The winning formula for analytics in 2021

Alexander Igelsböck, CEO & co-Founder of Adverity and Forbes Technology Council member on how augmented analytics has changed the media and entertainment industry

The winning formula for analytics in 2021

Covid-19 accelerated a huge shift to digital last year and traditional news, entertainment, and sports media risked being sidelined if they didn’t switch up their marketing strategies. Throughout 2020, commercial news and print media saw their existing challenges compounded as revenue dipped and competition from digital channels peaked. While for sports media, the pandemic only served to underscore how reliant the vertical had become on TV broadcasting and live audiences.

Despite the challenges and being forced to pivot toward a digital-first media environment, many publishers and marketers successfully adapted to future-proof themselves through data analytics and innovation. So while the concerns of 2020 could have left media businesses on the back foot, they have embraced fresh opportunities and investment in data tools that will continue to shape this year’s key marketing analytics trends.

Here’s how...

The new focus for data-driven marketing
Business models will keep evolving as brands, marketers, and publishers adjust to different priorities. Getting closer to consumers, adding value to the user experience, and building the infrastructure to facilitate this are the new demands being placed on data analytics, all while providing the best return on investment. 

For the entertainment sector, in particular, the mix of online and offline content consumption has become more complex, while for news media, consumer engagement hinges on identifying and responding to personal preferences. Audiences of billions are now being viewed as billions of individuals, heightening the need for accurate, in-depth consumer insights. In sport, this need is even stronger as the sector diversifies its content offerings – from archived footage to documentaries and e-sports, the shift away from live games has driven the sports industry to boost the value of personalised viewer experiences more than ever before. 

But these approaches to digital marketing rely on increasingly fragmented data sources, and harnessing the ability to effectively connect and leverage disparate sources will be vital as the industry moves forward. Alongside performance metrics such as views, shares, and engagement stats, marketers will increasingly look to enrich their consumer insights and build a clearer, real-time understanding of audiences.

Maximum results with minimal resources
Although more is expected from marketing budgets, many teams are being less extravagant with their spending, as marketers choose analytics tools that drive efficiency as well as results. When comprehensively assessing performance, the need to collate cross-device data touchpoints can lead marketing teams to rely on other departments for insights, causing delays to daily decision making, in an environment where real-time responses are critical. 

For AnalytixLive, an analytics consultancy supporting live performing organisations, it needed to pivot its business when the impact of the pandemic became clear. Adverity worked with AnalytixLive to integrate all customer digital engagement data so it could deliver valuable insights to its clients from platforms such as YouTube. This allowed the consultancy to launch a new service,  streamline business operations, and help retain over 80% of its existing clients. 

Similarly, Adverity supported the US basketball team, the Philadelphia 76ers to mitigate the worst of the fallout from Covid-19. Helping to consolidate information from over 100 data sources it was able to analyse online fan behaviour and enhance engagement despite the ongoing absence from stadiums. When the world returns to some sort of normality, this consolidated data will allow the organisation to better understand how external factors, such as weather, influence fan turnout, and create data models that predict behaviour.

When it comes to news media, large publishers can use this real-time cross-analysis to instantly evaluate the performance of stories, writers, and referrers across their entire online network, helping to shape content for relevancy in a fast-paced environment. In the entertainment vertical, predictive marketing analytics can also refine content choices by forecasting what will be popular among specific audience segments. 

Transforming challenges into opportunities
For many businesses, the pandemic – and resulting challenges, has unlocked new means to generate revenue and capture consumer interest, allowing news, entertainment and sports media to effectively reinvent themselves for digital success. As these sectors refine their approaches in a new media landscape and enhance their marketing performance, real-time and predictive data analytics will be pivotal to their online strategies.

Adverity is an intelligent marketing analytics platform which enables data-driven marketing teams to improve performance and decision-making, faster and easier. By uniting hundreds of siloed data sources and transforming them into actionable insights, Adverity reduces the complexity of quantifying the ROI of multichannel marketing spend.