17 August 2022 22:24

GLOBAL HEADLINES

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Part 1 of this two-part series, ‘Successfully managing your clients’ highlighted the concept of client growth and its metrics. As discussed previously, client growth in any business is a result of client acquisition and client retention. This part focuses more on the ‘how to’ of client retention.

Understanding your customer and their expectations

Managing portfolios requires an executive to be sensitive to customer needs, understand intently to client requirements and execute and deliver those requests in a timely manner. Executives must also be able to listen-not just nod along thinking of the next response, but really listen, absorb, understand and then advise. Managing expectations of clients is key- Promise only what can be delivered, lighting their candles with the sun when only a matchstick could do will only lead to a fall into the classic “empty vessel makes much noise” syndrome. Doing so can hamper the reputation and credibility of the team and the company.

Increasing the client Portfolio

Understanding the client and their business needs can win this battle. Many companies such as Meltwater, a media intelligence firm thrives on trust and personalized relationships with their clients that help them in serving their clients by providing expert consultancy besides the usual services. They ensure great service by having their most seasoned executives play this quintessential role of portfolio growth. There are ways of achieving this kind of account expansion namely upselling and cross selling.

Upselling- When a growth executive approaches existing clients with an 80% of the service suite that they haven’t bought and explores the opportunity of expanding the relationship. They can sell either higher value products or a new product range that can help their business processes.

Cross Selling- A concept where subsidiaries and different departments within an existing client can take up independent customized licenses. The business should be dynamic enough to be able to cater to multiple avenues and provide multi-layered business solutions.

Making product/service as a part of the workflow

Building long-term associations is fundamental for client growth. Think about your regular day. What products do you use on a daily basis? Or rather what products can you not live without? Skype? Whatsapp? Google? Netflix? Take a moment and think why? Why are these products invaluable? Amongst other reasons, the primary one is just that they are a part of our daily lifestyle. If the service/product can be made a part of the client’s daily workflow, then there will be no issues in shaking hands on a long-term partnership. For example, at Meltwater, we provide a solution called Newsfeed that allows streaming relevant media mentions onto the clients media room, enhancing SEO and drawing in customers. Once live, a client can be rest assured for inflow of online traffic. Most Meltwater clients rely on and value the solution; they incorporate it in their regular communication processes making it a part of their routine.

Adapting your business to your client needs

Genuine client care requires businesses to adapt. Over the last 4 years, a personal observation has been that, the landscape of client consultation has changed drastically. From simple media monitoring and analysis, clients now expect insight reports and influencer mapping. Keeping these changes in mind, at Meltwater the SaaS platform has evolved from media intelligence to big data. Social media monitoring evolved into social ORM and simple journalist databases were evolved into influencer contacts outreach. By adapting the solution to the changing client needs, Meltwater ensured its relevance and was able to grow its business by acquiring new clients and retaining its existing clients.

As the Managing Director of Client Success at Meltwater India, I encourage my team to treat all our clients like partners as they might forget what you said but they’ll never forget how you made them feel. This is the crux to sustaining and growing your client relationships and hence your business.

Authored by: Bhaskar Bose, Managing Director, Meltwater India 

This is the Part 2 of two part's column series.

 

Zee Classic and Zee TV bagged awards for excellence in Public Relations at the Asian Customer Engagement Forum (ACEF) Awards held on 27th September in Mumbai. Zee Classic’s ‘The Bimal Roy Festival with Boman Irani’ won the Gold ACEF award in the Marketing Capability category for the Best PR Campaign while Zee TV’s ‘Sa Re Ga Ma Pa 2016’ won the Bronze ACEF award in the Marketing Capability category for the Best PR Campaign. ACEF Awards recognizes excellence in the field of customer engagement campaigns and activities across Asia. It provides an ideal platform for recognition and learning in perhaps the most critical, emerging area of content creation.

Zee Classic has always been at the forefront in conceptualizing and executing public relations campaigns that ensure a holistic brand experience. One such successful campaign was ‘The Bimal Roy Fetival with Boman Irani’ bagging the Gold award qualifying in the judging criteria including Innovation, Measurability, Strategy, Budgets, Results and Relevance. The festival was promoted through The Bimal Roy Retrospective in Mumbai, media interactions with Rinki Roy Bhattacharya, Joy Bimal Roy, Press Conference with Boman Irani, Radio, and snippets revolving around unknown trivia about the movies and featuring artists.

