Today, most of the forward-thinking companies have their strong presence on the internet. In fact, websites have become the new address for businesses. One of the key benefits of operating on digital platforms is that companies have access to a large amount of data that they can leverage to track and improve performance. However, a notable challenge of digital analytics lies in knowing what metrics to track, and what value to gain of them. Moreover, the knowledge and expertise required to set up and use digital analytics programs are complicated. The investment for digital analytics tools and required expertise can also be high. Often, despite putting in the best efforts many clients see unclear returns from their analytics programs. This might be due to some of the following mistakes in the company’s digital analytics strategies:
Mistake #1: Unclear goals
The first challenge of digital analytics is not having a specific goal for using digital analytics tools. Marketers are often unclear on what metrics to track, and what value want to derive out of them. This results in businesses finding it difficult to link their business results with the factors that drive those results. So, it must be ensured that every analytics program answers specific business questions and concerns.
Mistake #2: Choosing overkill analytics tools
Companies tend to believe that choosing over-the-top or expensive digital analytics tools give deeper insights and solve their problems better. And this assumption could prove to be a grave mistake for them in the future. Advanced digital analytics tools may offer more sophisticated analytic capabilities when compared to the features offered by fundamental tracking tools. But the big question is whether the business needs all those capabilities or not. The idea is to select an analytics tool that is based on the company’s goals and business needs, not by how advanced the tools are.
Mistake #3: Failing to detect tracking errors
Tracking errors can produce unreliable data and misleading analysis and can hence prove to be devastating as far as a company is concerned. Yet many companies tend to overlook tracking issues when they occur. Tracking errors can occur in the form of the developer mistakenly removing the tracking pixels, transferring incorrect values, and the tracking code firing unstably or multiple times. In order to tackle this problem effectively, companies must frequently check their data accuracy and look for unusual signs in reports.
Mistake #4: Following too many metrics
When companies have access to advanced digital analytics tools and strong computational power, it could become tempting to make the most of the tool by capturing every data point possible. However, following too many metrics can dilute the company’s focus on the core metrics that reveal the pressing needs of the business.
Find the right digital analytics solution for your business
In this technological age, digital analytics has emerged as an important tool for the brands to decode the preferences of their audience. The availability of data is what makes the difference between the digital channel and conventional channels like TV or print media. Thus, digital analytics assumes a crucial role in providing an edge to the digital marketers by helping with efficient data analysis. Gradually, companies are getting transformed into data powered organizations from data generators and that is one of the reasons why digital analytics marketing will become a core business disruptor in the days to come. Here are some emerging digital analytics trends that are going to rule in the future.
Top Digital Analytics Trends
What the client wanted: A leading media buying company wanted to determine and analyze their key performance indicators and devise a strategy to optimize the user experience and facilitate maximum conversions.
The outcome: By leveraging Quantzig’s digital analytics solution, the media buying company gained critical insights into product-specific marketing strategies that are used in the media and entertainment industry. It facilitated the development of an optimized workflow plan which boosted conversions threefold compared to the media buying company’s former records.
Media and Entertainment Industry Overview
The global media and entertainment industry has been migrating to a completely digital platform, which has functionally increased the scope for a seller to advertise their products or services. This has also facilitated a direct relationship with the customers. Companies are investing more in digital inventories, which has paved the way for the emergence of numerous media buying enterprises. Such enterprises create media placement strategies and develop creative ads to advertise the product of a client online. Their primary goal is to reach target customers in a cost-effective way. However, in the media and entertainment industry ecosystem, the road to growth has many obstacles which the media buying companies are struggling to address.
The absence of customer-specific marketing strategies: Any product or service in the market will respond in specific ways with respect to different sections of the demography. Creating a compelling media plan requires the company to undertake an audience-based approach, which can help target the right product to the right customers.
Tracking performance and ROI: The lack of performance visibility of online campaigns deters strategizing of an effective and progressive market plan which is in line with the dynamic consumer expectations and market trends.
About the Client
A leading media buying company based out of South America.
The media buying company lacked performance pointers to modify and manage the online strategies of the online campaigns. They required a digital analytics based overview of the consumer trends in order to make their advertisements more customer-centric and influence conversions.
Summary of our digital analytics study
To gain in-depth insights into our digital analytics solutions for the media and entertainment industry
Quantzig’s digital analytics study assisted the media buying company in gaining valuable insights into customers’ expectations and their views on digital transactions. It helped them in modifying and creating a smart and a predictive online marketing strategy. The digital analytics study took a 360-degrees approach to give a microcosmic as well as a macrocosmic view of the ever-changing media and entertainment industry. This helped the media buying company stay abreast of the dynamic trends and implement the same in their strategies, which maximized conversions and boosted ROI for their clients.
Digital Analytics Solution Insights
The digital analytics solution offered by Quantzig guides media and entertainment industry firms such as media buying companies to create more hyper-targeted content and advertising and accurately predict consumer behavior. Additionally, a robust digital analytics solution aids in consolidating data from several sources and gain an in-depth understanding of the customers; thereby, facilitating improved performance of online campaigns and generating better ROI.
