The client: A leading media services provider
Area of engagement: Customer Segmentation
A media service provider is an organization that complements its business processes by adding a set of media services. The services include access to the internet, streaming media, and other value-added services. Media services providers (MSP) also enable an application to control media for a particular transport mechanism.
Additionally, media services can be offered through various mediums including video, audio, and even text media, all of which are used in communications, business, and entertainment. It starts right from the conception of ideas through to the final broadcast, including the design of content, and production.
The Business Challenge
The client, a leading media services provider, approached our team of experts to help them gain better insights into the customer’s needs and preferences. The client also wanted to gain a better understanding of customer behavior by grouping them into various segments. The media services provider was also looking at devising strategies to identify customers with the highest likely lifetime value or conversion rate. Moreover, they wanted to target best prospects and maximize customer retention.
Want to know more about our approach to customer segmentation and how we helped a leading media services provider identify and adjust to the latest media trends? Request a free demo right away.
The Solution and the Business Impact
The customer segmentation solution offered by the experts at Quantzig helped the media services provider to employ the best statistical technique for customer segmentation. It also helped them break down their potential customer base into smaller sub-segments. Moreover, leveraging Quantzig’s customer segmentation analytics aided the client in developing separate marketing programs that are designed to appeal various customer segments. This also helped them develop a customized and more focused marketing message.
Customer Segmentation Solution Predictive Insights
Customer segmentation is the most important area that directly impacts the profitability of any organization. This is because it helps in focusing a marketing campaign on customers that are most likely to respond, rather than targeting customers with irrelevant campaigns. Moreover, to maximize distribution strategies and value of the content, organizations need to understand their customer base. Quantzig’s customer segmentation solution plays a crucial role in bringing a uniform understanding across different departments. Therefore, customer segmentation should be implemented in business processes to make an impact on the overall business efficiency.
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Here are a few media trends that are bringing about disruptions in the global media services industry:
- Targeted advertising: Organization today, opt for targeted advertising strategies to maximize ROI by targeting potential customer segments. It also helps firms to gain a better understanding of their target market; thereby, achieving better results with the advertising campaigns. It also enables companies to target end-users based on data that relates to the
- Implementation of augmented and virtual reality: To differentiate themselves from their competitors, leading media services providers are incorporating advanced technologies such as virtual reality and augmented reality. Also, these technologies are gaining traction due to their ability to enhance storytelling capability.
- Wireless network technologies: Leading media services companies are focusing on leveraging the use of technologies such as 5G wireless network technology to maximize the capability of their services.
To succeed in this digital era, media services providers must consider implementing strategies to serve the end-user segments based on their needs and preferences. This necessitates the need for leveraging customer segmentation to target potential customers.