Digital Analytics Best Practices for the Media and Entertainment Industry
The increasing adoption of advanced analytics and data-based decision making has revolutionized every industry, including the media and entertainment industry. As a result of digitization and the boom of big data and analytics, the media and entertainment industry players have been compelled to adopt digital analytics best practices to gain customer insights. Digital analytics best […]READ MORE >>
The increasing adoption of advanced analytics and data-based decision making has revolutionized every industry, including the media and entertainment industry. As a result of digitization and the boom of big data and analytics, the media and entertainment industry players have been compelled to adopt digital analytics best practices to gain customer insights. Digital analytics best practices help the organizations to transform their media channel delivery platforms by personalizing the content for the tech-savvy audience. The enterprises are also building their infrastructural capabilities to ensure a robust digital asset management and are leveraging digital analytics solutions to gain in-depth market and consumer insights. However, before adopting any digital analytics solutions or other advanced analytics tools, organizations must answer the following four questions to achieve their objectives,
- What are the media delivery platforms and content formats to be adopted?
- What is our content strategy to maximize profitability?
- How do we track consumer behavior and digital footprints to predict the customer preferences?
- Do we have the infrastructural capabilities that offer decision support?
Digital Analytics Best Practices 101
Companies in the media and entertainment industry must leverage the digital analytics best practices to devise effective marketing strategies and minimize costs. The digital analytics solutions help organizations to gain actionable insights into consumer behavior, which helps them to develop new product offerings. Conforming to digital analytics best practices help the companies in the media and entertainment industry to identify pain points, manage the digital supply chain, and make informed decisions. But how do the enterprises in the media and entertainment industry ensure a blockbuster performance with analytics, you ask? Follow these simple digital analytics best practices to drive profitability:
- Devise an effective strategy to leverage digital analytics solutions by determining the objectives, media delivery channels, and a content profitability maximization plan
- Understand how the digital analytics solutions work by leveraging a diverse set of data from a variety of sources such as social signals and distribution channels to gain valuable insights about the media and entertainment industry and its operations
- One of the digital analytics best practices is to inculcate a data-driven culture within the organization to make strategic decisions to enhance creative thinking and generate best performing content pieces
- Track and monitor the income of the paid media assets and platforms to gain insights to identify the top performing products, which can be personalized for the consumers
- Leveraging retargeting tools by integrating television platforms data with the consumer profiles to enable audience measurement
Quantzig’s digital analytics solution helped a leading company in the media and entertainment industry to improve their advertising effectiveness, drive operational efficiency, and minimize costs. The solution helped the organization to gain customer and market insights, optimize their digital supply chain, and devise effective marketing campaigns. Read the full case study here.
Today, managers have access to a large stream of data, and decision-making on the basis of gut-feeling, the rule of thumb, and guesswork are largely eliminated with the advent of data analytics.
“Without big data analytics, companies are blind and deaf, wandering out onto the web like a deer on a freeway,” says a senior data analytics expert from Quantzig.
For more than 14 years, we have assisted our clients across the globe with end-to-end data management and analytics services to leverage their data for prudent decision-making. Our firm has worked with 120+ clients, including 55+ Fortune 500 companies. At Quantzig, we firmly believe that the capabilities to harness maximum insights from the influx of continuous information around us is what will drive any organization’s competitive readiness and success. Our objective is to bring together the best combination of analysts and consultants to complement our clients with a shared need to discover and build those capabilities, and drive continuous business excellence.
To know more about digital analytics in the media and enetertainment indsutry
- Essential Digital Analytics KPIs to Assess Website Performance
- Forming a Digital Analytics Approach
- Big Data Analytics: How Computer Algorithms Can Help Fight Terrorism