To know more about how our digital analytics solution helped a leading media buying company
In this era of digitization, delivering an extraordinary digital customer experience is one of the factors that can take businesses to the pinnacle of success. Satisfied customers tend to exhibit deeper loyalty to the brand, spend more, and help companies to reduce their costs. However, the developments in digitization and technology have raised the bar for companies that intend to provide a superior digital customer experience. With most companies hopping on to the digitization bandwagon, customers today expect ‘more and different’ engagement experiences from brands. Companies that are up-to-date on the latest digital customer experience trends have an edge over their counterparts in the market. While there are several digital experience trends that have been faring well in grabbing more eyeballs, here are our top picks from the lot:
Improvising the mobile experience
Mobile devices and human beings are now inseparable. This makes mobile media the best platform to reach out to their target customers, even when they are on the go. Digital customer experience through mobile is already at the core of digital marketing strategies, but there is still immense scope of improvement in the space. A recent study shows that customers are less likely to engage with a company due to the bad digital customer experience provided. Top brands are now using techniques such as in-app feedback where they collect suggestions from users for improvisation.
Rise of personalization
Personalization is one of the best marketing investments today. Today’s customers have plenty of options at their disposal and personalization is one of the best tactics to gain an edge in the market and build a connection with the prospects. With personalization, companies can provide a digital customer experience that gives the user the desired experience and promotes the products and/or services that are truly relevant for them. When you bombard customers with content that is irrelevant to them, customers tend to form a negative impression or lose interest in your brand.
Greater automation with artificial intelligence
The capabilities of artificial intelligence (AI) is getting bigger and better with each passing year. AI technology is expected to automate more digital customer experience tasks this year, which would give digital teams more time to concentrate on other core tasks. The technology will also be useful in managing cloud complexity that has the potential to not only reduce costs but also provide better security and performance.
Growth of home devices
Siri, Alexa, and Google are gradually becoming an integral part of most households. These home devices are making consumers increasingly accustomed to centralized voice usage. Home devices are revamping and greatly enhancing the digital customer experience. With the rising competition among big players like Apple, Amazon, and Google to establish themselves in the home devices market, the functionality of these devices will only improve further.
Big data is a powerful tool for companies to gain an in-depth knowledge of the customer behavior and ways to improve the digital customer experience. However, not everyone in the organization has access to this data or often have limited technical expertise to convert this data into meaningful insights. Companies are now encouraging the use of self-service analytics which is a form of business intelligence where employees are enabled and encouraged to perform queries and generate reports by themselves with minimal IT support.
To know more about the challenges in providing an optimal digital customer experience
What the Client Wanted
Leverage digital analytics to set new business goals and invigorate their growth strategies.
Leveraging digital intelligence with the help of digital analytics enabled the visual effects service provider to redefine their business goals. This engagement entailed the extraction of meaningful insights from digital data sources with the help of Quantzig’s flexible digital analytics solution. It also allowed the visual effects firm to optimize content offerings, marketing ROI, and their overall business performance.
Overview of the Media and Entertainment Industry
The media and entertainment industry is one such industry where there is no shortage of prognostication around the most essential industry trends. The global media and entertainment industry is fraught with multiple challenges arising due to factors such as low advertising revenues, declining sales, changing consumer preferences, and the ongoing digital transformations.
It is, therefore, essential to focus on the market dynamism owing to the pace at which factors such as content creation, distribution, and monetization are being disrupted in the global media and entertainment industry. Moreover, in today’s world, digital disruptions have turned so universal and palpable that it demands players to acclimatize themselves to the changing industry trends to gain a competitive edge.
Though digital analytics has transformed many industries globally. It not only acts as a tool to cut down costs and enhance customer experience but also helps drive business growth. This makes it essential for media and entertainment firms to seek an experienced company such as Quantzig to assist them in investing in the future by leveraging digital analytics to be a part of an evolving media and entertainment industry landscape.
Media and Entertainment Industry Challenges
- The ongoing digital transformations: Digital transformations are bringing about major disruptions in various industries. Therefore, any firm operating in the media and entertainment industry will have to invest in augmenting their digital capabilities to sustain themselves in the growing competitive pressure.
- Enhancing user experience: Organizations face major challenges in enhancing user experiences, which ultimately depends on creating and curating good content. Media and entertainment firms can leverage analytics-based solutions to design and deliver personalized content to their customers; thereby, enhancing their overall experience.
About the Client
A leading player in the media and entertainment industry, specializing in the visual effects segment.
To enhance user experiences and redefine their strategies, the client – a leading visual effects client – approached Quantzig. The client wanted to leverage our vast experience in digital analytics to their benefit and devise effective strategies by integrated data from several sources across their organization. The client wanted to leverage digital analytics to devise a suitable workflow and accordingly set specific organizational goals.
Benefits of our digital analytics solution
To gain in-depth insights into our digital analytics solutions for the media and entertainment industry
The digital analytics solution offered by the analytics experts at Quantzig enabled the visual effects client to overcome digital, data-driven challenges. It helped the client to make making more informed business decisions; thereby, enhancing their overall performance. Additionally, the consolidation of digital data offered an in-depth understanding that enabled the visual effects firm to enhance their business strategies.
