3 competitive benchmarking strategies for the media and entertainment industry
January 19, 20224 min read
New digital products, platforms, and technologies have been a catalyst for change in the media and entertainment industry. But despite this transformation — and consumers’ preference for digital channels — many media and entertainment brands are slow to revise their digital strategy accordingly.
Especially with increased competition and consolidation, it has become critical for media and entertainment brands to leverage data to make strategic decisions. A brand secures its competitive edge when it has the ability to track internal and competitive performance in order to navigate threats and identify opportunities.
But if your enterprise has become bloated with never-ending data silos on numerous point solutions, it can be difficult to draw meaningful insights and take action. So what capabilities do you need to make those important strategic decisions?
1. Listen using AI technology
Today’s consumers don’t just consume — they advocate and criticize on digital platforms with equal and formidable influence. From social media to review sites, the explosion of real-time conversations means that AI listening capabilities are no longer a nice-to-have, but a critical feature.
Key stat: 84% of media and entertainment companies use AI frequently to create more personalized experiences across the customer journey
Media and entertainment brands have a tremendous opportunity to use listening to gain competitive advantage. But too many brands who are listening are only doing so on large, well-known channels like Facebook, Twitter, and LinkedIn — even as consumers migrate to new digital platforms. Listen, track, and measure beyond owned social channels and combine those insights with data from your website and review sites to develop a holistic set of data to analyze.
Your listening strategy should also extend beyond mentions of products and services. It needs to incorporate topics your brand cares about, such as sustainability, innovation, or diversity. Use these insights to identify upcoming trends, customer sentiment, and mentions to inform your business decisions.
Learn more about social listening.
2. Quickly respond to customer issues
141 minutes. That’s the average time it takes for the top 60 media and entertainment companies to respond to their customers. While that may have been acceptable 10 years ago, today’s consumers expect a near-instant response when they engage with a brand. In order to provide a positive customer experience, it’s critical to implement technology that can address and triage large volumes of inbound messages at scale.
Key stat: 38% of media and entertainment brands respond within 1 hour — and another 25% respond within 5 hours
Responding to positive customer comments can also be a powerful tool, but they often are ignored in favor of resolving customer concerns. Engaging with positive sentiments can help yield new user-generated content and increase brand reach. Implement a best practice within your organization for responding to positive consumer comments to better attract, retain, surprise, and delight customers.
3. Post content to a diverse set of platforms
Today’s consumers expect to be served on-demand, on their terms, and on the channels they prefer. Most media and entertainment companies have prioritized only Facebook, Twitter, and Instagram, but being present on additional channels like messengers, chats, and other apps, has shown to improve operational efficiency and reduce costs. Revise your strategy to engage across a diverse set of platforms instead of focusing on the largest or best-known networks.
Leading brands don’t just use data to understand what platforms their prospects and customers are on, but also what resonates with their audiences. A common mistake made by media and entertainment brands is using the number of likes as the top key performance indicator. However, metrics like sentiment and frequency of engagements can be a much better indicator of success. Leverage that data to improve your content and increase engagement.
Sprinklr’s Media & Entertainment Industry Benchmarking Report for Digital Unified-CXM is a data-driven assessment of how well global media and entertainment companies are managing digital customer experiences. The report draws from sets of data based on listening, responding, and posting content for prospects and customers. You can use these insights to evaluate your own digital maturity, inform future strategic initiatives, and learn how to engage more deeply.
How well do you stack up to the competition?