Improving Media and Entertainment With Personalized CX
Customers today want an enhanced experience from their media and entertainment providers. And while some of these providers have transitioned to the digital world, many haven't. Of these, some were left behind, others became obsolete, while in some unfortunate cases, some have even gone bankrupt. Blockbuster is a perfect example of this scenario. Nevertheless, even those that have transitioned need to stay on top of new technologies, trends, and strategies or may end up following in Blockbuster's footsteps.
Similarly, publishers also need to step up their game, particularly in light of plummeting ad revenues. Finding new business models and adopting digital transformation should be their top priority to keep with customer demand. Consumers today want a personalized CX. They want to experience the content they want, when and where they want it, and this is only possible through personalization.
The Challenges Facing Media and Entertainment Organizations
Creating new revenue streams represents a big issue for most media and entertainment organizations. With social media and streaming services circumventing traditional models, some publishers are looking at content licensing as a means of staying afloat.
On the one hand, entertainment businesses may be facing heavy competition from streaming services, while on the other; publishers may feel the pressure to digitally transform their companies.
Regardless of the situation, all of them need to find new ways to monetize content. The biggest problem, however, is not reaching new customers but actually motivating them. With an overabundance of choice, how can one company keep people engaged on their site? The answer lies in memorable and engaging experiences able to turn first-time visitors into return customers.
Focusing on Individualized Personalized CX
Statistics show that customers are willing to pay up to 16% more for better customer experience. It opens up a tremendous opportunity for media and entertainment companies. By looking at customer-centric personalization as the centerpiece of their digital transformation, companies will be able to turn their brand into a fan club/community.
However, this means that you will need to create a single view of each customer and an exact scale relationship with them at every step of their journey. Such a personalized CX also needs to be contextualized, being able to adapt to changing customer needs and expectations.
Making something like this happen is only possible when media and entertainment organizations have a single view of their customers. This view, however, implies the collection, centralization, decoding, and application of all data from all touch points. It is only then when a business will be in the best position to provide a truly personalized CX. But in doing so, they will keep their readers and viewers engaged in their fan club/community.
In such a dynamic and highly competitive environment, the best way to increase customer satisfaction and retention is through engaging and targeted personalization. By putting the customer at the center of this digital transformation, you can benefit from increased loyalty and revenue.
If you want to learn more about personalized CX, Ameex Technologies is at your service. Talk to us today.