Digital Analytics Solution Insights
Digital analytics is gaining massive adoption in the media and entertainment industry. Perhaps, it is the most effective analytics based tool, which can help media and entertainment firms to devise key business strategies. However, in order to succeed, companies need to focus on leveraging and implementing digital solutions throughout their organizational processes.
To know more about our digital analytics solutions
Web analytics is no longer as simple as it used to be a few years ago. In this digital age, capabilities such as social, cloud, mobile analytics, and associated data technologies have emerged as catalysts for core business disruption. The amount of data available today can easily prove to be overwhelming while formulating a marketing strategy. Moreover, there is a proliferation of devices and channels from which data has to be tracked, making digital analytics an even more daunting task for marketers. However, the developments in digital analytics have grown leaps and bounds in the past couple of years. In this age where companies follow a data-driven marketing strategy, digital analytics is the way ahead for forward-thinking companies. Let’s take a look at some of the top digital analytics trends that will dominate in 2018:
This year, companies will be upgrading from predictive analytics to prescriptive analytics. This means that marketers will now get insights on not only what will happen next but will also be enlightened on what course of action must be taken during a particular event. Automation is the new trend everywhere, and automated data-driven insights and decisions are definitely on the cards for digital analytics this year.
The number of devices and platforms that customers use online is growing with time. Ergo, it is the context of a particular content that decides which platform and device the users generally prefer. It is also affected by factors including the amount of time a person has, the task they want to achieve, their location, and even their state of mind. For instance, for a quick search for details regarding products, customers may rely on a mobile platform, but the actual purchase might happen on a desktop. So, top companies are undertaking digital analytics for different platforms before they formulate their next marketing strategy.
Modern businesses are blessed with an abundance of data, but the big question here is how to correctly leverage the data and turn them into useful insights for driving future action and cause a direct impact to bottom-line revenues. To undertake data monetization successfully, companies must assess data around customer transactions and interactions across devices and channels. This should be done either in the form of increasing revenue streams or using the data to create efficacies within the organization that would eventually result in reduced costs. E-commerce giants such as Amazon are already routing their efforts in this direction.
Return on analytics investment
Most companies have realized the importance of having an in-house digital analytics team. But since this requires a considerable investment, businesses must keep track of the return on analytics investment. It is the analytics teams that ideally measure the performance of other teams, but now they need to do the same for themselves, it’s a step towards being a cost center to a profit center.
To know more about the opportunities and challenges in digital analytics
Having a competitive advantage in the market has never been more challenging than it is right now. But on the plus side, companies of today are blessed with numerous opportunities to build and scale a company to global reach. With the internet becoming the preferred platform for innovation and growth of an information-fueled economy, technology proves to be both a strategic requirement as well as a strategic advantage. Digital transformations are the actual change drivers for modern businesses. It is essentially the application of technology to modernize business processes, activities, models, and strategies with the intent of making the company more competitive and/or more profitable. It’s safe to say that if not everybody, at least a good majority of businesses are extremely focused on digital transformation. Intelligence gathering, creating more agile processes, and increasing customer centricity through tools like self-service platforms are some of the key digital transformation trends affecting top companies. Therefore, it has become more or less of a necessity for companies to keep a track of the digital transformation trends to prevent themselves from becoming obsolete. Let’s take a look at the digital transformation trends that are in store for 2018:
Make way for edge computing
If you think that your company is all equipped and up-to-date with the latest digital transformation trends – look out! There might be something that you are missing out on. Most companies are finally ready to leap towards cloud computing, however, edge computing which is driven by the sheer volume and speed of information produced by the IoT has made its way to the forefront. Top companies in the market have made their bets on this technology, which goes to prove that this is one of the digital transformation trends that is going to make it big in the years to come.
AI goes mainstream
Not just businesses but AI is now a commonly used tool with everyone from toddlers to seniors using Alexa, Siri, and customer service chatbots. AI will continue to be one of the digital transformation trends that will be a part of our lives even in the future. Companies will continue to use AI to surprise, connect, and communicate with their customers in numerous ways.
Blockchain in the limelight
With Bitcoin values at an all-time high, blockchain technology has found its place as one of the digital transformation trends that has been grabbing a lot of eyeballs. The financial industry will be one of the first sectors to begin utilizing this technology. However, numerous other industries from healthcare to entertainment to hospitality will not be far behind from reaping the benefits of the blockchain technology.
Leaping over to 5G
Though we have been hearing the news of 5G technology for quite some time now, looks like it is all set to hit the markets soon. The amount of data produced by the IoT will force data to the edge, it will also force mobile providers to move faster than ever towards 5G technology. Also, the requirement by companies for high-speed connectivity and real-time insights are putting extreme pressure on communications firms to quickly and efficiently move large amounts of data in as little time as possible – hence the rush to build out 5G networks.
To know more about the challenges in embracing these digital transformation trends