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By Annie Johnson, APAC CIO Outlook | Monday, February 08, 2021
Meeting customer expectations is imperative. Media, entertainment, and publishing businesses are taking a step to stay advanced, coping up with the evolving needs and requirements.
FREMONT, CA: The media and entertainment industry is working towards keeping up the velocity with revolutionary changes in customer expectations. Customers of the present have multiple choices of how the digital content should be presented to them. Companies are forced to put tactics in place that put the customer first and create an extraordinary experience tailored to their likings. The developed experience can draw innovative technological options like integrated social media, alternative reality, and more. Revenue requirements also drive digital transformation in the industry. Elements of useful responses often include a dramatic change to business models, such as launching radically new services or products and offering ad-free services. While media, entertainment, and publishing businesses are focused on audiences, and monetization through ads, their digital transformation efforts are concentrated on developing personalized, omnichannel experiences across devices that nurture loyalty.
Customer expectations are going higher each day. This results in the businesses to search for approaches that result in immersive experiences, which customers want. According to research, 40 percent of millennials and Gen Z consumers' prefer customized recommendations so much that they're likely to pay for them. The media consumers' are multi-taskers, as they desire ever-deeper engagement, even participate in the content they fancy. From cable to streaming services than to websites and ahead, customers now have a variety of content resources. Media organizations integrate all the data to form the hyper-segmented audiences that can serve as the basis of a tailored relationship. Customers who have immersed themselves in the content's world rave about their experiences to others feeling personally involved and understood.
To prosper in this ever-changing landscape, media, entertainment, and publishing businesses must concentrate on the entire spectrum of transformation management, which includes people, process, technology, and strategy. Understanding the customer journey is vital to determine specifics. Original content, user-generated experiences, and complete rebranding and re-launching are all viable actions. Businesses must keep consumers involved in endeavoring immersive experiences and holding their attention. These organizations are making substantial investments in virtual reality and social media. Additionally, they're looking at AI and ML options that make hyper-segmentation possible.