Back in the day, decision making was based on supposition. In a previous article we talked about why it is so important to know your audience and correctly segment it: so we can better align our marketing strategy with our viewers, focusing our communications on the right customers, and offering them quality content that is individually relevant. Furthermore, it helps us make the most of our marketing budget!
In this article, we’ll give you further arguments as to why analyzing your video service’s audience is so essential. Basing our video service’s marketing activities and audience communications on data is fundamental for making informed decisions and getting better results.
Although this approach seems logical, there are still a lot of video businesses that are not basing their marketing and communication strategies on data analysis – rather they are making decisions based on hypotheticals, which is a serious mistake. But, don’t panic! We have a solution. It’s called data-driven video, and it’s what we talk about in our articles and whitepapers.
Just as it’s a mistake to bombard a general audience with our communications and marketing materials in an untargeted approach, it is also a mistake to not provide our audience with the content and user experience that best fits them at any given moment.
You run the risk that they’ll no longer consider your service to be their preferred service, while they choose another video business who will give them what you aren’t.
The benefits of analyzing your video streaming service audience
So, you know your audience and you’ve broken it down into segments. Ok, and you give them quality content that resonates with their interests, where they’re watching, their behavior and other criteria, and you see that it’s working. Has it been by simple chance or have you based your strategy on data that you’ve been collecting and analyzing?
Oh, wait, you’re not analyzing or deciphering all that decision-making data that you’re getting? Mistake! So, how do you propose to continue providing both high-quality and relevant content and a user experience? Or, how are you going to know what your viewers want or don’t want so you can optimize, not only content and the user experience, but also your budget for marketing campaigns, where you’ve invested a lot of money and effort.
What good is all this “valuable” data that you get after analyzing your viewers’ behavior? It’s very simple. It gives us detailed insight into the impact and ramifications of our marketing activities and communications. Making decisions based on this data results more and more in the right decisions. There are no shortcuts for optimizing your streaming service’s audience acquisition, engagement, and retention. You have to iterate, tweak, and iterate and tweak some more. For this you need to analyze and from this analysis make decisions about the activities in your next iteration.
We have an advantage compared to other industries: currently video is compelling content, and consumers are clamoring for it.
Video is easy content to consume. It doesn’t require any extraordinary effort on the part of the viewer, and it commands their attention.
Furthermore, video is more likely to be shared by users; it boosts engagement and increases conversion rates when it is used as an acquisition tool in other business contexts. This is why we have to look ahead and be fully aware of what our audience is looking for and understand if we are providing it or not. To a large extent, the success of our streaming service is going to depend on it.
Types of information we can get from analyzing our audience.
- Number of visitors and their characteristics
- Number of playbacks
- Average duration of playbacks
- Subscriber numbers
- Number of minutes watched
- Comments made
- Number of “likes” or “dislikes”
- Visitor gender and age
- Geographical location, device and browser used to connect
- Total number of visits
- Total number of subscribers, new additions, cancellations
- Number of favorites
- Number of shares via social networks
- Number of clicks
- Video interactions
And many more, which we invite you to learn about in more detail in our previously published whitepaper, Is your OTT Video Service Successful? KPIs to Track OTT Subscription Video Services. Download it here
Keeping all this data in mind, we can better answer those essential questions that we have to ask ourselves on a recurring basis:
- What is my audience type?
- Is my video catalog working?
- Is my interaction with my audience relevant and useful?
- Which type of content works and which doesn’t?
- What’s the reason (or reasons) behind this increase (or drop off) in views?
- How is my video service performing?
Types of reports we can generate from analyzing our audience
We can undertake multiple and varied analyses in which appear all the data we’ve previously mentioned with respect to our viewers’ behavior. But, a type of analysis that is particularly important addresses content performance: how well-received are the videos we offer? For example:
- Which consumption type performs best?
Total number of playbacks or hours as of selected date. Companion figures show the cumulative total playbacks or hours within the selected period.
- Which genres have the best performance?
Top 20 genres.
- Which content is the most successful?
The top 20 most watched pieces of content.
- Which content performs the worst?
First 1000 pieces of content with less than the selected number of playbacks.
- Which content is the most successful?
Total number of playbacks per top content providers.
Conclusions about the importance of analyzing your streaming service audience
In conclusion, we assert that the mere fact of really knowing your audience allows you to develop a winning strategy for both video content and user experience. You can thus provide your viewers with high quality content within the context of a user experience that has been optimized for each user. And with all this, we will continue providing relevant content and a personalized experience that transforms our audience, from being an audience of video viewers into a loyal audience that acts as an ambassador for our video service – video fans – who recommend us to other users, making our value proposition go viral.