Media Industry survives and flourishes on the human desire for information and entertainment. Till a decade ago, the media Industry enjoyed “default customer markets”. There were just a few magazines, newspapers, television channels and radio stations that subscribers patronized. Since choices for consumers were few, industry players did not have to work hard for customer attention and revenues. In the days of fewer players, it took very little or almost no effort in understanding the audience. People knew where to get their content & advertisers knew how to reach those people. Consumer Loyalty was almost taken for granted. Not anymore.
Emerging technologies have empowered consumers and has altered the way in which the media industry operates. For consumers, content is everywhere and access is possible through computers and mobile phones at the touch of a button. Production and consumption of content has also become relatively easier.
The concept of “media” itself has undergone a paradigm shift in this age of excess. There are too many providers and too many consumers making industry players work harder to provide a clear value proposition in order to stand out in the clutter and create “compelling content”. The only way to create compelling content is through understanding consumer preferences. Industry insiders are trying to identify their consumers and their preferences as well as engage in a dialogue with them to customize content.
Loyalty programs are emerging as a possible solution to building this two-way communication channel. These programs help companies collect personal details of consumers as well as track their consumption. Sophisticated analytical tools are used to decipher data to understand preferences.
We have an established media practice that works closely with some of the biggest companies within the industry. We have closely worked with some of our customers to understand specific requirements and developed loyalty frameworks and solutions that meet the needs and requirements of members of the industry. We are currently working with one of the largest content providers in the world to develop a Bespoke loyalty solution.
If you would like us to undertake a study of your company and recommend a suitable loyalty solution, please feel free to write to us at contactus@itcinfotech.com.
Maximize customer retention,
especially high value customers,
to increase revenues
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