Developing proactive strategies to better penetrate the market and increase market share requires an accurate and multi-dimensional view of your industry. It provides a clear picture of the competitive landscape, emerging opportunities, among other insights required to take decisive steps to succeed in any market.
Our client wanted to better strategize their social commerce operations and increase their market share in the Indian OTT music streaming industry. They wanted to obtain up-to-date industry insights, track competitors on key performance and app usage metrics, and monitor evolving user preferences and behavior in the Indian OTT audio streaming market on a continuous basis.
About the client
Our client is a leading global audio streaming subscription service that gives on-demand access to songs and podcasts on devices, computers, mobiles, tablets, and home entertainment systems.
Objective
Our client wanted to better strategize their social commerce operations and increase their share of the Indian OTT music streaming market by obtaining deep insight into the competition and consumer preferences and app usage.
In order to achieve this, they looked for a reliable insights partner who could help them:
- Track competitors on key performance and app usage metrics
- Keep track of industry and competitor updates relevant to their goals
- Monitor evolving user preferences and behavior in the Indian OTT audio streaming market on a continuous basis
Solution
Netscribes offered the client a three-module insights solution that combined data from multiple disparate sources, including paid databases, social media, and other publicly-available information.
Module 1: Competitor Benchmarking
To identify the key reasons for sudden shifts in trends, we first identified the top players in the Indian OTT music market. Then, we tracked each competitor across the following parameters:
A monthly competitor benchmarking report (PPT) was presented as part of the results, which helped our client keep track of its competitive performance over time.
- User metrics (MAUs, DAU, number of subscribers)
- App usage patterns (sessions per day, time spent per day per user)
- User preferences (language and genre)
- Performance (ARPU)
Module 2: Competitor and Industry Insights
To obtain relevant insights into the Indian OTT audio streaming market, including the market landscape and other external factors that impact its growth, we analyzed the latest information and news about:
- Competitors and new market entrants
- Partnerships
- M&A
- Product launches/upgradesc
- Business expansion
- Pricing changes
- Investments
- Funding
- Latest OTT music streaming industry and peripheral industries, including technology, media, and entertainment
Module 3: Social Media Insights
- In order to gain comprehensive insights that would drive a better social commerce strategy, we monitored and analyzed social media conversations based on our social listening framework.
- We assessed the volume and nature of conversations related to our client and its competition, their products and services, campaigns, competitors, and other predefined focus areas. This information was analyzed to obtain relevant insights.
- We presented the results in the form of a Social Media Scanning Dashboard for each competitor
Read more: Achieving a 33% lead conversion rate through data-driven insights
Benefit
Based on the insights provided by our report, the company was able to identify the key segments for growth, current, and future treatment options, and know what their competitors were doing. As a result, the company was able to reprioritize their current strategy and plan for the future.
