Switching things up from their usual format, Ashley presented the weekly Friday Live industry news update, while Matt provided tips and tricks for successful SVOD businesses. Both Ashley and Matt wrapped up Episode 36 with the question of the week.
Ashley’s FL Update
Ashley covered two different topics during this week’s news update.
The first was about GDPR, also known as General Data Protection Regulation, a new piece of legislation put into effect on May 25, 2018. GDPR is focused on protecting the privacy and security of user data. It applies to European Residents’ data, which applies to any business that processes or controls their data. Moving forward, all organizations processing EU data must be compliant with these new regulations and provide a clear means of both securing and eradicating data, when necessary.
You may have noticed several emails coming through recently from the online services that you use (including Intelivideo), discussing recent changes to their privacy policies. These organizations are sending these emails to inform you of how they intend to maintain your digital privacy. Be sure to read these updates closely! Also, think of all the services that you use that touch user data and verify that they’re onboard with GDPR.
Up next, Ashley covered a recent report on streaming media user experience. The report stacked up the top players in the streaming media space (Netflix, Hulu, Amazon Prime, YouTube TV and HBO Now), rating them on different criteria including ease of use, speed, credibility, aesthetics and delight. Netflix came in number one with the winning sum of data in the index, illustrating how influential the company has been in building the standard for the SVOD experience. Hulu came in second, proving to be strong contender, and we look forward to seeing where they’re headed in the near future.
Tips and Tricks from Matt
This week, Matt Given discussed how clients can better market their new or existing SVOD service to keep it growing, through something called the “trapezoid of readiness.” The trapezoid of readiness is a theory Matt created to visualize your funnel and market your SVOD channel to potential customers.
Matt explains the trapezoid of readiness in three parts.
- The first part is the large triangle. Think of this large triangle containing all the people in the world that could potentially buy from you. It is all of your prospects that could be interested in subscribing to your content.
- Part two is the top of the large triangle, or the small triangle, which is comprised of people that are ready to buy from you today. If you send out an email, these are the small percentage of people that follow your call to action and buy right then and there.
- The final part is the bottom of the large triangle, or the trapezoid. The people that fall under this category may potentially be looking to buy from you at some point, but just aren’t ready right now.
It’s important to understand the needs of both the small triangle portion of your prospect base, and the trapezoid portion. Both populations are assets for your business and deserve equal amounts of attention.
- Top of the Triangle: Make sure the process to buy is as easy as possible for the top of the triangle category. Provide clear call to actions on emails and eliminate any unnecessary steps to purchase. Let them buy!
- The Trapezoid: There are two actions to follow for the bottom half of the triangle: 1) capture and 2) nurture. Create mini call to actions for this audience and be sure to have methods in place for capturing those actions. Once you’ve collected a prospect’s information, evaluate why they may not have purchased previously and switch up your messaging to try and reach them in a different way. Also, observe their digital body language over time and send them a more prominent call to action when you notice they’re interacting with your emails, website, etc. more frequently.
Remember that your database of potential clients is equally as important as your existing clients. If you’re going to run your SVOD business well, you must keep your future customers, or “trapezoid of readiness,” in mind.
Question of the Week
Relating back to Matt’s “Trapezoid of Readiness” discussion, our question of the week was:
“What sort of marketing services or programs should I subscribe to or have in my business in order to execute these (nurture) campaigns?”
…and the answer was a marketing automation system that converges several services into one platform. Previously, executing email nurture campaigns required subscriptions to multiple different services: one to create a landing page, one to create an email and one to send the email(s) out. Nowadays, there are many marketing automation tools available, such as HubSpot or Marketo, that consolidate all of these services into a single, unified tool. These new platforms streamline your marketing efforts, creating a flowing funnel for you and your business. Ashley and Matt highly recommend subscribing to a marketing automation service to manage your nurture campaigns.
Thanks for reading our latest Friday Live recap blog!
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