Adapt & Grow: The challenges facing Media in 2018 // Part 3
March 26, 2018
Author: Avora Team
Keeping the Clients’ Customers
More than any other sector, Media is at the forefront of the big data revolution. Not only is it examining, analysing and managing data that is fractured and diverse; there is intense pressure in capturing and turning this (in near realtime) into actionable intelligence to inform buy/sell decisions and even predict market fluctuations that are essential to this industry. But this process is getting more complex, more costly, less insightful and no where near the real-time that is needed for brands, agencies and marketers to deliver against their client’s requirements.
This is the last of a 3 part blog series on the Challenges for Media in 2018.
3 Key Goals for Media Agencies in 2018:
Continually adding value to Data
Be the Single Source of Truth
Understanding & keeping your Clients’ Customers
For media agencies this translates into understanding how the customer interacts with the content. It’s no longer enough to simply push campaigns. Customers want the brand to adhere and uphold a certain reputation and want to be recognised on an individual level over multiple touch-points.
It’s no longer enough to simply push campaigns. Customers want the brand to adhere and uphold a certain reputation and want to be recognised on an individual level over multiple touch-points. For media agencies this translates into understanding how the customer interacts with the content.
There is a multiplicity of different channels aimed at nurturing a relationship with me and retaining my custom. In order to succeed it requires they and their media agency/ies understand how & why I’m interacting with their content.
I’m a loyal customer of American Airlines. I’ve got the loyalty card, my credit card provider partners with them, I’m a fan on Facebook, I tweet them, like them on Pinterest and even acknowledge good customer care by referring employees to them using their reward programme. A failure to acknowledge me could quickly see that relationship turn sour.
Media agencies are already the first line of attack but now are fast becoming the first line of defence with customers and prospective customers. Businesses now live and grow by their ability to analyse complex, plethora of metrics (see previous blogs in this series.) Yet both the Media Agency and their Clients are not getting the visibility they need, control over the process or speed of insight required.
For the agency its like being a supplier of fruit and vegetables to a restaurant (the client) and also being held responsible for the meal that is being served to the customer. But both businesses (the media agency & the client) are struggling to communicate, respond & manage the core values of the brand, as they are blindfolded through lack of data.
Conclusion: Key Goals Summary for Media Agencies;
Continually add value to Data
Become the Single Source of Truth
Understand & keep your Clients’ Customers
For the media sector, the danger is they may find themselves out-paced technologically as the number of channels and data continues to grow and they rely on in-house, legacy data platforms – which are slow, costly and can not scale.
They have to be able to supply a cohesive unified data view for their clients, that scales at speed with insights delivered by machine learning if they are to step up to the challenge of communicating on behalf of their client in an ever more digital world. For the Media Sector, their focus & their relationship to data has to change.
AVORA has been built specifically take care of these challenges that Media Agencies deal with. Get in touch to find out more.
This is the last blog in the series “Adapt & Grow”.