COVID-19 may have temporarily (and, in some ways permanently) changed the business and marketing playbook. But, what it hasn’t (and, shouldn’t!) change is your eternal promise to consistently deliver value and customer delight at scale.
Set in this backdrop, omnichannel personalization continues to take centre-stage. Crafting 1:1 customer experiences across all digital touchpoints is a bulletproof way to bridge the gap between customer expectations and your conversion KPIs.
A lot has been said about how AI and ML have changed the conventional marketing approach. Goes without saying that brands can now laser-focus their target audience with AI-powered omni-channel marketing and engage with customers for better conversions and revenues. But with great power comes great responsibility. Although Artificial Intelligence and Machine Learning has made it possible to send relevant content to the right people at the right time to sustain fruitful customer relationships and engagement, it’s your responsibility as a marketer to live up to the trust your customers have shown in your brand and build a secure online community for them with the power of AI and ML.
The pandemics and crises in the past have shown that the insurance sector has been more than prepared to take the brunt. But then COVID-19 isn’t like any other crisis. The Global slowdown is inevitable and with the world GDP dropping, every bulletin is not showing signs of a quick recovery.
But the show must go on, so does engagement between your brand and your customer. Here are a few ways the biggest brands in the Insurance industry are engaging with their customer during the crisis.
According to Michael Leboeuf, “A satisfied customer is the best business strategy of all”. In other words, it simply means put the customer first by understanding their needs and behavioral patterns and then map it backwards to your products.
Due to the increased adoption of smartphones, faster networks, and increasing consumer propensity to spend, the global ecommerce sales was expected to reach $6.5 trillion by 2023, with a penetration rate of 15%.
We have all been tempted to pick up a new skill or two during the COVID-19 lockdown haven’t we? Whether it’s a result of peer pressure or the situation demanding us to upskill ourselves, we have definitely come to the happy realization that our journey of learning doesn’t stop despite the lockdown. For online learners like business professionals or students, this can be attributed to Education Technology (EdTech) platforms. EdTech and e-learning has opened up a whole new avenue for us to make use of our time productively during the lockdown. And yes, the five minute food recipe videos on YouTube have been a great source of inspiration too.
Our AI engine, Raman, can predict with high accuracy what product or content each customer is likely to buy or consume next
Powered with this knowledge, it is then able to show the most relevant and personalized products or content across every digital touch-point – on the website, mobile app, or across emails, push notifications, in search, and social media ads
And, all of this is made possible through a super-quick integration on behalf of the clients
We live in an inter(net)-connected world where smartphone penetration, ever-improving mobile network infrastructure, and enhanced access to cheaper data are driving the app economy.
With over 2.7 billion smartphone users and 1.35 billion tablet users globally, there are 2.8 million apps on the Google Play Store and over 2.2 million apps on the Apple App Store. In fact, there were over 205 billion app downloads in 2019 alone.
We live in a time where effective marketing across channels would seem impossible without the use of AI technologies. Today’s customers demand personalized experiences from the brands they love. There is also a wealth of data in terms of consumer insights, but making sense of it all in real time is a humongous task without the right tools in place. With the myriad possibilities of customizations a brand can offer its customers, marketers today have a tough task on their sleeves.
Messaging is a critical part of mobile usage and WhatsApp is the undisputed king of messaging apps. It is a great platform for businesses to take customer conversations online, while still having a fast and efficient solutions suite to foster customer engagement.
WhatsApp is popular with users across the world with support for multiple languages. India is WhatsApp’s biggest market with 340 million users, and nearly half of all its downloads are from India.
Just like the idea of man flying high in the sky was inconceivable until airplane was invented, the concept of machines having the intelligence of humans, was a hard thing to digest. But we are just a few years away from having robots at our beck and call. Artificial Intelligence (AI) has penetrated our lives in more ways than we would have thought. However, we are restricting ourselves here to discuss AI’s impact on the world of marketing.
It is an unprecedented time for everyone in the world. I am not sure, if ever in the history of human civilizations, the whole of mankind was gripped by such a pandemic. There is uncertainty in the air, and each one of us is coping with myriad challenges. After all, the show must go on.
The Chinese use two brush strokes to write the word ‘crisis.’ One brush stroke stands for danger; the other for opportunity. In a crisis, be aware of the danger – but recognize the opportunity. – John F. Kennedy
The whole world is fighting the corona virus crisis, and preparing itself for the impending economic challenges and repercussions of the global lockdown. Businesses are already reeling under the losses. But for certain sectors, the crisis is an opportunity in disguise. It may seem insensitive, unethical, and opportunistic, but the fact remains that some industries like online gaming, edutech, fitness & productivity apps, and OTT platforms are thriving really well at this time.
In the last couple of weeks, our day-to-day lives have changed in several ways, starting from the way we work, to the ways we unwind and relax. With limited options of outdoor entertainment, mandatory social distancing, and long hours of staying at home, the Over-The-Top media platforms are seeing a spike in their user base and viewership.
Should Media OTT Brands Cash in on the Situational Opportunity?
As they say, ‘When life gives you lemons, make lemonade.’
Moreover, the COVID-19 pandemic is not just affecting the economy and physical health of those affected but is also taking a toll on people’s mental health. Uncertainty about the future, concern about the loved ones, financial stress and quarantine–all of it is making it difficult for people to cope with reality. During such times, OTT platforms like yours are bringing in respite for people, in the form of entertainment. Media OTT brands now have increased opportunities for customer acquisition and engagement.
To make the most of it, you need to couple the opportunity with the right marketing strategies. Because, the situation is favorable not just for you, but for your competitors also. Moreover, the increasing overlap of content across platforms leaves with you no choice than improving your customers’ experience and engagement. Here are a few tips that can be of help:
Well, the impact of personalization is huge. After all, who doesn’t know about Netflix’s personalized recommendation engine’s role in the platform’s success?
