The importance of using data and analytics throughout the customer lifecycle
The TV industry has been in a state of change for years, but now, not only is the number of online video services dramatically growing, there is also an increasing number of new services being launched by legacy broadcasters and content providers who are all looking for a piece of the pie – so how do operators compete? We recently sat down with c-level executives from US Broadcasters, Online Video Providers and Telcos discussing customer experience and the use of data analytics, and one thing was clear – customer experience is the real differentiator and it’s a top strategic priority for all of them.
The Beginning of the Analytics Journey
“We understand the importance of analytics and it is a fundamental pillar of what we’re thinking about building and what we’re trying to build.” – Telco Video Service Provider
All service providers we interviewed strongly agree that analytics is required to truly understand the customer journey and are all planning to increase their use of analytics over the next 12-18 months. Although on the right path, none believe they are currently making the most of consumer data and the majority say they’re near the beginning of their analytics journey.
Missed Revenue Opportunities
“We’re in a whole new world and actually it is very important for us to understand for ourselves who the customer is.” – Online Video Provider
When it comes to improving customer experience, it’s a common misconception that this is all about content recommendations. If you want to succeed, it’s critical to look at each stage of the customer journey, from a user signing up, to billing, personalising UX and winning back lost subscribers. The study reveals that most operators fail to even consider using data analysis to grow ARPU from existing users and or to improve billing accuracy. There is a positive impact of using data across all of the key touch points, and more service providers need to start doing so.
A long way to go
“You’re not going to build a competitive future unless you have a really deep understanding of consumer behaviour. That’s the key thing.” – US broadcaster
It’s crucial that operators improve their approach to analytics if they have any chance of surviving in the industry, but there are so many challenges to overcome. From the complexity of business models and content bundling to the assimilation of data and building direct-to-consumer relationships, it’s important that operators develop a strategy focused around the customer journey to ensure success.
Download the full paper to find out more
Find out more about how US Service Providers are using data and what they plan on changing over the next 12-18 months in our research. Download ‘Customer Analytics in the Post OTT Age: Insights from U.S. Service Providers’ here.