Knowing what your consumers watch is the first step towards knowing what they would eventually buy from your business. Knowing where they watch – and making your content available on those platforms – is just as important.
Studies show that media consumption in America has risen to unprecedented levels today. One such study by San Diego Supercomputer Center (SDSC) at the University of California points to US media consumption rising to 15.5 hours in a day by 2015. This exponential rise in viewing hours is just one side of the coin. The other important facet of this story relates to the fact that media consumption has seen a significant jump from traditional media to new media.
Mobile devices have taken over as the preferred medium of consuming online media. Even the supremacy of the television as the main entertainment hub is in doubt with the rise of digital media players such as Netflix, Hulu, Amazon, Apple TV, Roku, Boxee, and more. The question to focus on today is not necessarily will the boom in online video business sound the death knell for the TV industry? The real question to focus on today should be, is your business prepared for this changing landscape, where the PC and traditional TV are becoming far less dominant in the grand scheme of things?
For major players in the media space, their product strategy must evolve in light of the exponential rise in media consumption and the changing media consumption habits. With choices galore, consumers of today are looking for a superior product experience and they are not going to settle for anything less than that.
As media consumption evolves, it is time for CMOs to guide marketing dollars towards mobile rather than traditional media. Here are two quick ways of creating new monetization models and reaching out to your target consumer base using mobile devices:
Geo targeting – Big data has been a game changer in effecting meaningful mobile advertisement campaigns that deliver the ‘right message to the right consumer.’ For instance, analyzing the current location of your target consumers and tying it up closely with their social media interactions can reveal buying patterns more accurately than blasting off text or e-mail campaigns to a random number of potential consumers, in the hopes of getting lucky.
Mobile Apps – For many companies, it’s no longer a question of whether or not they should create mobile applications. It’s a question of which platforms to prioritize for first, and how to create a back-end architecture that allows for distribution to the largest number of platforms in the shortest amount of time. This requires a meticulous engineering process to create mobile apps that cater to a wide range of devices, varying in size and resolution. Investing in mobile applications is sure fire way of reaching out the masses.
Modern enterprises must strategize their product development approach around the evolving trends in the mobile space and the ever changing consumer inclination towards the same. Adapting to the shifting media consumption on mobile devices is one way to ensure that you are always on the radar screen – and in the pockets – of your existing and potential customers.