?? Your March update: Engagement drives business performance
A note from our Managing Director
Sustainable growth is not underpinned by tactics or quick wins - it is underpinned by delivering consistent value to your customers and audiences. Although many would agree with this statement, few companies actually measure the value that they provide to their customers. This is often the result of companies being preoccupied by this year’s revenue or profit target.
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Before the advent of web analytics, it was very difficult for businesses to systematically measure the value that they were creating for their customers. For example, newspapers looked at print circulation numbers, broadcasters at their viewing figures and theatres at their ticket sales. These metrics have proven to be very blunt - they are aggregated, they don’t account for whether someone enjoyed the article or the performance and they are “lagging” metrics.
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Now, data-led organisations measure the value that they are providing to customers through the use of engagement-based metrics. For example, Spotify measures the amount of time spent listening, Netflix measures watch time and the FT measures the recency, frequency and volume of content consumption for individual readers (read more about RFV here). The primary benefit of these metrics is that they incentivise good behaviour within organisation - how can we make our product more valuable and more engaging for our customers? A secondary benefit is that they are “leading” metrics, giving a clear picture of what is to come (for example, more subscriber acquisitions or higher churn rates). Our recent?project with the National Theatre?is a great example of how focusing on the metrics that matter can lay the foundations for sustainable growth.
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Measuring value and customer engagement doesn’t have to be difficult and I am delighted to share with you our most recent article from Emanuele Porfiri, our Senior Data Analyst,?on how you can start.
If you are interested in accessing other resources - including a?free Subscriber Revenue Calculator?- please get in touch and we will be happy to help.
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Tara Lajumoke
Supporting the growth of the National Theatre’s new on-demand streaming platform
After the?National Theatre's?successful launch of their online streaming service during the pandemic, they approached our team to support them in making it a sustainable and continuous revenue stream.
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Watch the video?to hear what the National Theatre's Director of Digital, Emma Keith had to say about the process.
RESOURCES
领英推荐
INDUSTRY NEWS
Recommended Reading
On Monetisation & Subscription Strategies:
On Customer Engagement & Value:
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On Customer-Centric Transformation:
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On New Product Development & Ventures:
EVENTS
If you'd like to meet us at an event or speak to any of the team please email?[email protected].
Chief Executive Officer at Ringier Media International, Switzerland
1 年Thank you for including our user needs report! ??