Netflix’s chief content officer Ted Sarandos said, “There’s no such thing as a ‘Netflix show’. Our brand is personalization.”
It is easier to grab your users’ attention at this time, and for longer durations. So, whatever efforts you take towards engagement and retention, are going to pay off even after the crisis has passed.
Personalization Strategies to Engage With Your Audience During Social Distancing
Here are certain strategies that would certainly help you leverage the opportunities at hand:
Hook your first-time users/trial membership users with the magic of personalization
It’s been weeks that malls, gyms, swimming pools, theatres, restaurants, and all other outdoor activity centers are closed. Even TV shows and sports events are getting canceled. So, many users are entering the world of online web content as newbies. While these bored people may be turning to your platform as a last resort of entertainment and have low expectations, it is your chance to amaze them and get them hooked to your app. How?
Offsite and onsite engagement: Based on their behavior, keep sharing content recommendations through onsite and offsite channels–email, push notifications, SMS. A couple of days ago, I helped my mother sign up for one of these OTT apps. She watched a movie of her favorite star from yesteryears. The next day she opened the app, and saw a list of “You may also like” movies, she jumped with excitement, like a kid who found a jarful of his favorite candy. Now, you might want to note that many of your new users during this time will be from the elder age groups who are quite easy to impress with the wonders of technology.
Revive old customers with hyper-personalized content recommendation Just like any relationship, maintaining customer connects also takes some effort, and you know it well. Many OTT platform users go dormant after using up the free trial membership, or when the membership expires. Also, you cannot overlook the fact that the Feb-April is the examination season in India, and that’s when many users (young student groups) cut down time spent on watching content.
As per this survey done last year, young users in the age group of 16-24 are major OTT platform users. However, this year, times are different. With exams canceled, and long vacations, they have all the time to themselves to binge-watch.So, it is time to bring those dormant accounts back to life. Blend your messaging with personalization such that those lost customers come back as if they had never left. Since new productions are on hold, many platforms are displaying old shows and series based on previous watch history and ratings. So, ruffle the customer data, put your AI engines to work, and re-engage with your users through hard-to-ignore content recommendations.
Focus on promoting regional and age-specific content that appeals to users
Users living in tier-2 cities and small towns, who are likely to consume regional language content
Users from the older age groups (like my mom) who would prefer content that appeals to their age–say old movies, serials, mythological content, etc.
Kids and teenagers who are generally not allowed to watch online content, but now they are, for the lack of other options of entertainment So, now is the time to forge that strong connection with these users. Show them what they want to see. Make full use of data to deliver highly relevant recommendations that your users can’t overlook.
I was amused to see a link to a Rajasthani movie getting shared in my family’s WhatsApp group. That app my mother began using, has won her heart with the right kind of recommendations.
Every business sector is doing what it can to thrive and sustain during these trying times. So is the media OTT industry. When the 21-day lockdown was announced in India, many leading brands came up with free content and free/extended subscription offers as their contribution to easing people’s quarantined life.
Voot has come up with a Lockdown watchlist, quite interesting! Some have come up with mobile-friendly & pocket-friendly packages so that users without computers (like my parents) can have their own accounts on their phones. So, while your business management teams are coming up with such ideas, you as marketers must promote these extensively. Global players like Hotstar, Amazon prime video and Netflix are now experimenting with India-specific special subscription plans.
Keep the existing users engaged & entertained
While you focus on new customers and on re-targeting the old ones, do not make the mistake of overlooking the existing ones. The competition out there is tough. Remember that every brand is doing its best to make the most of the opportunity. So, do not take your existing users for granted, lest they should stray away.
Keep them engaged with regular notifications about any new content additions/old binge-watch recommendations that match their genre preferences.
A few more points to remember
Recalibrate Send Time Optimization: Extend your personalization strategy beyond content recommendations and messaging. If you use send time optimization, you might want to recalibrate it because the daily routines of users have changed. Officials from leading OTT platforms are already reporting shifts in peak consumption hours, reporting that the evening peak consumption period now starts at 6 pm, as opposed to 8 pm, and remains high until midnight. People who used to check emails & notifications during their commute to work may be now checking them during the afternoon, during the lunch break. So, capture data diligently and act on the insights promptly.
Maintain an empathetic and responsible tone These are critical and sensitive times. Ensure that you do not come across as an opportunist trying to take advantage of people’s misery. Be empathetic and responsible.
Keep your users updated about current affairs Keep your users posted about the measures you are taking as a responsible employer and as an aware corporate organization. Include safety instructions and verified information in your messages. This would show that you care about your customers’ health and well-being, not just about your growing your business.
Don’t go overboard with your marketing campaigns In your eagerness to keep your users coming back for more, don’t get carried away. Strike the optimal balance while sending out campaigns. Utilize frequency capping to ensure you are not causing content-overwhelm to your users.
Currently, there is extreme uncertainty in the air. But as Stephen Covey famously remarked, ‘If there’s one thing that’s certain in business, it’s uncertainty.’
Businesses and marketing never stop, nor do they have to. It’s on the shoulders of marketers to not let the demands die, and help businesses thrive.
Neeraj Roy, Founder & CEO of Hungama Digital Media so rightly said, ‘The world is faced with a pandemic that is unprecedented and limiting social interactions has been advised as an effective measure to flatten the curve. OTT (over-the-top) platforms help people cope with the monotony of being restricted to their houses and also provide some relief from the grim reality”.
Your brand is contributing its part by helping people deal with the anxiety that quarantine has brought along. So, be proud, and do it well. And we are here to help. Feel free to contact us.
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