BookMyShow’s Insight-led Engagement Can Help It Achieve Hockey-stick Growth
BookMyShow has perhaps adapted to the shift in consumer behavior due to COVID-19 in the best possible way. BookMyShow Stream is a pay-per view streaming platform that was launched by the brand in February 2021. BookMyShow customers can now watch the most recent movies and live events through the TVoD (transactional-video-on-demand). BookMyShow customers can stream live music concerts and sports events from their home via the mobile app and website.
In this article, we look at how BookMyShow can follow the insight-led engagement framework to accelerate user and business growth at this stage. These strategies and tips can be used by new video streaming brands as well as existing telecom giants that launch new OTT streaming services.
BookMyShow is aware of the signs of subscription fatigue in video streaming.
Two factors drove the adoption of subscription-based streaming services: unlimited content access and exclusive content.
At the time of writing this article, there are 43 video streaming services (excluding television streaming companies like BBC or Comcast). These services are mostly subscription-based.
Consumers are not satisfied with the variety of subscription services available. GlobalWebIndex (GWI), a survey, found that consumers are most frustrated by the increased cost of multiple subscriptions for entertainment.
Most consumers believe that having multiple subscriptions is expensive to pay for and frustrating (Source: GlobalWebIndex)
Subscription fatigue is clearly here. Consumers are now looking forward to a pay per view model, instead of paying for multiple services. BookMyShow’s launch of a transaction-based platform for video seems perfectly timed to coincide with this fatigue.
In the near future, will the largest names in subscription-based streaming experiment with the TVoD model of monetization? We will just have to watch and wait!
Insight-led engagement framework for OTT video streaming services like BookMyShow
21st century consumers give their consent for data to be collected. They expect brands to use this data in a responsible manner. Insight-led engagement is a way to achieve this. BookMyShow makes sure that every digital micro-moment for customers is relevant and personal by using insights from customer data.
Insight-led engagement flywheel for OTT video streaming brands like BookMyShow
These are the steps:
Step 1: Collect insights and make predictions
Uncertain of what data to track or what insights to collect can lead to a spiral in growth, marketing and product development. BookMyShow and other OTT video streaming platforms need to establish the infrastructure and processes to support data-backed decisions.
While it is common knowledge that creating the right user segments is key to effective engagement, here’s how the best approach would look like:
|A list of genres that an individual has booked tickets to (e.g., thrillers, sci-fi and biopics).||Geographic location and city tier|
|A list of casts for different movies that a user booked tickets to (e.g. Tom Cruise, Emma Stone or Brad Pitt).||Devices and OS that are commonly used (e.g., web, Android, iOS or Xiaomi)|
|Director and product houses for movies that a user booked tickets to in the past (like Quentin Tarantino or Warner Brothers, Disney, or Sony).|
|Frequency of watching and browsing movies on these platforms|
|Transaction history and recency of each user|
|Interaction across different communication channels (emails, push notifications SMSs, in app interstitials, and SMSs)|
Your predictions will be more accurate if you have the right data such as frequency, recency, and monetary. A user with high frequency and high recency values has a greater chance of successfully completing a transaction, renting or purchasing a movie. Users with low frequency and monetary values have a higher chance of being churned out. These segments can be viewed from a bird’s-eye view by marketing and growth teams, allowing them to plan the best campaigns with the right goals.
RFM segmentation for BookMyShow
Teams will be able to determine which communication channel to use by collecting data about the device and OS. Push notifications, web banners, notifications, in-app messages and emails, as well as push notifications are all options. The list of digital touchpoints is endless. Campaign performance can be improved by knowing which channel to choose for which group of users.
BookMyShow, an OTT video streaming service, will create segments based upon past behavior to help them gauge the content affinity of different users. The 1-1 relationship with the brand will be strengthened by leveraging user attributes. RFM data can improve prediction accuracy.
Step 2: Personalize every communication
After the segments have been created and the data is accessible, personalization can be done. BookMyShow’s past behavior data is a major advantage over other streaming services.
All data points can be used to create true personalization. Personalization can be viewed from a multi-layered perspective.
The different layers of personalization
Although mobile apps such as BookMyShow don’t currently restrict content based upon geographical location, this will change as they grow globally. This is because copyright and royalty enforcement varies from one country to the next. Movie studios and production companies enforce copyright according to the region’s demand. This allows OTT video streaming companies to easily and quickly scale their services to other regions by setting this up in advance.
Segments created in the previous step are based on casts, directors and production studios from previously watched movies. This helps in personalizing content. To explain this better, let’s consider the addition of Zack Snyder’s Justice League to BookMyShow’s repository.
Instead of sending everyone announcements about the movie’s availability, here are the segments BookMyShow should restrict their communication to with the appropriate message for each segment.
|All users who booked tickets for movies in superhero, action or adventure categories.||App users can receive push notifications, in app interstitials and text messages from the app You can watch the action-packed Zack Snyder’s Justice League cut exclusively on the BookMyShow App today!
