Traditional media companies must evolve from B2B organizations to become customer-first by building their knowledge of each individual and delivering the right content at the right time. With companies, workforces, consumers, and industries now inextricably connected, being digital is no longer enough for a media business to differentiate itself. But it does give media organizations a foothold for their next big opportunity: capturing moments.
But it does give media organizations a foothold for their next big opportunity: capturing moments.
With direct digital access to customers and increasingly powerful analytics capabilities, media companies can understand their current and potential markets better than ever before. And with sophisticated backend technology that can reorient the business quickly, they can deliver for those momentary markets faster than ever before.
Miss the moment and there is no second chance
When unsatisfied, 76 percent of customers believe it is easier than ever to simply take their business elsewhere. But
opportunity awaits the businesses that are prepared to capture the moments when they come. Their ability to remain continuously relevant—a living business in the face of constantly changing customer, partner, or employee needs—
will set them apart in a way that was not previously possible.
But before media companies can deliver for a given moment, they have to know that the opportunity exists. While they already do demand planning and forecasting on a large scale, in the era of momentary markets, forecasts and predictive models won’t be limited to long-range planning or major trends. Instead, they’ll be used for everything to anticipate key opportunities.
To anticipate these moments of opportunity, media organizations must dramatically improve the granularity of their forecasting, and the first step is turning to AI. It is not a question of simply collecting more data, however. Companies already have huge and growing amounts of information about consumer behaviors, content trends, advertising needs and so on. The challenge? No team can tackle this deluge of information alone. When it comes to addressing momentary markets, the media already holds a lot of power. Companies in this industry are at the tip of the spear, inventing and curating many of the trends that others will soon follow.