In this part of the world, early January usually signals a time to switch off from our ever-present screens and shift our gaze from the virtual world to the real one for a much-needed break.
But this notion couldn’t be further from reality in Las Vegas where the beginning of the new year brings with it the Consumer Electronics Show (CES), one of the biggest electronics and technology tradeshows in the world. The future of tech is on show here and because you were most likely in holiday mode you’d be forgiven for missing out on some of the big announcements. One of those was made by streaming giant Netflix who revealed its service was now fully global, making it accessible in over 190 countries.
“Today you are witnessing the birth of a new global Internet TV network,” said Netflix CEO Reed Hastings. “With the help of the Internet, we are putting power in consumers’ hands to watch whenever, wherever and on whatever device.”
In less than 20 years, Netflix, which currently has more than 70 million subscribers, has redefined the rules of the media game. Their meteoric rise is one centred on a commitment to giving customers an experience which keeps them coming back, using data in ways similar to what Certus’ solutions have done for many of our clients.
Those Netflix users among you will be familiar with its recommendation feature which advises users on TV shows or movies that they might be interested in watching. These recommendations are so effective that Netflix says 75% of viewer activity is based on these suggestions. That’s hardly surprising seeing as a lot of effort/research/data mining/head scratching has been done to present options viewers are more than likely to click on.
For Netflix their formula for success is simple – keep people watching so they continue to use the service and not cancel their subscription.
To do this they track all the data a user produces, from what they play, search for, or rate, as well as the time, date, and device they watch on and their browsing or scrolling behaviour. This data is then fed into several algorithms which can deduce an accurate understanding of a user’s viewing preferences and serve up recommendations with a high likelihood of being watched.
This is an example of data being used to create a 360-degree view of each customer and then using this view to offer the right products at the right time. It’s a capability we at Certus have been able to bring to our clients through Master Data Management (MDM).
In the video below, Vincent McBurney, our Solution Director for Information Management, talks through how MDM allows enterprises to see where their investment is being spent and delivers tangible business outcomes.
He also explains how Certus helped News Corp., one of the biggest media companies in Australia, implement an MDM project that garnered significant results including revenue growth and greater customer engagement.
Click here to download our Customer Experience Design ebook and discover how to create a 360-degree view of your customer.