Zee TV’s PR campaign for ‘Sa Re Ga Ma Pa’ revitalized the iconic brand by highlighting the re-invention of its format and the introduction of a 30 member jury panel for the first time on Indian television, thereby making it relevant to contemporary audiences. Be it a ‘press concert’ organized in Mumbai with the current season’s talent performing alongside former contestants and the show’s mentors, a Top 10 talent showcase concert in Gujarat or the sustained week-on-week buzz kept alive through a slew of news stories appearing across key publications and top news channels ensured that the contestants became household names all through this immensely successful season of the show.

Moving away from just creating hype on celebrity power, the approach for Zee TV’s Sa Re Ga Ma Pa campaign was one of making a hero of the common man, and built the contestants every step of the way till the Grand Finale held in Goa. The PR campaign for Sa Re Ga Ma Pa 2016 is the No 1 amongst all singing reality shows’ PR campaigns across GEC's in terms of overall season coverage across mediums including TV, online and leading Indian publications in English, Hindi, Marathi and Gujarati in the last 5 years.

India’s leading content conglomerate, Zee Entertainment Enterprises Limited (ZEEL) today reached another major milestone by announcing its foray into Radio with the acquisition of UAE’s first and leading Radio station, Hum 106.2 FM. ZEE now becomes the only entertainment network in the region to provide an extensive media solution to its partners through Television, Radio and Digital.

After being a pioneer with the launch of India’s first Hindi Satellite channel, Zee TV in 1992, Zee Entertainment was the first to launch a Bollywood TV channel, Zee Aflam in 2008 for the Arab audience as well introduce the Arab world to Hindi programs dubbed in Arabic with Zee Alwan in 2012.

Speaking on this significant acquisition, Amit Goenka, CEO – International Broadcast Business, ZEEL said, “In our journey of over two decades, ZEE has always led the industry in its evolution and transformation. At ZEE, we are always looking at strategic acquisitions across the globe to increase our footprint and market share in the entertainment industry. Radio has been an area of interest for ZEE for quite some time and after extensive planning and studying of the brand values, ratings and revenue generated by various stations, we felt that an investment in Hum FM was the best option. Hum FM has a legacy of almost two decades and with a current market share of 26%, it is the top Hindi radio station in the UAE. ZEE is confident that it can leverage its very strong South-Asian brand connect onto Radio, and offer a synergy of Television, Radio and Digital that could revolutionize the entertainment industry in the UAE.”

“We are excited about our new business ventures. Radio comes immediately after our foray into film production and distribution where movies like ‘Rustom’ and ‘The Flying Jatt’ have done extremely well globally and specifically in the UAE and Middle East markets. The acquisition of Hum FM in UAE is a step in that direction and we are upbeat about its prospect in the coming years;” Amit further added.

Commenting on ZEE’s plans for the region, Mukund Cairae, CEO – MENA and APAC, ZEEL said, “This move is a diversification to our entertainment business portfolio, adding to the numero uno position we possess in Television among South Asians in the Middle East. This investment also shows our commitment to the region and its business landscape. Now we can offer media across Television, Radio and Digital platforms, leading to a great synergy between content and mediums. With an extensive library of music content that includes singing reality shows like ‘The Voice India’, ‘SaReGaMaPa’, ‘Antakshari’ and ‘Asia’s Singing Superstar’ which have produced great singers in Bollywood, an on-going relationship with the big names in the industry and with one of the biggest music labels in Bollywood, Zee Music Company as a part of its portfolio, the new venture has all the ingredients needed to redefine the Radio industry in this market.”

His Excellency Ali Jasim Ahmed, General Manager of Umm Al Quwain Broadcasting Network (UBN) said, “We are proud to partner with Zee Entertainment, the leading global company in the media industry with a strong presence in the UAE and across the Middle East. Zee Entertainment will provide new content and concepts in the world of entertainment and marketing, and will provide the station the required media expertise of a highly effective and competitive value. Further, we will give all the facilities and backing for ZEE to achieve its strategic station goals and we will work together to support the qualitative superiority of the programs in order to meet the wishes and aspirations of the esteemed listeners.”

106.2 Hum FM was previously owned and operated by Shamal Media Services. The station is a frequency originating from the emirate of Umm Al Quwain and forms a part of Umm Al Quwain Broadcasting Network (UBN). The frequency was one of the first Hindi and Urdu language frequencies to hit the UAE airwaves in the 1990’s. It redefined drive time and boasted of many celebrity Radio Jockeys. It also went on to popularize live cricket commentary on radio and has a lot of pioneering firsts in the radio business.

