in customer retention secured, but also helps increase retention and new acquisitions.
Not just the Internet, big data can come from other significant digital channels like mobile and apps; thus making multi-channel ad campaigns more relevant, and more focused. With big data, it is possible to understand what consumers do on their second screens as well! You listen to them, quite literally too, everywhere!
Accept it, you have a wider, more extensive consumer base than ever before and you need to listen to them all. How? Big data.