Many businesses and brands are jumping on the Video On Demand (VOD) wave and offering content for their audience via streaming. Intelivideo’s prospective clients often ask for numerous ways and strategies to implement when launching a successful OTT (Over-The-Top) or SVOD (Subscription Video On Demand) service. But most don’t think about avoiding certain principles to prevent setting themselves up for failure at launch.
Because of this, we see several common mistakes made when launching an OTT service…
Treat it as a Side Hustle
Business owners and influencers already have a lot on their plate. That’s why it’s critical to appoint a person who will treat this new offering as a top priority — rather than an “I’ll get to it, when I get to it” project. Even if you’re partnering with a VOD platform, like Intelivideo, a person that fully knows the business and can speak the voice of it will ultimately know how to present a well-branded product. Launching a video service requires a lot of attention! So be sure there’s someone reliable in charge to manage the launch and new service as a whole.
Lack of Focus on the Top of the Funnel
We’re always sharing best practices with our clients on how to acquire subscribers for their SVOD service. Some may think creating a VOD app and simply putting it up on the app store will draw in viewers and convert them to loyal subscribers. Well guess what… It just doesn’t work that way.
Set your launch up for success! Put a strong focus on the top of your funnel and how you’re going to capture leads in both the pre-launch and post-launch phases. You have to understand your target audience and why they’re the individuals that will benefit from your offering. Find those people who match this persona and develop a strategy to convert them.
Here are a couple of practices that will boost your acquisition rates:
Lack of Focus on Retention Programs
After all, the main goal is to capture users and keep them as loyal customers. For a SVOD service, also focus on how to maintain engagement, solidify a connection and increase subscriber lifetime value. Craft a flow that aims to continuously nurture and engage your subscribers.
Here are a few practices that will boost your retention rates:
- Use these email drip campaigns to nurture
- Routinely push out fresh video content
- Implement push notifications for your users
Video Content Available Only on the Web Browser
Picture this, your friend is telling you about this new digital service to check out. It will make your life easier, offer you a new way to accomplish your goals and help you blow off some steam. You ask, “Okay, how do I get it?” Your friend simply tells you, “Download the app!”
It’s all about the apps and being available across multiple devices these days, especially for VOD businesses. If your service is not available on a certain channels, you won’t be able to reach users who are fully integrated with those.
Intelivideo develops white-label apps for our clients to be available on iOS, Apple TV, Android, Android TV, Amazon Fire and Roku.
Meet where your audience is and have a platform available for them to stream your video content on their mobile device, smart TV, streaming device and their laptop.
Treat it as a Sprint
Each of the previously mentioned tactics require a lot of time and attention for launching a winning VOD service. If you’re not getting traction in lead conversion, think about your messaging and how to approach your target audiences. If users are dropping off, think about touching up your retention strategy.
In particular, SVOD works on a valuable recurring revenue model and in order to reap the benefits of this stream, you must treat it like a marathon. You have to prepare for it and execute it with the main goal always in mind. Over time, you’ll grow a sticky business for consumers to latch on to and cultivate a like-minded community for your SVOD service.
It’s Easy to Set Up for Failure
If you’re not well-versed in the OTT space, it’s easy to fall into these buckets of failure. Be sure you have a team to help you develop a successful video delivery platform. As you can see, it’s not an easy feat but when it’s done the right way, it will become an extremely viable addition to your business.