With its precise targeting and measurement capabilities, streaming TV is an ideal way to engage your audience. Effective and industrialized customer value management (CVM) campaigns are critical for increasing retention rates. This is especially true for streaming video providers.
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Flexibility
A streaming TV service for businesses allows consumers to pick and choose which channels they want to watch, which is different from the traditional approach of paying for a massive cable or satellite package. This means that it’s more cost-effective than traditional cable and allows viewers to tailor their subscriptions based on the types of content they enjoy most.
As a result, streaming audiences are highly targeted and more receptive to advertising than traditional cable TV audiences. This is important because it increases the return on investment for businesses and helps them drive more sales and conversions.
Additionally, many streaming services have a wealth of first-party data on their audiences that they can use to understand and connect with them. This includes information on what shows they watch, their viewing habits, and their location, among other data points. This data, combined with outside signals like purchase history and mobility data, can help streaming providers build a more comprehensive view of their audience and target them with relevant ads. It is important for streaming services to continually experiment with ways of boosting repeat engagement. This can involve offering rewards programs, loyalty tiers, and more to keep customers engaged. It may also mean experimenting with different subscription tiers or content recommendations to see which resonates most with the audience.
Cost-Effectiveness
Many streaming services offer free trials, so you can try them before committing to a full subscription. Some require a credit card, but others don’t, so you can cancel without affecting your bill. Most streaming services are cheaper than traditional cable TV, making them a great choice for consumers who want to save money.
Streaming content is delivered via the internet, but some companies use CDNs to cache their most famous content close to customers’ home locations to reduce lag time. This approach also lowers bandwidth costs. Moreover, streaming devices can be connected wirelessly to the internet or via an Ethernet connection, depending on the device. This allows users to watch movies and TV shows on their mobile phones, tablets, and computers.
While some streaming video providers are bundling services to lure subscribers, US consumers continue reevaluating their entertainment choices and finding ways to maximize value. Consumers are shuffling services enthusiastically, grabbing free trials and discounts, chasing original content, and mining ever-shifting back catalogs to balance cost and quality.
Media and entertainment brands need to improve customer engagement to keep their audiences. They need to gather 360-degree data about their audience and use predictive insights to meet them where they are. This is where a customer-centric culture comes into play, and it can help them create world-class experiences that drive loyalty and retention.
Convenience
Using predictive insights to anticipate churn, media and entertainment companies can reach high-value subscribers quickly. This can be done by analyzing consumption patterns, financial data, and other information to determine when and how much a user might cancel their service. Then, they can send an email, social post, in-app message, push notification, or ad campaign that offers them a free month of service or access to a premium show. Live streaming is a popular trend that allows brands to engage with their audience in real-time. It’s especially effective for capturing the attention of Gen Z consumers, who are often active online and spend most of their time on mobile devices. The technology also suits businesses looking to showcase their products and services, as it can easily be embedded in websites, social media, and other digital platforms. Creating a seamless customer experience by streamlining processes and eliminating barriers to make the most of this digital engagement tool is important.
Variety
Many people ditched their cable subscriptions during the pandemic in favor of a suite of streaming services. As consumers continue to add various streaming TV channels at varying costs, brands can reach their target audiences more effectively than linear TV advertising.
Streaming advertising offers better targeting than linear TV, typically bought based on Gross Rating Points (GRP) or the number of viewers within a specific audience’s demographic. Streaming TV can also be targeted to viewers based on their interests and device usage. This allows for more precise segmentation, which results in a higher return on investment than traditional advertising.
Unlike linear TV, which has a limited geographic reach, streaming television can be broadcast globally, making it a great option for businesses with multiple locations wanting to connect with a global audience. This allows for a more omnichannel experience, which increases customer engagement and loyalty across all platforms. As a result, more customers are likely to visit your physical location and become familiar with your brand and product offerings, driving up your bottom line.
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