It’s all about ROX
Knowing your customer and their preferences is as important as offering the right content. Companies that succeed are the ones that understand consumers as complex individuals who want to consume media on their own terms.
Consumers today not only have their own personal E&M media consumption profile that is tailored to their own individual needs – they’re also discerning and powerful, meaning that more organisations need to invest further in customer experience. Measuring return on experience (ROX) will help companies understand the earnings on investments that are directly related to how people interact with their brand.
Addressing privacy and building trust
With the vast amount of data that we’re all consuming on a daily basis, it is important to not only protect data, but to also address privacy concerns. Protecting personal data has steadily become, and will continue to be a central player as consumers push to be at the own world of their media experiences.
The concept of trust has also become a strategic theme for many of the companies in the E&M world. In today’s highly connected world where sentiment can spread like wildfire, a single incident can cause severe damage to a brand’s reputation. Every interaction with a consumer (whether offline or online) has the potential to either build or ruin trust.
A new era of personalised computing
The smart use of data algorithms and AI will spur E&M companies to enhance the many products and services they offer, or introduce entirely new ones. AI has the ability to better understand people’s individual tastes and consumption history – enabling them to discover tailored content users would find most compelling.
However, there is currently room for improvement and opportunities. PwC’s report A new video world order shows that there is a relatively high level of dissatisfaction when it comes to AI powered recommendations that consumers currently receive from video-streaming services. Many are frustrated at how reactive (and not predictive) these algorithms are.
Evolving your business
Operating models that once contributed to success in the past are no longer fit for the future. This would invariably mean transforming your business model – for instance, moving from content aggregation to content production, the way Netflix or Amazon has done. It could also mean offering differential pricing – going beyond the ‘freemium’ or ad-funded models, to even bridging entirely different worlds, such as with Spotify connecting the offline and online world together with its ‘Concert’ feature. The music streaming service now generates a personalised list of concerts that are happening nearby, based on a user’s taste profile, which also powers its music recommendations.
