As the OTT field becomes saturated, some content owners will fail and some will triumph. What can be done to assure your OTT video service is among the winners?
Similar to any other product or service, OTT success will be highly dependent on how well the four Ps of marketing: Product , Price , Promotion , and Place are applied and integrated:
𝤿 Are you offering the content your audience wants?
Differentiated and original content stands out in the crowded streaming video marketplace.
𝤿 Can you identify your target audience?
Keep focused—clearly identify who your audience is and what they want.
𝤿 What’s your unique selling proposition?
In order to maintain and grow audience and revenue, it’s important to evaluate what sets you apart to remain competitive with your features, benefits, and cost.
𝤿 Are you charging too little or too much?
Pricing higher than the perceived value or a similar, competitive video service can knock you out of the marketplace—but pricing too low will diminish your perceived value… and ROI.
𝤿 What’s the right pricing structure?
The most popular OTT revenue models are subscription-based and advertising-based, be sure your video distribution platform has flexible monetization options that will enable you to scale and maximize your revenue.
𝤿 Is your branding cohesive?
Be sure your product’s look and messaging is consistent and resonates with your audience. Leverage your creative department or an agency like Eclipse Marketing to help you nail down branding.
𝤿 Are you using your marketing budget effectively?
Create a detailed plan outlining your budget and what tactics you’ll use to promote your content and develop your audience.
𝤿 Are you using data to drive your business decisions?
Track meaningful key performance indicators and let those insights inform your business strategy.
𝤿 Is your content exceptionally accessible?
The more accessible your content is, the more discoverable it becomes. Distributing your content across multiple OTT marketplaces increases the chances for it to be noticed, watched and purchased.
𝤿 How user-friendly is your website and OTT apps?
Having a high-functioning website and app user-interface is crucial for both acquisition and retention! Successful OTT video providers ensure their users have an easy and trouble-free experience, on every screen and device.
Clearly, successfully implementing these four “Ps” of marketing is no easy task. Get more specific details and suggestions for each step in the full blog post “ How OTT Services Can Win ” from creative marketing agency Eclipse Marketing Services, Inc.
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Have a question? Get in touch with our guest author, Chris from Eclipse Marketing by sending him an email.