Lights, Camera, Data

Henry Rodrigues our consultant managing the role
Posting date: 7/25/2019 10:23 AM
Whilst Data continues to play a huge role in all aspects of life; developing businesses, schools, health care etc., one industry has already seen a massive impact from the Big Data revolution. The film industry, and its television counterpart, were among the first see to the potential of how Data can transform the way they work. 

Beyond profit, access to new types of Data is allowing companies to consider what audiences will be most interested in at specific times, utilising current viewing habits, what topics are the most popular on social media, and even the news so they can create something that tailors to everyone’s different interests.

The Streaming Revolution


Netflix’s popularity is down to more than the variety of movies and series it has to offer. Its pioneering use of recommendation systems, originating when it was purely a DVD rental service, means that it always knows what its subscribers want to watch, when they want to watch it, and on what device. Their ability to tailor bespoke recommendations, down to which poster people see, has created an entirely different approach to how viewers chose and engagement with entertainment. 

Netflix’s Data collection means that it knows its audiences very well, something they can utilise as part of their marketing. By contrast, even a behemoth like Disney can struggle to compete. Following the success of 2015’s Star Wars: The Force Awakens, Disney Chairman, Bob Iger admitted ‘we don’t have any idea who went to see Star Wars in the cinemas’. Whist this may have not been too much of a problem at the time, given the film’s $2 Billion box office, the diminishing returns of the films that have followed suggests that better insight as to why the film was a success may have been beneficial. It’s no wonder, therefore, that Disney are launching their own streaming service later this year. 

Beyond Box Office


In the majority of businesses these days, Data is used to decipher consumer buying habits, web traffic and social media interactions, as well as to monitor supply chains, costs and sales. This is no different for the movie industry, particularly when examining what makes a move work. By using Data Science, producers can determine which actors, directors, release dates and even running times are likely to make a movie profitable. For example, history may dictate that the summer is likely to be the most profitable time of year. Whilst this may be true for June, where average profit is $100m, ten times that of January, November and December are the second and third most profitable months.  

Beyond assessing profitability, however, Hollywood is using technology to try and re-establish a relationship between creators and audiences. Newly emerging tools are empowering studios to convert massive quantities of movie-goer reactions into meaningful actionable insights. With Big Data analytics, movie executives have gained an insight into audience’s perspectives and this is dramatically altering the way in which movies are made, marketed and distributed. Companies like IBM are looking at new ways of tracking sentiment analysis that will have a massive impact on the creative process. However, whether or not the industry’s leading writers and directors will want to work within these parameters is yet to be seen. 

#DataDrivenAds


Data’s impact on the movie industry goes beyond the insights it offers on audience perceptions. When it comes to marketing a movie, the Data & Analytics space offers a number of opportunities. Studios are beginning to realise that, in order to drive the small-screen generation to the big screen, they need to come to their territory. To promote ‘The Dark Tower’ in Singapore, Sony ran a series of targeted mobile adverts that allowed users to choose a character to engage with. A follow up campaign then targeted users who had engaged with relevant messaging and details of showtimes at their nearest cinemas, using the mobility of their devices to their advantage. Furthermore, for the release of ‘Ready Player One’, Facebook offered an augmented reality experience for those who engaged with the film’s poster in public. 

However, sometimes, the most effective marketing technique remains word-of-mouth. Netflix’s ‘Bird Box’ received little critical praise and minimal attention initially upon release. However, once users started posting memes about the movie onto their social media feeds, viewing figures picked up exponentially. This allowed Netflix to reassess their marketing efforts and respond to public sentiment, creating a strategy that fed off the zeitgeist and was significantly more effective. 

Data has transformed the movie industry. If you’d like to work with Data & Analytics to transform another, we may have a role for you. Take a look at our latest opportunities or get in touch with one of our expert consultants to find out more. 

Related blog & news

With over 10 years experience working solely in the Data & Analytics sector our consultants are able to offer detailed insights into the industry.

Visit our Blogs & News portal or check out the related posts below.

