Challenge
A leading German media company faced the challenge of monetizing its video streaming platform and enhancing user experiences through personalized product recommendations. Despite having conducted a feasibility study, the company lacked clarity on the specific requirements for the solution and the selection of suitable vendors. The risks involved implementing an expensive yet ineffective solution that would not align with the company’s strategic goals.
Approach
Our approach involved developing a comprehensive evaluation framework that enabled the company to identify and assess the most suitable vendors. After inviting the eight most promising vendors to a pitch, a vendor was selected whose offering was 50% below the initial cost estimates. A carefully planned proof-of-concept (PoC) validation process was implemented to test the solution before full-scale implementation, ensuring it met the company’s requirements.
Result
By successfully selecting and implementing the product recommendation feature, the company achieved significant cost savings and enhanced the user experience. The personalized recommendations led to increased user engagement and served as a new revenue stream, significantly supporting the platform’s growth.