OTT platforms are flooded with content, with new releases every week, if not every day. With the new “binge-watching” fad consuming the audience, content is expected to hit so many marks. The content has to be relatable, inclusive, have a good storyline, have cliffhangers and whatnot. Media and broadcasting companies are in a race to produce the best content every day.
In order to give the audience what they’re looking for, media and broadcasting companies must invest in setting up a system for audience insights. From planning which audience to collect feedback from, charting out research studies, analysing the data – to find actionability hidden in them – organizations have a lot on their plate. In this article, we shall have a look at why media and broadcasting companies need to look at audience insights (before its too late), the challenges associated with it, and how we can solve for actionability.
Understanding Audience Preferences
Media organisations can learn more about the preferences, interests, and behaviour of their viewers thanks to audience insights. Companies can detect trends and patterns that assist them better adjust their programming to better meet the tastes of their audience by analysing data on content consumption, interaction, and feedback.
Have a look: Audience Research in 2023: All You Need to Know
Media companies can tailor their content offerings by using audience insights. They can make pertinent content recommendations to specific users based on their watching history and preferences, improving user experience and boosting engagement.
Audience Insights can assist media and broadcasting businesses in honing their advertising tactics as they rely on advertising revenue. Knowing the demographics, interests, and purchasing patterns of their audience allows them to target ads more precisely, which raises ad engagement and may increase ad income.
Programming and Scheduling Optimization
Media companies can use audience insights to optimize their programming and scheduling decisions. By understanding peak viewing times and popular content categories, they can strategically place high-demand shows or events, which can lead to increased viewership and ratings.
Identifying New Opportunities
Through Audience Insights, media and broadcasting companies can discover untapped markets or niches. By identifying emerging trends and interests, they can create content that caters to these new audiences, expanding their viewership and market share.
Evaluating Content Performance
Audience Insights provide valuable feedback on content performance. By analyzing viewers' reactions and engagement metrics, media companies can assess which content resonates with their audience and make data-driven decisions on whether to continue, modify, or discontinue certain shows or series.
Enhancing Audience Retention
Satisfied and engaged viewers are more likely to be loyal to a media brand. Audience Insights enable media companies to identify factors that contribute to viewer retention and satisfaction, helping them build a loyal fan base.
Media firms can compare their performance and audience engagement with rivals using audience insights. They are able to better themselves and stand out in a very competitive market by identifying their strengths and limitations through this study.
Companies in the media and broadcasting industry have the opportunity to make data-driven decisions that could result in better content, more viewers, greater ad income, and higher customer happiness. These businesses can remain successful, competitive, and relevant in a media environment that is constantly changing thanks to audience data.
Challenges in Collecting and Analyzing Audience Insights
Lack of Accuracy
Assuring the accuracy and dependability of audience insights is one of the main obstacles when using them. Various sources, which may contain biases or inaccuracies, are frequently used to collect audience data, including surveys, analytics platforms, and social media. Inaccurate data might result in inaccurate assumptions about the target audience, which can lead to content and advertising initiatives that are poorly targeted. For their insights to be as precise as possible, media businesses must invest in reliable data collecting and validation processes.
Lack of Actionability
Understanding viewer preferences and behaviour through audience insights and turning these findings into practical initiatives is difficult. It can be difficult to interpret the data and find practical conclusions that can be used in advertising and content production. Media firms must have a clear strategy for utilising the insights and transforming them into observable improvements in their services and audience engagement.
The process of working with audience insights can take a lot of time. Data collection, analysis, and conclusion-making require specialised resources and knowledge. To keep up with the market trends and viewer preferences, which are always changing, media organisations must put in the time and effort necessary to update and review audience data on a regular basis. The time needed to analyse audience insights might occasionally make it more difficult to act promptly when new opportunities or difficulties in the market arise.
To solve these issues, media companies should prioritise data accuracy, invest in data analytics capabilities, and have a well-defined plan for efficiently acting on insights. Utilising automated processes and cutting-edge technologies can also speed up decision-making by streamlining data analysis and interpretation. By overcoming these obstacles, media organisations may use audience information to provide engaging content, raise viewer engagement, and succeed in the cutthroat media environment.
