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Swimming upstream
Lessons from PwC's Entertainment and Media Outlook
While it’s important to note that any business cannot (and shouldn’t) copy and paste a successful business’ operating model – that simply doesn’t work – there are some lessons for all businesses that can be drawn from New Zealand’s fascination with digital media.
Here are three examples:
1. Digital is most comfortable
Consumers are more comfortable with digital experiences than ever before. Whether they want a taxi, a film or that week’s grocery shopping, it’s clear that many people are at their most comfortable online.
Entertainment and media is a prime example of how this trend has happened, with people shunning video rental stores for DVD rental by post, and then snubbing that for online streaming services. It’s likely most of your customers are now online, so are you reaching them in the right ways?
2. Consumers are impatient
However, the caveat of this digital comfort is that people are more used to getting what they want when they want it.
All industries can try to be more on-demand and responsive, whether that’s through the products and services they provide or with things like customer services.
3. Let data get you closer to your consumers
Speaking of impatience, Netflix says it has to recommend a film or TV show to users within 90 seconds or people will switch off. The company uses sophisticated algorithms to look at what users watch and decide what to recommend next, and predicts that 75% of viewer activity is due to recommendations.
It’s a prime example of what can happen if businesses take an analytical, non-intrusive approach to driving the customer experience with data.
Tying it all together
What brings all these lessons together is the power of user experiences (UX). Consumers are comfortable online when you get the user experience right. Impatience with poor UX is what loses users in a competitive market. And finally, data works for you, but only if you use it to make the UX better for a customer.
Hear more on the PwC Podcast
Episode 1: Digital disruption
28/08/2017
Listen to Greg Doone and Andrew Jamieson unpack digital disruption in the PwC Podcast.
Listen on: iTunes
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