The Media and Entertainment industry has been in a state of permanent digital-induced crisis since the late 1990s. Until relatively recently, media companies were driven by platforms—when a newspaper owned their printing press, for example, they owned the revenue along the entire value chain. Today, all of that has and is changing. The platforms—whether broadcast network, magazine, newspaper or social networking—matter far less than the passions and interests of the people engaging with the content on them.
In our digital age, it's tempting for companies in the industry to answer the question of what matters to their customers by looking at their existing programming and historic audience figures. But media and entertainment companies are increasingly realizing that those numbers don't provide any insights into what is actually meaningful to the customer.
What do people want from a reading experience? Why do people watch the evening news? What do people choose to share online and why? What makes a viewing experience valuable? At the heart of all of these unknowns is one fundamental question for the entire industry: How can media companies capitalize on their abilities to deliver a great story?
Our work focuses on three main areas:
- Marketing & Sales
- New Products & Services
- Business Direction and Strategy
1. Marketing & Sales
Which platform, medium and message best peaks a customer’s interest and subsequent product selection? And which platform is truly best for the product delivery? A customer that prefers streaming online content on a tablet might best be reached by tapping into their social media habits or while they are watching their morning TV shows. ReD has worked with international media companies in developing a deep understanding of customers’ behavior and how it informs and influences habits and purchasing patterns.
ReD collaborates with clients’ teams to best develop marketing and sales strategies to increase viewership and eyeballs in the targeted demographics. Depending on the needs of the client, the recommendations are delivered as marketing strategy outlines and plans, providing the necessary detail for the teams to execute successfully.
2. New products & services
When we want to better understand the rapidly changing landscape of this industry, we always approach the changing cultures and mindsets of the people targeted first. It is only when we understand the full context of the consumers’ world that we can discover what is truly relevant to them. Though new platforms and gadgets are constantly moving the needle on what’s possible, the fundamental behavior behind these innovations is always familiar – viewing, reading and listening; be it in a group, in an intimate setting, or alone. This makes it possible for us to study the habits that are already here, to see where the relationship is broken, where challenges arise and where new products and services could be relevant. Recommendations for future offerings are co-developed with our clients and disseminated throughout the organization with product briefs, innovation intents and blueprints, and shared through internal workshops, and via print and online materials.
3. Business Direction & Strategy
Traditional audiences are no longer loyal while younger audiences have demonstrated a dizzying ability to adopt and then drop consumption habits. Knowing where to focus resources and how to best gear the revenue model for future developments becomes ever more challenging as disruptions to consumption patterns occur. What can media companies do to retain older customers and attract new ones? How can the organization be strategically prepared for this more unstable and unpredictable future? No one wants to be the next Blockbuster, adjusting to market conditions too late and eventually becoming obsolete. Here, ReD works alongside management to root new business strategy in the lives of the consumers, ensuring that the path chosen isn’t based on assumptions or trends, but on the actual needs and desires of real people.
Whether it is strategy briefs, innovation intents, or value propositions, we deliver our recommendations in a form that best suits the client.