MARKETING INSIGHT AND THE CUSTOMER FEEDBACK LOOP

Marketing Insight And The Customer Feedback Loop

As the holidays approach, Marketers are focusing more than ever on User Experience (UX). They’re not only looking at what kind of product customers might want or need but how will it look and feel to them? If a product doesn’t have what you need or doesn’t function as appealingly as others, what good is it? Key elements such as aesthetics, usability, and ‘feel’ are integral to the user experience. Because these elements come from such seemingly disparate departments as Marketing and Developers, it’s important to figure out how to come together for the ultimate UX. After all, if today’s buyers buy experiences over tangible products, then ensuring the experience is important to bridging the gap between customers, marketers, and developers. This, when done right, helps to build and retain customer relationships; the foundations upon which business is built. Design User Experience with M&D By bringing marketers and developers (M&D) together, you create the opportunity for innovation. But there are some key elements to consider when designing UX and it follows four stages. Do your research. Identify needs, spending patterns, buying behaviours, and historical data to determine what it is customers desire. Find out what they want or need and give it to them. This is the role of the marketer backed by development.Gather the data. Using multiple touch points across multiple sources and channels, find what works. What product offers usability and determine how design choices can help to create a seamless experience for your customer.Design your idea and create a prototype. Brainstorm your design. What are its product features, user interface, and aesthetics? Does it look user friendly? Would you pick it up off the shelf? Why? What is it about the product that makes you want to have it? What problems can it solve for you?Time to Test it. Is your product user friendly? What are its useful functions? How does it look? Feel? Incorporate feedback to improve its performance, function, or aesthetic. What does your test market say? Would they buy it? Why or why not? Bridging the Gap with collaboration We can forget sometimes, lost in our jargon and our buzzwords, that it’s the customer who we hope will benefit from our product or service. Yet, traditionally, marketers gathered customer preferences and drove sales, while developers designed products based on those preferences. However, the two departments were often siloed and creativity, usability, function, and aesthetics either got overshadowed or underrepresented to varying degrees. Enter customer feedback an integral point of reference for all parties involved. Customers are at the heart of user experience and it’s their feedback which can inform the user experience. What better marketing insights than those straight from the customer? Working with Marketers and Developers, customers provide a crucial component to helping marketers understand market dynamics. On the flip side, customer feedback can help mitigate risk or issues down the road by providing solutions and helping to resolve problems. the impact on Product Development By conducting user experience testing, marketers and developers can determine if a product is a good fit for customer needs. At the same time, they may identify issues to be resolved which can be learned of in real-time for a better user experience once the product is launched. Each has their role to play in designing the user experience and contributing to market insights for more informed business decisions.  These include: Marketers are part of the design experience from conception to inception. They are responsible for gathering the data to identify problem areas, working with Developers to create a product or service to solve a problem, and gathering data from the customer. Do they like this product? Why? What pain points does it serve? And how can it be made better or improved? Developers are the designers. They must take the information the marketers have collected and try to make the product into something functional and aesthetically-pleasing. Though they operate more at the back-end, they too much collaborate with customers to capture issues and solve problems. Developers test the products, making improvements as needed. Each stage a constant in UX design.Customers offer invaluable data and metrics through their feedback and reviews. The insights they contain as the end user about using the product, revealing its challenges, and suggesting room for improvement, make this three-part collaboration the final link in the chain between marketers, developers, and customers when it comes to designing the ultimate user experience. If you’re interested in the relationship between insights and UX, we may have a role for you. Check out our current opportunities or get in touch with one of our expert consultants to learn more. 

Integrate Your Data And Business Strategies For Success

Why You Need To Integrate Your Data and Business Strategies

United we stand, together we fall. Not too put too fine a point to it, but how your business and data strategies align are integral to your business. Today’s world is about change, being able to pivot toward new strategies, and being open to trying new things. Consider this: the “mom-and-pop” shop is back and it is flourishing. Younger generations of farmers are returning to their family farms when they graduate and they’re bringing new knowledge with them. And the makerspace, freelance, and gig economies are thriving. These businesses are learning how to work with technology and align their Data Strategy with their Business strategy. Some legacy enterprises are taking notice. Others are missing the mark. Consumers may have changed how they want to shop and learn about services and products, but the services they want and expect haven’t changed that much which is why it’s more important than ever to “know your customer.”  3 Key Elements of Integrated Strategies While there are a number of things to take into consideration as you align your strategies, these three key elements can help get you started. 1. Understand the key elements of Business Strategy. 2. Apply innovation strategy to business objectives. 3. Determine key elements of your Data Strategy for use in a real-world scenario. Understand the key elements of business strategy  A business strategy encapsulates two main ideas; cost advantage versus competition. The cost advantage includes costs and other resources, identification and awareness of strengths, weaknesses, and competition. Competitive advantage happens when you’ve done your market research and can show what makes you different from any other provider with similar goods and services. This is the time you might perform a SWOT (strengths, weaknesses, opportunity, and threat) analysis of your business. It’s helpful to include your mission and vision statements, objectives, core values, risk tolerance, and understanding trends in your business. Apply Innovation Strategy to Business Objectives Ideas and innovation flow when you and your business understand your customers and are able to easily shift into new things. Think R&D into Bioinformatics, automated tasks into AI, or a platform such as streaming services to help sell services such as insurance. Laying the groundwork to apply innovation strategies to your business objectives follow these ideas: Identify your business objectives by asking questions.Assess the budget and personnel resources and develop a budget strategy.Test the market to determine what issues will or need to be solved and understand how this innovation will benefit your overall strategy. If you’re working on a Data initiative to integrate into your Business strategy, one of the key elements is to determine how those changes may affect your business. Determine Key Elements of Data Strategy for Use in Real-World Scenarios As you work on developing your Data Strategy, it’s important to consider all the elements required to ensure success. So, what do you need to take into consideration when working on this type of strategy? Here are some things to consider as you develop your framework. Determine your business needs and their current state.Determine what works and what can be improved upon if there is a technology improvement or process.Evaluate your Data from sales, profit, and evaluate your progress.}Develop an action plan. Many businesses don’t incorporate just one type of Data into their strategy. They consider the potential impact of technologies such as Machine Learning, Predictive and Data Analytics, and other Big Data Strategies to drive improvements when it comes to decision making. They understand these Data-driven insights can help them improve or solve their most critical problems. There is a caveat, however, and it is how you collect the information for real-world scenarios. Certain requirements are in place for a reason and they ensure only relevant Data is collected. This is done by formulating “predictive models” and necessary information to operate and determine whether your case will be something to be done over time or if it’s something brand new to consider when looking at real-time access. One Final Thought… Data-centric organisations have a distinct advantage over their competition. The information gained from collecting and analysing to understanding their customers can offer great insight as to what’s working and what isn’t. Integrating your Business Strategy with a Data Strategy can offer you a more well-rounded understanding of the customers you serve and can ultimately, help you to serve them better; now and in the future. Disruptive business models from this way of thinking can also foster growth and lead to innovative changes in your marketplace. If you want to be at the forefront of change we may have a role or candidate for you. Take a look at our latest opportunities or get in touch with one of our expert consultants to find out more.

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