Shahid Jamal, Founder & MD, Shamal Media Services said, “Hum FM pioneered FM Radio in UAE and over the years, we have made it the No. 1 Radio Station. It is now a great opportunity for us to hand over our successful radio legacy to a media network that has been a pioneer of South Asian entertainment globally and in the region. Zee Entertainment, who themselves have had a great legacy in the media business will only take the success of Hum FM to the next level.”

New and strategic investments in media and related businesses have always been at the forefront of ZEE’s business strategy. The addition of UAE’s first Hindi Radio station to its bouquet of TV channels makes Zee Entertainment one of the strongest players in the UAE’s entertainment space. More announcements are expected in the coming weeks on the future channel programming and its positioning.

Inside TV & Film with Rose Anderson, Executive Director, New York Festivals Television & Film Awards

NYF: What is your processing for evaluating and adding new categories?

As focus shifts more and more to what is going on in the world we live in - from climate change to political change - programs reflect that interest. With tremendous technology advances and inventions driving how programs are made and how viewers consume them – producers are taking advantage of every new development from VR and AR to 3D, GoPro and 360 cameras to drive engagement across platforms. So, every year we take stock of our categories to make sure that we can offer that sweet spot for creativity.

Keeping in mind that development for documentaries takes three to five years, our documentary categories are formulated with a long range timeline. These days, many documentaries involve co-productions between major production companies and multiple networks and have shooting schedules measured in months or years.

Our two dozen documentary categories highlight the broad range of nonfiction films created by global filmmakers. We have two long-standing categories: Environment & Ecology and Nature & Wildlife, attracting prominent filmmakers who specialize in investigating the natural world.
2016 Documentaries winners included Racing Extinction (Gold, Okeanos and Discovery present an Oceanic Preservation Society film, USA) and Humpback Whales (Gold, MacGillivray Freeman Films, USA).

2016 Environment & Ecology winners included Vanishing Kings - Lions of the Namib (Gold, Interspot Film GmbH, Austria), Life on the Reef (Gold, Northern Pictures, Australia), The Model And The Bushmen (Silver, Terra Mater Factual Studios, Austria) Secrets Of The Hive (Silver, Terra Mater Factual Studios, Austria), Water is Life (Silver, Public Television Service Foundation, Taiwan) and Amur - Asia's Amazon - Episode 2: The Black Dragon (Bronze, Terra Mater Factual Studios, Interspot Film & NDR in assoc. with Arte France).

2016 Nature & Wildlife winners included Vanishing Kings - Lions of the Namib (Gold, Interspot Film GmbH, Austria), Amur - Asia's Amazon - Episode 1: The Far East (Gold, A Co-prod. of Terra Mater Factual Studios, Interspot Film & NDR in assoc. with Arte France, Austria), Amur - Asia's Amazon - Episode 3: The Secret Springs (Gold, A Co-prod. of Terra Mater Factual Studios, Interspot Film & NDR in assoc. with Arte France, Austria) Wild Sri Lanka - Episode 1: Land Of Lakes (Gold, A Terra Mater Factual Studios production in co-production with National Geographic Channel produced by Mike Birkhead Associates, Austria) The Nature of Things: Jellyfish Rule! (Gold, CBC), Wild Sri Lanka - Episode 2: Forest Of Clouds (Silver, A Terra Mater Factual Studios production in co-production with National Geographic Channel produced by Mike Birkhead Associates), Sumatra’s Last Tigers (Silver, Novista Sdn Bhd, Singapore), Giraffe – Up High And Personal (Bronze, A Production of Terra Mater Factual Studios and National Geographic Channel, Austria)
Last year, we launched Climate Change & Sustainability as a result of growing concern with the effects of global warming. Mana o te Moana - The Pacific Voyagers (Silver, Zoomslide and Oceanic Nature Film Productions, Maori Television, New Zealand) received the first medal in that new category.
This year we are adding Heroes and Ecotourism to the mix - topics attracting the interest of documentarians and next generation viewers.

NYF: UNDPI Partnership & Global Goals

Since 1990, NYF has partnered with the United Nations and every year, nominated finalists are considered for the UNDPI (United Nations Department of Public Information) Awards. The UN’s Global Goals are designed to inspire governments and individuals to take action to end poverty, protect the planet, and ensure prosperity for all. Last year’s UNDPI winners Life on Hold (Al Jazeera English), Mom & Clarinet (KBS) and Racing Extinction (Discovery) go to the heart of what the UN is all about – improving people’s lives.

