In the Post COVID-19 Media Industry, Customer Data Management Will Be Essential to Success
There’s no question that COVID-19 has created massive challenges for businesses around the globe. But while some industries are struggling to keep up, others find themselves in an opportune position. The media industry is dealing with both, and better customer data management is the solution.
Providing consumers around the globe with accurate, reliable information is more important than ever before, and media organizations are leading the way. At the same time, however, advertising revenue is down -- and this can create revenue challenges for large media companies.
There’s also a transformation underway in the media industry. The consolidation of various channels and outlets that we’ve seen in recent years is accelerating. Once the COVID-19 crisis is over, the media industry is going to look very different. As we’ll see below, the ability to manage customer data with the right CRM software solution will be essential for success.
Internet Providers Lead the Way
In the post COVID-19 media industry, internet providers will lead the way when it comes to information handling.
Of course, this trend has been underway for years. On the one hand, more and more people are getting their news and information via social media. Simultaneously, paid subscription services like Netflix are replacing traditional forms of home entertainment such as cable television.
But as a result of COVID-19, the prevalence of digital entertainment and news has only intensified. With so many people staying home and practicing social distancing, in-person events and experiences such as sporting events, concerts, movie theaters are being replaced by the ‘new normal’ of YouTube and Facebook live stream events. Once coronavirus abates, it’s likely that some of these trends will continue.
CRM Data Becomes Essential for Success
When it comes to generating revenue, media organizations rely on advertising. But in order to provide paying advertisers with maximum ROI, these same organizations need access to the right media tools and customer data. In particular, they need to know who’s consuming their content, what platforms their audience is using, and how to keep their audience engaged.
With so many media organizations preparing to merge and consolidate in the coming years, there’s a real potential for larger companies to dominate certain channels and industry sectors. But doing so requires an in-depth understanding of who their customers are -- and that means access to the right data via the most advanced CRM software tools. Simply put, large media organizations need to start investing in customer data management if they want to keep their customers happy, attract the highest paying advertisers, and deliver those advertisers the ROI they want.
Learn More About Customer Data Management, CRM Tools, and the Media Industry Transformation
On April 30th AKA Enterprise Solutions’ Media Practice Lead, Adolfo Ramirez, joined other media experts for a live webcast. They discussed the coming post COVID-19 industry transformation, with a focus on how these changes will affect advertising. Topics included:
Consumer access to content and advertising on-demand
Social media network proliferation at scale
Newly digitized media channels
Effects of industry changes during crises, including COVID-19
Media Tech Trends – How Microsoft Customer Insights Can Turn Challenges Into Opportunities
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Article by: Adolfo Ramirez | 212-502-3900
As AKA's Media Practice Lead for more than a decade, Adolfo is an experienced consultant and project manager with a history of successful CRM and ERP projects across media and other industries. With 17 years of experience working with the Microsoft business platform, he is responsible for leading his team in designing, building, and implementing solutions that help media companies drive value.
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