What's the point of owning a business if you're unable to acquire new users and increase your existing revenues? With the right resources and guidance, growing your customer base and getting users to spend more money on your OTT app is easier than ever! Check out our comprehensive guide to video monetization for a complete look into the nuances of video monetization.
In this article, you will learn some OTT marketing strategies that you can explore to expand your business and maximize your earnings.
Before strategizing, it's imperative to understand what the conversion funnel looks like. You must grasp how the number of users converges from awareness about your app to actually using your app.
To attract new users, you must focus on the top and the middle of the funnel, and to retain your current users and increase their spending, you must target the bottom of the funnel.
Marketing Strategy - User Acquisition
To acquire new users, the following steps are a must.
Decide your Target Segment
How will you position your app if you don't know who your target audience is? Instead of generalizing for everyone who may or may not use your app, cater to the needs of the particular target segment that is most likely to use your services.
Make a Website
Having a website is crucial to any business. It establishes trust and gives users access to all the information they may need. Around 57% of all internet users don't recommend a business with a poorly designed website. So not only do you need a website, but a good one at that.
Social Media Marketing
Social media is where people hang out the most. And if you're not targeting these platforms, you're leaving money on the table. Consider posting informational content and making it fun, capturing your users' interest and compelling them to try out your app.
User Retention/Increasing Revenues
Once you have the downloads, you want your users to stay and engage with your app.
If you think your users are not interacting enough with the app and can help you earn additional revenues, target them with campaigns curated especially for them. Campaigns will also get you additional downloads, an added advantage.
As soon as you add new content, or make changes to existing ones, notify your users with push notifications. This will get you additional clicks and views on your videos than what you would have gotten without these notifications.
Use Analytics Data
With proper analytical data, you can assess information such as what locations around the world you get most downloads from and what devices your app is used on most. Then you can design your campaigns accordingly. It also gives you insight into how you can create new content based on metrics, like average watch times and your most viewed content.
Marketing is Vital to Your Business
Go for it. Redirect resources towards the marketing of your OTT apps. Your competitors are doing it, so should you! It's the only way to reach out to as many potential users as possible.
Once you've decided how much you want to allocate to your marketing budget, you're free to scale your business in other respects, and that is where we step in. Contact MAZ today to help set up and grow your OTT business.