It’s no secret that the current media & entertainment market is very competitive. While big players of the industry are conquering for dominance, smaller businesses are searching for ways of filling the big fish’s void. And both have all the chances to succeed without having left much to chance, but by simply understanding their customer preferences and building their strategies accordingly.
But is there any universal solution for getting into customers’ heads and learning everything about their wants? For sure: it’s data science! This blog post is here to show you how customer segmentation, sentiment analysis, real-time analytics, data visualization, social media content analysis, and predictive analytics can work miracles to media & entertainment businesses. So why beat around the bush? Let’s start discovering each of them right now!
Personalization of services is considered to be a magic pill that could take any business to dramatic heights. Because the M&E audience tends to be highly diverse, personalization has obtained particular importance for the industry’s players. And here is where customer segmentation — the division of the audience into natural groupings that share similar characteristics or behaviors — comes into play.
Allowing to determine new product or service offerings, and develop a personalized marketing campaign, customer segmentation is the key foundation for allocating resources and extracting maximum value from different groups of customers. Generally, the audience is segmented under the following criteria: