The last few years has seen a rapid expansion of OTT video streaming. The advancements in technology has propelled online video into the mainstream. Customers
have easy access to information and content across various platforms and devices.
More and more, businesses, influencers, content providers are using video streaming to bring awareness to their brand, reaching new customers (domestically and internationally) and monetizing their business. The challenges we will cover may not be new but should be carefully considered when you launch your OTT platform to ensure it is a success.
1. Not understanding customer needs
Let’s face it the competition is tough. Launching a platform that is too niche may result in a low number of subscribers. Launching in a crowded consumer space you risk losing out to the competition. Create specific content that will engage your potential customers. Define and capture your customer data. By doing research and knowing your target audience, you can position yourself, product or brand for a successful launch.
2. Limited technology
Ensure the technology partner you choose can provide your customers with a seamless, user friendly experience across any platform. From onboarding to broadcast quality streaming and from payment methods to technical support your customers will expect easy to use functionality that caters to their needs.
3. Overpricing
Consumers have plenty of digital content to choose from. Users attention is where all platforms are focusing whether that is a social media channel, traditional cable channel or OTT distributor. You want to price your subscription model accordingly. Targeting and providing your customers with the right price model ensures your pricing is competitive to attract and retain your audience. Exploring and understanding the different VOD models can help you decide a pricing strategy that meets your needs to monetize but also provide a product/service.
4. Marketing and Research
Marketing and research will be key to having a successful OTT platform. Spend time to research the gap in the market. Developing a marketing content strategy around your product or service puts you in a position to gain a wider audience base. Remember, content is the King and Distribution is the Queen!
5. Timely delivery of content
You want to ensure to keep your content up to date so it is not stale. Timely distribution of content will keep your customers engaged with your company/brand and more likely to stick around. Keeping up with trends and monitoring feedback can help you to improve, sustain and grow your OTT platform.
