The COVID-19 pandemic changed the game’s rules for conventional media and entertainment business players. Consumers’ thirst for limitless content streaming during their Covid-induced home confinement is a signal for traditional players to rethink what they offer. Automation, AI, ML, and analytics are becoming increasingly crucial for creating high-quality content and preventing misinformation. Media and entertainment companies are treading a fine line as they navigate automation and the emergence of digital skills. According to Elizabeth Shaw at Forbes, media and entertainment industries must adopt these best practices for data analytics to remain competitive as the digital landscape changes rapidly.
Importance of Data Analytics
The media and entertainment industry must make strategic decisions based on data analytics to be successful. You must track your internal progress and competitors’ performance with proper data insights and make actionable decisions as a brand. But this can be challenging if your company is swamped with data silos. Therefore, adopting best practices for data analytics is essential to have a competitive edge.
Three Best Practices for Accelerating Growth
Let AI Be Your Ears
Real-time reviews on products and services have a phenomenal influence on potential consumers. Thus, you must train AI to do more than automation and become your ears for online feedback. This way, you understand your consumers’ expectations and can fix issues meaningfully. Therefore, AI listening is a must-have capability.
Furthermore, include important subjects to your brand, such as sustainability, innovation, and diversity. These analytics help you see emerging patterns and consumer sentiment to help make better business decisions.
Instant Customer Service
Consumers are more demanding than they were a decade ago. Hence, companies must implement advanced technology that can intercept and handle large volumes of customer requests. Though resolving consumer concerns overshadows appreciating positive consumer comments, it is equally pivotal to retaining brand image.
Platform of Preference
You have consumers on every social platform. Hence, your presence is essential on every platform your consumer prefers to communicate on. Besides Twitter, Facebook, and Instagram, companies must make their presence on chats, messengers, and other apps. Your consumer engagement is an indicator of consumer interest.
To read the original article, click on https://www.forbes.com/sites/sprinklr/2022/01/28/media-and-entertainment-industry-spotlight-3-strategies-for-effective-competitive-benchmarking/?sh=70b919ac5d4c