Fear is a great motivator, and the specter of cord-cutting, the possibility of declining ratings, and the prospect of tougher competition from OTT providers have broadcasters looking over their shoulders. When broadcasters look ahead, they see vague promises of new opportunity, but without any clear path forward.
While these hopes and fears are enough to keep one up at night, they signify little without the backing of data. Only by using analytics to delve into the wealth of data generated by daily broadcast operations can station executives understand the true impact of market trends and forces on their businesses. Only analytics can provide an accurate picture of station performance across all properties and platforms in today’s cross-media marketplace.
Analytics alone offer a true reckoning in terms of ad sales, subscriber valuations, and revenue profiles. As a result, analytics can point to unusual revenue shortfalls and their root causes, or highlight imminent opportunities to improve on historical revenue levels. As the business looks to its future, analytics take into account changing market conditions and the growth of the business itself to expose new risks and opportunities.
Understanding that analytics are complex, dealing with a wide array of data sources and millions of data points, some broadcasters may worry that it’s just too difficult to make analytics work for day-to-day business. But the genius of today’s sophisticated analytics solutions lies in their ease of use and in the simplicity with which they present useful insights, automated alerts, and daily action items tailored to the work of each staff member.
By suggesting concrete actions that contribute substantively to the success of the business, analytics pave the way toward future success. Identifying trends specific to the broadcast station, analytics empower station executives to understand the true threats and opportunities facing them.
Enabling practical action based on this intelligence, analytics support custom notifications that let the station’s sales force know when to reach out to a particular market or client. They point to the product group most likely to find success with that market or client. For those concerned with the larger picture, analytics can use learning algorithms to support corrective action when needed or to adapt and take advantage of new market conditions.
As Decentrix clients have discovered, the understanding enabled by analytics can quickly translate to a real lift in station revenues — 3%, 5%, and even 11% and more. In this time of uncertainty for many broadcast stations, analytics has the power to define the current landscape and illuminate the territory ahead. With analytics working on their behalf, broadcast stations can advance boldly into the future of cross-platform media.