Media & Entertainment Incumbents Must Transform to Succeed | Vlocity - Industry Cloud Apps

Media & Entertainment Incumbents Must Transform to Succeed

A guided flow of offers and information is a cornerstone for establishing a meaningful and impactful buying process. The ability to extend this process to an omnichannel buying experience is a game-changer.

May 4, 2020 by Christopher S. Dean
VP / GM Media & Entertainment
5 minute read in Media & Entertainment
Media & Entertainment Incumbents Must Transform to Succeed

Selling success means increasing the number of selling opportunities, providing more tailored products and services, and quickly getting customers onboarded. There are numerous factors that contribute to effective sales and marketing in our digital world, but let’s focus on just three of them:

  • Situational Awareness
  • Guided Buying Process
  • Omnichannel Buying Experience

This hyper-personalized approach requires an unprecedented need for situational awareness.

In examining effective selling in the digital age, there is a fundamental shift away from traditional marketing campaign tactics to more relevant and contextual one-to-one engagement. This hyper-personalized approach requires an unprecedented need for situational awareness, meaning a rich understanding of an individual’s interests, needs, propensity to buy and receptivity to hearing messages at a given place and/or point in time. The underlying concepts are quite simple: Deliver messages and imagery aligned with someone’s interests. Contact people when they are close to a point-of-purchase or when they are not driving or otherwise distracted from hearing the message. Promote offers when someone is in the right mindset.

Selling success is perhaps the most important business benefit because it represents a boundless opportunity for value creation.

 

But the digital technology needed to gain situational awareness at scale is far from simple. It requires the ability to develop a wide range of new capabilities such as social listening, customer profile enrichment, “next-best- action” algorithms, AI/machine learning, digital content management, cross-channel journey tracking and location-based technology. For example, communicating with someone when she is (or is not) at a particular location requires mobile-enabled, location-based intelligence and real-time, self-learning algorithms to trigger the best time to communicate.

It is also important to note that situational awareness applies to customers as well as their key online influencers, who they turn to increasingly for purchase advice. And situational awareness is equally relevant in either a B2B or B2C selling context, since both scenarios benefit from establishing a deeper, human connection.

Those who succeed in providing greater contextual relevance and a more personalized level of engagement in their marketing efforts will enjoy a significant improvement in the overall number of sales leads generated, increase the volume of new customers and encourage greater repeat purchases. Most companies today will say they are focused on understanding customer needs, but one must ask “Do we really understand the customer context?  Are we making a meaningful emotional connection with our customers?” To embody this philosophy, Media & Entertainment companies need to make situational awareness a primary mission. 

A guided buying process provides an elegant, guided flow for customers to achieve an intelligently determined and individually optimal purchase decision. Used directly by customers, or through sales reps, a guided buying process makes it easy to find the optimal solution to match unique requirements. For example, large groups expect tailored product options that meet the needs of their employees within their determined budget. Sales reps need a user-friendly platform that enables them to access customer data that gives them a 360-degree view of customer preferences and expectations allows them to suggest a content offering that fits their needs. Matching customer needs with subscription options in a self-guided manner helps them introduce more relevant options for purchase consideration and improve customer experience.

A guided flow of offers and information is a cornerstone for establishing a meaningful and impactful buying process. The ability to extend this process to an omnichannel buying experience is a game-changer. For example, a subscriber interested in replacing traditional pay TV with over-the-top (OTT) delivery may start their buying journey on their desktop to compare options and request a quote. The subscriber is still trying to make a decision when they receive an email soliciting them to add new channels to their existing plan, which they have made emphatically clear they don’t want to keep. Such an oversight, although seemingly minor, hurts the provider’s brand and gives the impression that the subscriber is not being heard.  As we have seen on countless occasions, it is important that each channel experience is “remembered” and easily accessed at every step in the journey to avoid having to restart the buying process every time a different channel is selected. By providing a seamless experience across channels, companies are able to reduce friction in the purchase process and dramatically improve selling success.

A guided flow of offers and information is a cornerstone for establishing a meaningful and impactful buying process. The ability to extend this process to an omnichannel buying experience is a game-changer.

When it comes to digital transformation and successful selling, Vlocity has been at the forefront of applying the above principles to maximize value, reach new markets and drive enhanced customer experiences. Look no further than our work with a leading Italian Pay TV provider that experienced a 20% decrease in call handling time, a 25% reduction in IT cost and a 41% increase in agent Net Promoter Score (NPS) during its first digitally-enhanced campaign. The results were due to the introduction of an intuitive, easy-to-use, guided buying process and configurable automation engine.

Another success: Brazil’s leading media incumbent wanted to launch streaming subscription plans in a 4 month sprint, making Pay TV and satellite content available through self-service digital channels. Vlocity provided best-in-class, industry-specific cloud applications for their employees to streamline the subscriber lifecycle. And because of the agile and user-friendly digital platform, they boosted subscriptions and improved customer service for a seamless omnichannel deployment.  

Enterprises need to continue to be vigilant around new ways of doing business and nurture their digital efforts with both investments and leadership.

 

The culture of digital disruption has granted forward-thinking companies the opportunity to reorganize and refuel their sales and marketing strategies to better engage with prospects and customers and increase profitability. Enterprises need to continue to be vigilant around new ways of doing business and nurture their digital efforts with both investments and leadership, infusing CX into available platforms and embracing digital service solutions as they seek deeper engagements—and ultimately more effective selling opportunities—in the evolving digital economy.

Download the Media & Entertainment guidebook here, to learn more and dig deeper into these best practices. 

Thought Leadership Digital Transformation Featured
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