As Q4 comes to a close, it’s time to look at your performance this year as a whole. We’re going to go over 4 key areas you should analyze, so you can effectively optimize your VOD (Video On Demand) service for the coming year. Finish out the year strong and be ready to come out hot in Q1!
4 Areas On Demand Apps Should Analyze at Year End
Solidify a winning plan for the coming year by focusing your analysis on your budget, content performance, campaign analysis and competitor review.
This is the first item you’ll want to address because it will help map out your strategy for the other 3 areas. You’ve probably understood your general Return On Investment (ROI) throughout the year. However, take this opportunity to see exactly how your budget shook out.
Pull together all your spending from this year. Take a look at how much you spent on marketing campaigns (e.g. holiday promotions, retargeting and lead generation campaigns) and what the ROI was. How much did you spend on your CRM platform, content creation and other services? This may take some digging, but it will benefit the budget available for the coming year and determine how you can increase margins.
It’s also important to know when you should be spending certain amounts of your budget throughout year. Take a look at how much you spent in each month and ask yourself, “Were there more popular times of the year to sell? Were there more cancelations during a certain time period? Are you a more seasonal business?” Create a plan with this data on how you should spend your budget month-by-month.
2. Content Performance
Take a look at all the video content you released this year. Which videos were viewed the most? Which videos were able to retain the user at least 75% throughout? Which ones were downloaded the most? Which ones were favorited the most? These data points will determine your most successful videos and will serve as great inspiration to produce complementary content.
Pro Tip: Think about correlating your videos with holidays and seasons when you’re planning your content release calendar for next year. For example, keep users engaged with an interactive program during the winter season.
3. Campaign Analysis
Map out your campaigns throughout the year and take a look at their performance. Some of the questions below should help you get started:
- What marketing campaigns drove in the most conversions?
- How much were they?
- What did you offer for each of these campaigns?
- What assets did you use to present it to your audience?
- When did you push out the campaign to the public?
It helps to have an ongoing report for each of your marketing campaigns to simplify this analysis at year end. Take a closer look at your most successful campaigns and think about how you can optimize them for next year.
Reach out to us at firstname.lastname@example.org if you want our marketing campaign analysis template for analyzing campaigns.
4. Competitor Overview
Run a SWOT (strengths, weaknesses, opportunities and threats) analysis for your business. Think about price, content library size, content themes and app features. Analyze where your competitors differ from you and how they are similar. Use this analysis to see where you can improve and what steps you can take to make your service unique to your competition.
Learn more on how to run a thorough competitive research analysis here!
Each of these areas are extremely important to analyze at the end of the year. The key takeaway is to use your entire analysis and enhance your VOD service from a holistic approach. Step up to a bird’s eye view and see how your can interconnect all of your findings to create a strong plan of attack for next year.