Welcome to another exciting recap of Friday Live!
This past week, we aired Episode 37: Target Audiences – Who to Approach First. During episode 37 we covered news updates from the OTT space, tips and tricks for building a successful SVOD business, and a question of the week from one of our clients.
You can view the full episode on demand here.
Matt’s FL Update
Matt covered two interesting updates this week from the OTT space.
The first was about the status of the streaming media device market and where its headed. Streaming media devices typically connect to smart TVs and enable users to watch their programming through a downloaded app.
There are currently three top competitors in streaming device space: Roku, Apple TV and Amazon Fire. Roku is the leader, consuming more than 37% of the total market. Amazon however has experienced the largest growth, increasing by 4% within the past year. Each device has its own unique strengths, with Roku leading in several usability categories, Apple TV being the top choice for gaming and content purchasing, and Amazon Fire for ease of setup. Amazon Fire has also received high ratings for its ease of content purchasing, which could likely account for its growing market share.
These devices have become incredibly popular among technology users, with 50% of smart TV owners also owning a streaming media device. It is certainly a market to keep an eye on, and we look forward to observing its growth.
The next update Matt covered this week was from a Time Magazine published article, “Working Out is Hard, Streaming Just Might Make It Easier.” This article discusses the changing behavior of fitness consumers and how they are increasingly using apps or other digital streaming platforms to exercise from home. Some fitness instructors today are making the largest profit from their streaming services vs. their health clubs or in-person fitness classes. People are subscribing to these services, and their popularity is proving they aren’t just a fad, they’re here to stay. Although on demand fitness programs may never fully replace in-person classes, they are still making a significant impact, and are a great delivery mechanism for trainers to get their brand into the homes of their clients.
Tips and Tricks with Ashley
When launching a new OTT offering, it’s important to evaluate your market and determine who your audiences are, which audience to target first, and which strategies to utilize. During this week’s SVOD tips and tricks, Ashley discusses the three categories of audiences – hot, warm and cold – and how to reach each effectively.
Who are they?
Hot: Your hot audience is composed of the people most loyal to you and your brand. They are your current or past customers and will be the quickest to opt in to your new subscription offering.
Warm: Your warm audience is typically comprised of past customers that you haven’t interacted with in a while, an email list, and/or your social followers. This is the group you want to focus your marketing efforts towards first.
Cold: Your cold audience is made up of strangers, social followers, and organic/referral website traffic. These people may have come across your business because they have an interest in what you’re offering but are completely new to your brand.
How can you reach them?
Hot: For a fitness offering, there are several different ways you can get your hot audience involved with your SVOD service. For example, encourage your trainers to promote your subscription during classes, distribute handouts, or offer bundled packages that include exclusive access to your SVOD offering.
Warm: Warm audiences can’t just be targeted through one marketing channel. For example, some may be on Instagram, some on Facebook, and some may only respond to email campaigns. It’s important to employ several different tactics and then figure out which is most popular amongst your prospects.
Cold: To reach your cold audience, focus on strengthening your website and SEO efforts. Also, use social media to start driving awareness by utilizing hashtags relevant to your offering. If you’re already an established brand, reach out to your media partners and ask them to endorse you.
These tips are not only helpful for businesses looking to launch a new SVOD channel, but also to continue to grow an existing one. Although it may seem like you aren’t reaping any benefits from investing time and effort into reaching cold audiences, it will end up paying off in the long run.
Question of the Week
This week’s question came from and Intelivideo client who recently asked:
“I have $100,000 in marketing budget to spend over the next year, what should I do?”
Ashley and Matt both agreed that you don’t have to invest a ton of money into your marketing efforts, especially in the beginning, to start getting conversions. They recommended starting with a platform like Facebook or Google and running test ads to start understanding the right combination of advertisement elements needed to maximize your ROI. Although some people may think the best plan would be to spread their budget out over several different platforms, Matt and Ashley suggested homing in on one or two and being more focused and specific.
Thanks for reading this week’s recap of Friday Live!
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