NYF: For 2017, you’ve added Best Use of Technology, why is this an important addition to the Craft category?

Here at NYF, we put an emphasis on storytelling. No matter the genre – journalism, sports, documentary, corporate, promos, films, drama – bringing the viewing audience a more intimate experience is on the top of everyone’s list. With the addition of Best Use of Technology, we can amp up recognition for creative implementation of what is an integral part of content creation and key in enhancing the viewing experience.

IMAX 3D cameras were used by MacGillivray Freeman Films in their Gold Medal winning documentary Humpback Whales giving audiences an up-close look at how these whales communicate, sing, feed, play and take care of their young.

David Hill, our 2016 Lifetime Achievement recipient and father of FOX Sports, came up with revolutionary concepts that included the FoxBox constant score and clock graphic; the on-screen first down line, which has its roots on the FoxTrax glowing hockey puck; improved in-game audio using Dolby surround sound and innovative microphone placement, Diamond Cam, Catcher-Cam and Gopher-Cam; satellite tracking in NASCAR, allowing on–screen identification of cars with speed, race position and data and much, much more.

Technology is such an important part of the industry that we also have three other categories that are technology-driven: Event Venue, Best Technical Production Team and Best Innovation.

NYF: How do they differ from each other?

Let’s start with Event Venue which has been a category since 2010. Advances in digital technology – like advanced projection and LED video technique, 3D visualizations, HD video boards – have meant that live presentations have become more sophisticated in real-time. It was clear that this type of programming deserved its own place at the NYF awards table and so we introduced the Event Venue category to address this global phenomenon that is engaging audiences world-wide at sports arenas, museums, concerts, and corporate showcases.

Story telling combined with technology delivers an immersive value-added experience that gets the attention of today’s easily-distracted audiences – and holds it. As experienced producers and their clients know, the one-to one resonant experience is the ideal take-away. So, far from being a niche category, or an adjunct to Business Theater, Event Venue recognizes creative solutions across genres.

Some early winners were 1001 Inventions and the Library of Secrets, a touring educational initiative starring Sir Ben Kingsley, and NFL September 11 Salute - 10 Years Later which was created by the League for the use of all of its broadcast partners. In 2016, the Gold Medal winners were The Essence of Qatar (The Edge Picture Company, UK) and Domotex Event - Paradox of Choice (Norvell Jefferson, Belgium)

In 2012, NYF added Best Technical Production Team which showcases the work of the hundreds of men and women behind the scenes who put together those really complex events. ESPN X Games took home the first medal – a Silver - in this category in 2012 for their remote team in Aspen and repeated with the 2013 X Games with 145 hours of live TV programming of 6 world class events in Aspen, Colorado; Tignes, France; Foz do Iguaçu, Brazil; Barcelona, Spain; Munich, Germany and Los Angeles, CA.

NYF: You launched Best Innovation in 2013, what are some of the most impressive winning entries throughout the years and why were they a success?

Great question – this sampling of winners really shows the amount of ingenuity in play for creative teams working in documentary, live broadcasts and corporate presentations.

2013 - The Resurrection Tomb Mystery, Associated Producers/Discovery Canada (Gold) for a special robotic arm with tilt/pan/zoom remote cameras that allowed archeologists access a 2,000 year old tomb that lies under a Jerusalem apartment complex.
2014 – There Was A Time, Media Corp/Ochre Pictures Singapore (Bronze) for 3D rendering of 2D old photographs, a technique to bring alive old black & white photos.
2015 - JH/JG Project, Globo TV Brazil (Silver) for creating a rail system with cutting edge technology formed by a six individual piece monitor wall which moves laterally, with robotic intelligence created especially for the project, allowing several combinations of movements, visual resources and interactivity allowing a single studio space to be used for two daily programs Jornal Hoje and Jornal da Globo.
2015 - Holiday Holograms, Finch for Jack Daniels, Australia (Silver) for holographic technology to beam distant friends and family into a Sydney bar to share a chat and a drink.
2015 - In the cell, Studio Louter Netherlands (Silver) –for using GoPro to show the POV of the experience of someone who has been arrested and used as an interactive educational video
2016 – Jornal Nacional, Globo TV Brazil (Silver) for a set that integrates information, illustration and the participation of correspondents, in a more informal way on TV Globo’s prime time newscast – the second time this team has taken home Silver.
2016 - Studio 21, MLB Network (Bronze) for their new state-of-the-art, 8,000-square foot studio that is home to three daily studio shows. Named in honor of Hall of Famer Roberto Clemente, “Studio 21” changes the way MLB Network studio programming is presented, using at least five multi-camera studio positions and cutting-edge technology adaptable to any show, story or club, from hanging video displays to augmented reality graphic components.
2016 - Future Talk, Big Features, UK (Bronze) for their multimedia theatrical experience at the United Arab Emirates pavilion at the 2015 Milano World Expo. Using a giant peppers ghost installation, it was 23 meters long and 4 meters high utilizing 10 x 20k Panasonic projectors to achieve it. Frame accurate synchronization of video, audio, Lighting and scenic effects (such as wind machines) ensured a seamless theatrical presentation. This experience held 150 people per show and ran every 15 minutes, 7 days a week for 6 months. The overall audience exceeded 1 million.

