Understanding what customer engagement really means for different video business models and, crucially, how it’s created, measured and monetized is far from straightforward. How much content an individual consumes is the main, high-level metric to assess engagement. But it only shows one component of what is, in fact, a multi-dimensional driver of value. Other, less obvious metrics, such as frequency of access, recency and the detail of user journey interactions, can also help build an overall picture of loyalty and churn propensity. Social media sentiment’s a useful guide, too.
Overall, video businesses need to correlate user engagement and behavior on their products and services with the business value they’ll generate.
It’s useful to think about engagement at 3 levels:
A multidisciplinary approach
Engagement is a many-headed beast. It needs a team of multiple talents to tackle it. So how can businesses get started? One quick way is to put together a multidisciplinary “pod” and set them to work to investigate the actions needed to improve a clearly defined KPI.
That means assembling a superhero team with relevant skills: user experience, data and analytics, visualization, content and so on. They can experiment to find and pull the levers that can move a metric in the right direction. Underpinning all that is the need to have the user data in place that can easily segment representative control and test groups in order to carry out multivariate testing to get rapid insights into how leading indicators are moving.
Every digital video business will have slightly different aims for engagement and ways to achieve it. But they all need to find new ways to identify what’s driving it for their business, and what they can do to improve it. The key to getting started? Stay focused. Identify one metric that matters. Test what works to improve it. Learn from that and test again. Repeat.