Parks Associates’ Future of Video: OTT, Pay TV, and Digital Media 2021 virtual conference series continued with June 9 sessions, Retention and Churn in OTT, and Data and Decision Making in Video Services. Amruta Shankar, Director of Data and Analytics, Synamedia, was featured as an interactive panel member during the session Data and Decision Making in Video Services, where she helped address best practices in data-driven decision-making, the types of technology solutions available, and how to maximize data-driven competitive advantage in today’s crowded video services market. Following the session, Amruta provided insights on how OTT video services use data to acquire and retain customers:
How are OTT video services using data to acquire, engage, and retain customers? What are the latest use cases and technologies?
Data-driven insights equip video service providers with the information needed to deliver compelling and personalized experiences - ultimately inspiring customer loyalty. With the right combination of content, value, and convenience, they will become loyal to the service, more attached to the brand, and potentially even word-of-mouth advocates.
Viewers are continuously overwhelmed by the plethora of content available to them. With data-driven insights, providers can better understand what type of content will keep their viewers engaged and coming back for more. Data can inform the operator on how to deliver more relevant offers and upsell opportunities based on viewing preferences and consumption patterns. Moreover, content catalogues can be optimized for the most appealing value and help guide future content investments to ensure that viewers remain loyal to the service.
In the past few years, we’ve seen massive changes in the TV ecosystem, and we have also welcomed a whole new generation of younger TV viewers. They are digital natives, less loyal and less tolerant of inconvenient and poor viewing experiences. They’re not afraid to move on to another service which is why it is vital for providers to use data to understand how errors and inefficient navigation can impact engagement. Insights from this type of data can be used to improve user interfaces, delivery systems, and customer service processes, while reducing churn.
At Synamedia, we launched Synamedia Clarissa, the industry’s first business insights solution to take a holistic view of traditional pay-TV and OTT businesses and reveal critical behavioral and consumption insights. Synamedia Clarissa empowers providers to deliver the right content, at the right time – enabling them to increase engagement and customer loyalty.
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