NYF: How do you see virtual reality being used as new narrative medium within the TV and Film industry?

2016 saw two Gold Medal winning submissions from networks that incorporated VR and AR into their broadcasts. BBC General Election Graphics (Gold) included VR, AR to pre-shot ‘backplates’ and studio AR for the exit poll, 3D and the first use of real world projections in the prow on Broadcasting House for their live coverage of an historic night in the UK.

The Voice “Virtual Reality” (Gold) from NBC Entertainment. This launch promo for Season 9 of The Voice takes the coaches into an animated virtual world where they hear a beautiful tune and fight to get closer. The spot buttons back in the real world when Carson and a tour group stumble upon the coaches pantomiming in their virtual reality goggles.

 

 

Every business varies and its growth is often dependent on characteristics such as the nature of business, organizational structure, management styles, internal and external environment etc. Acquiring customers is one of the most challenging aspects of running a business. It is essential to retain and satisfy them for continuous business momentum.

A customer wants to experience an organization that delivers a seamless journey across all touch points from inquiry right through to post sales support. The company needs to ensure the quality of experience is positive at each of these points to create a positive moment. This is the first step in building a relationship and gaining consumer trust. A customer buys a product/service mainly due to need, convenience or due to ROI. It is essential to keep all these elements in mind when acquiring your customers to be able to convert them into long lasting relationships. Therefore, Client growth in any business is a result of client acquisition and client retention with a minimum churn rate.

Being a veteran of the SaaS industry let me share two metrics that matter from a client growth perspective.

Gross Churn: The number of dollars the company loses without regard for new, reactivated or expansion revenue for a time period refers to a gross churn. A low churn ensures more customers with a higher customer lifetime value and lower cost of servicing. A high churn rate on the other side can lead to negative revenue growth. Churn rate is the percentage of customers who leave the company in a given time frame, therefore making churn a pivotal number in evaluating the business.

Negative Net Churn: In simple terms, negative net churn is net revenue lost post upgrades and cross sales. Negative net churn is an attractive characteristic of a SaaS company because it means that customer accounts are like high-yield saving accounts. A customer can create negative net churn if the spending of that customer increases dramatically. Higher the negative net churn, higher is the portfolio growth percentage of the client base.

Client growth can be measured by two extrapolations, a waterfall of new clients minus the lost clients and downgrades (reduced subscriptions) or on the basis of the businesses negative net churn.

To ensure client retention and negative net churns, a client success team becomes an indispensable part of the business process. Today every industry is burdened with newer businesses/start-ups entering the space leading to constant product innovation and increased competition therefore a strong client success team is a distinguishing factor when evaluating a business. With years of experience as the managing director of the client success division, we at Meltwater have recognized that “Client success is a delicate balance between managing portfolios effectively, growing client accounts while ensuring long term partnerships are forged through trust, relationship and value, leading to a final outcome of low churn and hence client growth”.

Last but not the least, a strong personal recommendation would be to always be to treat your clients like your partners. With care, patience and a bit of zing, relationships can flourish. And once relationships flourish, with the right team in place, your client portfolio is bound to grow irrespective of the size of your business. Keeping these metrics in mind will help you measure the growth of your client portfolio and hence can turn your business into a personalized and profitable enterprise.

Authored by: Bhaskar Bose, Managing Director, Client Success, Meltwater India

This is the Part 1 of two part's column series.

 

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