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BizReport : Research archives : July 28, 2011

Media execs say they aren't taking full advantage of data

Buzz in the land of online marketing may be about personalized advertising and content, but the majority of media and entertainment top execs say they aren't taking full advantage of these data opportunities. Customer data that can provide personalized online experiences has been shown to deepen engagement within websites, lead customer back to websites more often and in some cases increase their spending within a brand's site.

by Kristina Knight

Data from Accenture finds that 91% of senior execs in media and entertainment admit they aren't taking full advantage of customer data which could improve engagement by offering more relevant information. What's more, 95% report they don't have strong enough customer relationship management (CRM) software in place to help manage customer information.

Other interesting takeaways from the Global Media & Entertainment High Performance Study include:

  • 58% of high level execs say there are plans in place to develop CRM offerings
  • 57% report their firms are 'making continued progress' in the digital conversions
  • 43% report that at least half their properties have converted to digital, in 2010 33% said the same
  • 55% say there is a 'clearly defined' social strategy in place
  • "Although some companies have made more progress toward achieving the goal of distributing content via any channel, in any format, to any device, most still need to form a holistic view of their digital consumer so they can monetize their content," said Marco Vernocchi, global managing director of Accenture's Media & Entertainment industry group. "Revenue growth in this new, multi-platform world is dependent on delivering personalized, consumer-driven content to individual consumers via the right platform. This change in focus from the mass-market audience to an audience of one requires a complex shift from mass media to mass technology."

    Of those using social media as part of their strategy only about 38% are using it to engage customers/build intimacy and only 17% are using social to build conversions

    Tags: Accenture, customer data, online media, social data, targeted advertising, targeted content

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