This is an updated post from the 5 Essential Ingredients for a Thriving Subscription Business article, published in April 2019.
What do I need to build a successful digital streaming service during COVID-19?
We have launched many successful Subscription Video On Demand (SVOD) services over the past several years. We’ve especially seen an influx of clients — particularly in the fitness and wellness space — come through as COVID-19 is continuing to impact the entire globe. Below are the 5 things you need to launch a subscription streaming service now.
A Well-Followed Brand
Your members love your brand. We noticed current members are the earliest adopters of a paid digital offering. Having an established business model and adopting to the changing industry shows that you are agile and always offering the best possible experience for your members — now and in the future.
Commitment to Building a New Branch for Your Business
Make sure you have all the necessary resources fully accessible. We have seen (way too many times) businesses start their digital streaming journey and not follow through. They get overwhelmed or don’t meet their potential because they treat their video business as a side hustle. It’s not a side hustle. It can thrive with commitment and full attention.
This pandemic is a great incentive to put the effort into launching a successful and lucrative streaming service. Not to mention that digital video isn’t going anywhere. It’s becoming more and more popular over recent years and this pandemic just accelerated it’s inevitable growth.
Have the Right Team Behind You
It’s extremely important to have the right team in order to launch a successful streaming service. Essentially, there are 3 types people you should have on your team at minimum. First and foremost, you need a business owner who manages the growth and health of your business. The second member is a marketer — whether that’s your existing marketing leader or one that you’ve contracted on. The final team member is an “executer” who can push everything live (e.g. deliver marketing communication, upload videos, handle website and app updates, etc).
Know Your Target Audience Well
Who is the type of consumer you are trying to convert to your streaming service? Who does your brand appeal to? When creating your digital product, it’s important to know the characteristics and demographics you’re trying to target. This will help you create high-converting marketing campaigns.
Have a Long Term Vision
It may be easy to believe that digital streaming is a short-term solution for your business during the COVID-19 pandemic. That’s simply not true! A streaming service can be your saving grace now but it can also be a widely successful revenue stream to add to your current business. We’ve built them over the past 5 years.
Always keep in mind that it takes time to build a thriving digital video business. It can be a long road. Have a long term vision by mapping out a strategy to build, market and grow your streaming service.
All in all, digital streaming is keeping many businesses afloat during these trying times. If you have all 5 of these essential ingredients, you have so much power to transform your business now and into the future. Reach out to us with questions!