Upgrading Audience Insights with Decode
Facial coding in Decode accurately assesses viewer emotions and reactions by observing facial expressions while viewers are watching content. Since it offers clear insights into audience attitudes and guarantees a greater understanding of how material engages emotionally with viewers, this data removes the challenge of accuracy. Informed judgements can then be made by media firms based on these specific emotional cues, resulting in more powerful content that engages the audience deeply.
Decode can precisely identify viewer interest through its eye-tracking technology and solves the problem of lack of actionability. Media firms may efficiently capture consumers by optimising content features and advertising placement by determining where attention is directed. By strategically modifying the content, it is possible to increase audience engagement and the effectiveness of the content as a whole.
Speech cues and sentiment during audience interactions are important pools of data for media and broadcasting companies. Decode's Voice AI addresses the problem of lack of actionability via Voice AI by analysing speech and tonality. Media organisations receive meaningful insight on viewer preferences and feedback by translating voice patterns into insightful data. By adapting content to audience expectations and providing a more enjoyable and relevant viewing experience, content providers are able to make data-informed decisions.
Agile Automated Audience Research Platform
Decode saves media organisations important time and resources by automating data gathering, analysis, and insight development. As a result of their increased focus on implementing data-driven initiatives and improving content, their overall performance and audience happiness have improved.
- Effective Data Gathering: Decode automates the process of collecting audience information from several sources, including surveys, social media, and streaming services. By doing away with the necessity for manual data collecting, media companies may save a lot of time and effort.
- Aggregation of Integrated Data: The platform combines data in many sources and formats into a single database. By streamlining the data gathering procedure, this makes sure that all pertinent audience data is easily available and ready for analysis.
- Real-time analytics: Decode's automated analytics tools enable the processing and analysis of data in real-time. Instant access to audience analytics allows media firms to make prompt, well-informed decisions.
- AI-powered Insights: Decode uses AI techniques like machine learning and natural language processing to swiftly and effectively analyse enormous volumes of data. This automation shortens the time needed for data processing while accelerating the development of insights.
- Actionable Recommendations: Decode offers recommendations that can be taken after analysing audience data. With the use of these information, media firms are better able to optimise content generation and advertising tactics for increased audience engagement.
Advantages of Using Audience Insights
For media and broadcasting businesses, using audience analytics have a number of important advantages. With audience insights on their hands, they can improve their content and advertising tactics. The decision-makers can make more informed judgements which would translate into increased performance.
The tastes, interests, and behaviours of the viewers are better understood thanks to audience insights. With the use of this information, media businesses can produce content that appeals to their target demographic and increases viewership and interaction.
Using audience information, media companies can customise their content packages for certain users. By providing suitable material based on viewers' prior interactions, they may enhance the user experience and keep audiences interested.
Enhanced Content Production
Media firms can provide content that adheres to current trends and specifically targets the needs and interests of their audience by using data on audience preferences. This results in higher-quality shows that have a higher chance of grabbing the audience's interest.
Media firms can more successfully focus their advertising thanks to audience analytics. They may produce advertisements that are more relevant and likely to resonate with viewers by analysing the demographics, interests, and behaviour of their audience. This increases ad engagement and conversion rates.
Enhanced Content Strategy
Audience insights guide media companies in developing a content strategy that aligns with the interests and preferences of their audience. They can identify content gaps, explore new genres, and experiment with different formats to attract and retain viewers.
Optimal Programming and Scheduling
Media organisations can pinpoint peak viewing periods and popular content types by studying audience data. By properly scheduling popular programmes and events, they can increase viewership and ratings.
Better Decision Making
Decision-making that is data-driven and informed by audience insights relies less on speculation and gut feeling. It enables media firms to allocate resources wisely and invest in content in a knowledgeable manner.
In short, audience insights enable media and broadcasting firms to connect with their audiences on a deeper level, optimise their content and advertising strategies, and remain competitive in a changing sector. These businesses can successfully negotiate the obstacles of the digital age and produce engaging content that connects with their audience by utilising data-driven tactics.