Clearly pronounced goals, strong engagement strategies and a willingness to move quickly and risk failure are key factors in embracing data transformation. This was the message Edwina Dunn delivered to the 2018 British Association for Screen Entertainment (BASE) Category Showcase and Innovation forum event this week, 4th July.
Speaking at the forum to 600 delegates from across the home entertainment industry, she revealed the 7 factors to consider when working toward a successful data transformation. Dunn urged the industry to ‘have the courage or mindset to relentlessly explore weakness or failure’. Highlighting the success of disrupters such as Amazon she pointed out that winners in data transformation have learned how to unlock small changes in behaviour across millions of consumers rather than focus all efforts on the “best” customers.
According to Dunn: “In my world – the world of customer science –we identify the value of getting millions of customers to buy one more product or visit one more time. That small move across the entire customer base leads to millions, if not billions, of pounds of sales improvement.”
She cautioned against insight becoming ‘analysis paralysis’ in having clear goals set and advised the critical importance of data science having buy in from the top down with a place on the board. She encouraged the industry to embrace a learning culture and ensure the right talent was developed. Concluding that data ‘has the power to reveal the truth’ in a business she said: “The truth can often be painful – for example, when you see your best or loyal customers leaving you – but if you have the courage and mindset to relentlessly explore weakness or failure, your business will start to improve performance.
The BASE Category Showcase was focused on the anticipated feature film, children’s and TV content, as well as on retail innovation. Speakers throughout the day talked about evolving relationships with their customers and the need for a deepened customer understanding with the rise of new disrupters. The British Association for Screen Entertainment (BASE), represents the interests of publishers and rights-owners of pre-recorded filmed entertainment.
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