How should you be leveraging big data to succeed under new market pressures? There’s much to be learned from the television industry, which over the past several years, has changed dramatically due to device proliferation, changing distribution methods, and the increasing popularity of social media.
Today, TV is everywhere. It’s on your phone, your tablet, your gaming console, and someday will be on devices that are yet to be invented. It’s non-linear, time-shifted, multi-screen, and it’s creating new streams of digital data that were unimaginable even a few short years ago.
In this report: Data Everywhere: Lessons From Big Data in the Television Industry , Altimeter Group interviewed television brands, technology innovators and industry thought leaders to better understand industry drivers, new consumer behaviors and the data impacts of these shifts in the TV industry.
We looked at how TV is changing, and how new streams of data are transforming the business, from programming and distribution decisions to promotion and ratings:
- Programming: ideation or validation of a programming decision
- Distribution: where to distribute content, whether it is syndicated entertainment or other types of owned media
- Promotion: how and where to identify influencers and develop, time, promote, and target content
- Ratings and Performance Evaluation: new and augmented performance insight
6 Best Practices for Your TV Big Data Strategy
Below we’ve identified emerging best practices from industry leaders and laid out the data sources that inform their strategies. While TV is a unique industry in many ways, we can extract insights around big data challenges and opportunities that are universal:
1. Use the Scientific Method:
Successful teams look for relationships between data sets to find trends, opportunities, and risks. They are also apt to try structured experiments using the scientific method to determine causation of relationships between data.
2. Automate Analytics:
Scalability is a concern for many organizations developing big data strategies. Thus, it is beneficial to automate analytics, which increases efficiency and delivers greater business value. Specific processes to automate include classification, tagging, integration, visualization, and alerting.
3. Track Data Sources:
Big data leaders meticulously inventory, assess, and measure where data is coming from because data from different sources can have key nuances. Additionally, they are leveraging emerging platforms like Snapchat to gather additional industry data.
4. Consolidate Data into a Complete Customer Picture:
Consumers are 3-dimensional, so one source of data cannot paint an accurate picture. Big data leaders understand this and compile multiple data points to create a multi-angular view of consumers
5. Plan for Now and the Future:
Leaders are practical about what needs to be done now, and what needs to be done over time. Evaluate available resources and tools to create both short-term and long-term data plans.
6. Create New Experiences Using Data:
According to Altimeter analyst Brian Solis, “Leadership takes the vision to create new experiences that cater to the digital attention span and are also native and optimized to the device”. This requires a strategic approach to data, a desire to innovation, and the courage to break new ground.
TV, like many other industries, is changing; consumer experiences are no longer passive or take place on a single device. Instead, modern consumerism is multi-device, active via social media interaction and UGC, and often non-linear. As a result, marketers need to keep up, starting with big data. Use this report to understand the primary industry trends at play in TV and other industries, their impact on consumer behavior, and how you should leverage big data to create new opportunities.
Learn more about developing a comprehensive big data strategy for your unique industry and business.