Personalization is no more a premium service.
Netflix is an analytics juggernaut. Analytics comprises the extensive use of data, statistical and quantitative analysis, explanatory, and predictive models driven by facts. For more than a decade, Netflix goes by the reputation as the groundbreaker in data management & analytics. Then DVD era to now digitally streaming, Netflix invests extensively in understanding the customer choices. Why? One of their core values is to recommend titles – predicting suitable content to their users – at an individual level.
Knowing about the customer is where everything begins. By tracking every second of consumption, Netflix builds far-reaching data: the genres a customer likes, the viewing hours on weekdays, the viewing hours on weekends, the type of titles viewed, the cast of those watched titles, and many more. Their recommendation engine ingests these datasets in real-time and produces personalized recommendations.
Deeper you dive, closer you get
Personalization is at the heart of Netflix’s DNA. Netflix makes a unique set of suggestions at varying levels to every user. By adding the power of social networking, the matches are getting more powerful and pertinent. Through analysis and algorithms on rental history and film ratings, Netflix can bring in the right content to their audience, thereby bumping up the success rates. Netflix uses data to drive decisions. Competing with the help of analytics has always been their advantage, and it has been working great till now.
Move away from list-based personalization to dynamic customer journeys through touchpoints. A touchpoint can be a product seen or a mail opened. Active customer journeys are built using rule-based workflows. This way, you can keep up with the pace of the customer in realtime. Shorten the time lag and be in sync. One way to avoid out-of-context personalization.
Offering better customer experience improves retention. Customers connect to the brand and come back to buy/ consume. Reduce churn possibilities. Forerunners such as Netflix, are setting higher benchmarks by offering impressive customer experience. Brands that are unable to keep up now may fall out of the race at some time. A dynamic omnichannel customer engagement tool like LivePinch can help brands to jumpstart without disrupting their existing system.