Increase audience lifetime value
How can you Increase audience lifetime value through data-driven insights?
Similar to many industries, the effective use of data will be a decisive factor in determining the winners in the future of television. Results have already shown, companies who use a data-driven strategy to drive decisions in their organization are finding success. The 2019 edition of the NewVantage Partners Big Data and AI Executive Survey [1] found that a full 62% of businesses have already seen measurable results from their investment in big data and AI.
The continued fragmentation of the traditional pay television audience has created new opportunities and challenges for media companies. Consumers are spending more time on social sites, OTT services, and personal devices. Traditional pay-TV “Cord-cutting” has accelerated and is expected to reach ~6.2% in 2019. [2] This has made reaching audiences more complex
The bigger issue is, eventually, revenue should align with attention, which will mean a decline in income for traditional pay television; with the potential to replace it with digital experiences. Now, the Streaming Wars3 are ushering in this new era of digital experiences where established digital players are facing more competition from major media industry giants.
With these dynamics as a backdrop, media companies are searching for new ways to reach their target audience. These efforts have created new silos of critical data that business leaders need to see, compare and synthesize to make informed decisions, and track results. To compete effectively in this evolving market, companies need a new level of sophistication in their business intelligence tools. As alternative platforms continue to grow, this has become increasingly urgent. As video businesses experience this multimedia shakeup, a need has emerged for a new class of platforms that provides the insights needed for more informed decision making
Unique insights for your video business
The Insights Scorecard is the leading Audience Insights Platform that delivers unique, data-driven insights for video businesses. Providing improved visibility into your customers, subscribers, and members. Guiding your decisions with Industry benchmarks across a variety of key metrics. Driving results with your data by improving audience acquisition, service engagement, and reducing churn. Our Customer Success team does the heavy lifting. Making onboarding easy and sharing industry best practices so you’re set up for success.
Unified view
One of the biggest obstacles to becoming a data-driven organization can be the very access to data that employees need to drive decisions. The Insights Scorecard provides a unifying view of your video service and opens up access for all teams across a breadth of metrics.
Customers gained and lost
Gain deeper insight into what drives new customer acquisition in addition to why customers are churning out of the video service through a variety of charts in the Insights Scorecard. Track gains and losses by marketing sources, membership plans, acquisition channels, viewing location, primary viewing device, and more.
Milestones
Milestones track progress against your decisions and are persistent throughout each tab of the Insights Scorecard: Relaunching an app or website, a new season of a show, or even a special promotion to entice new users to sign up. See how all of these initiatives have an effect on trials, acquisition, churn, as well as content and service engagement.
Key metrics
Key metrics, like lifetime value, give you an easy view into the “heartbeat” of your service. Know how well you're doing across the metrics that matter to your business
Service engagement
Understand how your subscribers and trialists are engaging your video service. With metrics for unique days streamed, hours viewed, WAU/MAU ratio, quickly ascertain the level and frequency with which your users utilize with your service.
Content effectiveness
Does the content your service provides get the attention it deserves? Content effectiveness can be viewed in a number of ways including the Attention Index, which is similar to a net promoter score and allows you to quickly evaluate what content may require further scrutiny as well as surface hidden gems.
Content Explorer can reveal connections between titles to help evaluate which might provide a strong promotional opportunity and ultimately increase overall lifetime value.
Identify at-risk subscribers
Identify at-risk subscribers and your happiest customers with the Customer Happiness Index. A machine learning model trained on your data. Dozens of elements are used to form CHI®, based on the dimensions of content, activity, loyalty, and experience. Because each video service is unique, CHI uses your data to inform which subscribers are at-risk of leaving your video service and which elements provide the largest influence over their possible departure, allowing you to focus your efforts in the most needed areas.
Distribution partners
Unified reports on the Distribution page of the Insights Scorecard clearly outline third-party app store and distribution partner effectiveness. Save time logging into multiple systems cobbling together financial reports. Gone are the days of guessing what payments have been received and what future payments look like. Know what’s working and what's not with your app store partners
A curated view
The Executive Summary presents a curated view of the business for managers, execs, and board members. Save time and resources, improve communications, and assess performance by putting the right information in front of the right audience
Benchmarks
View your business through an external lense to see how it stacks up to your peers and where it makes sense to focus resources through our industry benchmarks. Benchmarks are available for a number of the key metrics throughout the Insights Scorecard and can be used as a guide for decision making on conversions, churn, and engagement.
Your data drives results
Actionable insights and subscriber export lead to better subscription video businesses through all stages of the customer lifecycle and direct integrations into marketing platforms like HubSpot make taking action easy. Lead your audience deeper into your library with recommendations based on healthy lifetime values
Acquire more of your best customers
Bridge the gap between insights and action with the Insights Scorecard. With your data powering the insights behind the scenes, the Insights Scorecard provides everything you need to make your data actionable with our subscriber export feature. This allows you to acquire more of your best customers through Facebook, Google, and Twitter by running lookalike campaigns. Using your happiest customers identified via their CHI score or total payments, you can create campaigns to acquire more of the customers you want in your service.
Converts stalled trialists
Do you have an issue with people signing up for a trial to your service, watching a video (or no videos!), and then becoming inactive. Quickly view and plan to convert your stalled trialists with a data-led onboarding program. Know which content drives trials and which converts through the Trial Drivers insight.
Better Lifetime value through engagement
Build loyalty to your service and keep your subscribers coming back to continue engaging with your service with the right content. Content Explorer is a powerful tool that enables you to promote content that leads to better lifetime values. By exploring the connections between top content, you can begin to play with the levers to explore different promotions you could run to encourage users to watch other shows they may enjoy and increase the lifetime value of that cohort of subscribers.
Save at-risk customers
Because you have the ability to export a cohort of subscribers, you can take save-actions for at-risk customers identified by CHI with preemptive outreach and notifications.
Reconnect lost subs
Acquiring new customers can be expensive. Reconnect campaigns reduce acquisition costs by targeting fans as new seasons of their favorite shows arrive
Customer success makes onboarding easy
Our Customer Success program makes onboarding easy and injects ideas and bestpractices based on your Insights Scorecard data. Securely enter credentials for your data sources and Brightcove Audience Insights takes it from there. We aggregate, synthesize, correlate, and visualize unique insights for your video business.
With dozens of pre-built data integrations, getting your data into the Insights Scorecard is easy
- Site and app analytics provide engagement data
- Subscriber management and payment processors detail the relationship with each subscriber
- OVP and video management systems provide context for the shows, genres, and leagues your audience loves
Plus, direct data export to key marketing systems, like HubSpot, Segment, and Sailthru, makes taking action even easier.
Beyond the Insights Scorecard providing actionable insights, you also get the trusted expertise of our Customer Success team. This adds additional analyst horsepower to your initiatives. They will meet with your team regularly to review your data and recommend actions based on industry best practices.
It's a team sport
We believe that ideas, theories, and even the occasional flier you embrace are better when backed by data and collaboration. You’ll see the effectiveness of each decision as it maps against its milestone. Exporting snapshots of insights is easy for use in documents, presentations, and conversations. This virtuous cycle of.
is the real innovation cycle that drives business decisions, improves KPIs, and leads a successful video business.
Value
At Brightcove, we want to level the playing field for media companies in an arena where data determines the winners. We are the big data department for media companies. The Insights Scorecard is the only audience insights platform for media companies who need unique, data-driven insights that boost an increase in their video service's audience lifetime value. Drive results with improved customer acquisition, service engagement, and reduced churn.