This past week, we aired Episode 73 of Friday Live, Intelivideo’s weekly live stream where we chat all about the VOD space. During Episode 73, Matt Given (CEO) and Ashley Podoll (Marketing Manager) covered the 5 important pieces you’ll need to develop a lucrative subscription business and announced some exciting new changes happening to Friday Live.
Here’s a recap of the top highlights from the show…
What do I need to build a successful SVOD service?
Intelivideo has launched over 100 subscription video on demand (SVOD) services, so Given and Podoll have seen it all when it comes to this business. They know what works, what doesn’t work and what it takes to develop a lucrative video streaming product. They condensed down all these pieces into a list of the 5 essential “ingredients” below:
If you want to create a successful SVOD business, you must have a proactive message that develops relationships with consumers. Your brand must have a voice, be relevant and offer a solution to your audience. What’s makes your offering special? What makes you unique from your competition? Why do people love your brand?
Commitment to Build a Business
Make sure you have all the necessary resources fully accessible. A team dedicated to this project should have the longevity to commit to building the subscriber base and developing a roadmap for your business to follow and deliver. If you try to treat this business as a side hustle, you won’t succeed. You must be all in and put efforts towards it daily!
Put Together the Right Team
There are three essential categories of people you must have on your team for your SVOD business to thrive. The first is a business owner or one manages the growth and overall health of your business. The second is a marketing team, whether that’s your existing marketing team or one that you’ve brought on. The third is an “executer” or day-to-day person who can push go on everything (e.g., deliver marketing communication, upload videos and speak on the brand to a tee).
Who is Your Market? Know Them Well
Once you figure out what your unique brand is, you need to determine who it will appeal to. Who is your audience? When creating your product, know the demographic that it’s going to attract. This will help you craft your messaging over time. Try our Marketing Persona Exercise to understand your people!
Long Term Vision
Nobody knows what their business will become from day one. However, it’s important to develop a product roadmap and have an idea of where you want to go with your offering. This will help center and focus your team towards a common goal. This is a marathon, not a sprint-type of business. Your hard work will pay off; just remember it takes time!
Launching a business like this is a never ending road. There’s always something to improve on. In order to generate leads, acquire subscribers and maintain their lifetime value, be sure you have the 5 essential ingredients!
BIG changes happening to Friday Live
Intelivideo has an exciting announcement to make about Friday Live…
We’re changing things up and turning Friday Live into a podcast. For some time now, the team has been interested in podcasts and potentially creating one of their own. We’ve decided to transform their recording studio into a podcast studio and present Friday Live as a weekly podcast vs. live video stream, moving forward. The podcasts will include both video and audio, but listeners will be able to tune in through whichever avenue they choose.
To all our Friday Live fans — we’ll keep you up to date on all of our exciting changes and let you know where you can find our new podcast! Keep an eye on your inbox because we’ll be rolling out this project very soon.
If you’re interested in watching past episodes of Friday Live, you can access all 73 at fridaylive.intelivideo.com. As always, feel free to reach out to us with any questions, comments or compliments at firstname.lastname@example.org.