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One of the things that have always fascinated Justin Cobb of is how video subscription services like Amazon and Netflix are able to accurately predict shows that viewers are likely to watch next. In fact, they collect huge amounts of data, which they analyze on various levels to show a viewing history as well as movies or series viewers started but quickly clicked out of.
Justin equates that to bounce rates on web content clicked through to from a Search Engine Results Page, commonly referred to as a SERP. Based on keywords entered into the search bar, Google will rank content the person searching will either click onto or pass by for the next listing on the SERP. He sees this much like someone looking for something to watch after they’ve finished a movie or a series. When they reach the home screen again, suggestions are made and those are likely to be the first category to capture the interest of the viewer.
Within just a few moments, they will either back out of that particular piece of content or stay there long enough to enjoy the entire show or series. Justin says, “It’s sort of like what happens on Netflix. When a subscriber is looking for something to watch next, Netflix will bring up a category labelled ‘Because you watched…’ and there they will bring up content similar in theme or with some of the same actors starring.”
That’s just one set of data Netflix gathers, but they also use algorithms to analyze shows that were begun but never finished. Justin says that B2B, as well as B2C marketers, can learn from this strategy. “Capturing historical data is paramount in predicting what products a consumer may want or need based on a buying history. When new products are released, they can use this historical data to suggest various products whenever a customer lands on any of their pages. This is where a small pop-up window or ad would work well.”
He further states that the more data gathered and analyzed, the better it will be in terms of predicting what consumers, businesses, or individuals, will most likely be looking for. “It’s all about personalizing the experience for the consumer. If we know what they like and what held their interest in the past, we are in a better position to suggest products as they are launched. Personalization is the key to marketing because the whole approach is based on a highly targeted strategy.” He isn’t wrong there, as the success rate of video giants like Netflix and Amazon can attest to!