Website users via email: You can watch the action-packed Zack Snyder’s Justice League cut exclusively on the BookMyShow site today!
|Customers who booked tickets to movies produced by Warner Brothers or directed by Zack Snyder in the past||App users can receive push notifications, in app interstitials and text messages from the app Warner Brothers and Zack Snyder team up to bring Justice League Snyder exclusive on BookMyShow. Watch it nowYou can!
Website users via email: Warner Brothers and Zack Snyder team up to bring Justice League Snyder exclusive on the BookMyShow site. Watch nowYou can!
|Users who are from Tier 1 and Tier 2 cities have traditionally booked high numbers of movies in English (since the movie cannot be found in vernacular languages).||App users can receive push notifications, in app interstitials and text messages from the App Store Zack Snyder’s Justice League can now be streamed inWatch it now on the BookMyShow App
Website users via email: Zack Snyder’s Justice League can now be streamed inWatch it on BookMyShow.
|This is the segment of users who have booked or browsed tickets for movies featuring Henry Cavil or Ben Affleck or Gal Gadot||App users can receive push notifications, in app interstitials and text messages from the appKeep an eye outGet Zack Snyder’s Justice League movie now exclusively on the BookMyShow app!
Website users via email:Keep an eye outThe BookMyShow website has the latest movie by Zack Snyder, Justice League.
Rich media can be added to push notifications or sent HTML emails. This increases conversions. You can create different design variations for each segment in order to make your messages more relevant to each customer.
What are the advantages of this approach?
- Improve conversions: Our latest study shows that personalization uplifts conversion rates by up to 1.91X on push notifications.
- Airtel saw a retention rate at 61.4% using MoEngage on their OTT video platform Xstream. You can read their growth story here.
- Increase brand reliance: Read how Gaana increased music streams and daily active users on their mobile app using MoEngage here.
Automated campaigns can be created for different user groups to increase conversions, decrease unsubscriptions, and increase your customer’s value. For future campaigns, execute, observe, then repeat.
Step 3: Design omnichannel customer journeys that engage and keep users
Combining emails, push notifications, in-app interstitials, and text messaging services into a single omnichannel customer journey will allow growth and marketing teams to communicate with its customer base across multiple digital touchpoints.
In continuation with Zack Snyder’s Justice League release, here’s another example of how BookMyShow can create an omnichannel customer journey.
An example of a customer journey to engage existing BookMyShow customers
You’ll find many variables that you can use to optimize your omnichannel journeys for maximum conversions. Do you think 24 hours is a reasonable time delay? Push notifications should be your first contact point for mobile app users. When combined with Facebook ads, emails are more effective than text messages.
These variables will determine how conversion rates increase exponentially as you create more customer journeys for onboarding, retention, engagement, and monetization. Instead of spending several man-hours to go through the data and pick the most optimized path manually, OTT video streaming services like BookMyShow can use MoEngage’s Intelligent Path Optimizer to pick the best configuration for each journey automatically.
OYO Rooms began to scale globally when they realized the importance of ensuring seamless engagement, especially for customers who interacted with them via multiple digital channels. OYO Rooms increased their campaigns’ performance by 8X using MoEngage to build customer journeys. You can read how they implemented MoEngage Flows here.
Rich media is another variable you can play with. Rich media allows you to experiment with different types of images and different variations of the same image for different channels. Here are some examples:
Examples of different images used in different communication channels
Automating will allow you to increase engagement and retention by creating multiple customer journeys that can be used for onboarding, engagement and retention. Machine learning can be used to analyze multiple experiments and optimize future campaigns.
Conclusion and next steps
BookMyShow currently has more than 600 movie titles and 72,000 hours (with 22,000+ hours that are exclusive to the platform).
By understanding what content is resonating with different user segments, and then picking the common genres/actors/directors/movie studios that are common across the largest segments, BookMyShow will be able to double down on partnerships to scale their content repository. BookMyShow will be able to reach tier 2 cities and tier 3 cities of India with this information.
BookMyShow’s unique content and insight-driven engagement are the perfect combination to propel them on a hockey-stick growth path. They will be able to grow faster than other OTT players in India by setting up the infrastructure today to support scale.
These are the main takeaways from this article.
- Segments can be created based on past behavior in order to determine the content affinity of different user groups. The 1-1 connection between the brand and the user will be strengthened by the use of user attributes. RFM data can improve prediction accuracy.
- Automated campaigns can be created for different user groups to increase conversions, decrease unsubscriptions, and increase value to your customers. For future campaigns, execute, observe, then repeat.
- Automate your engagement and retention activities to increase engagement. Create multiple customer journeys that allow for onboarding, engagement and retention without having to spend a lot of time manually. Machine learning can be used to optimize future campaigns and gain insights from multiple experiments.