Over-the-top (OTT) streaming accelerated in 2020 due to the impact the pandemic had on businesses and industries. From small to large business and content creators to professional organisations, they all had to review the way to approach and connect with consumers. The consumers during the crisis have turned to OTT entertainment.
The appetite for content consumption and personalised viewing experience has been increasing. Streaming accounts are expected to surpass over 1bn in 2021. The industry is adapting and ever-changing. Having a unique product or service where specific content is tailored to the subscribers’ preferences and buying patterns provides an opportunity for brands and businesses to grow, increase revenue and engage with consumers or fans worldwide.
Here are 10 steps to launch your OTT video streaming platform.
1. Set your goals
Establish and set your goals for your product, service or brand. Look at both qualitative and quantitative.
2. Target audience
It is important to know and understand your target audience. Demographics, age, buy persona etc. What are they looking for in an OTT video streaming platform provider?
What content are you producing? Are you training, educating, selling? Create content that will attract new subscribers but engage with existing users. You need to be creative to differentiate yourself from the competition.
Marketing is important to build your brand and enhance your image. Once you know your target audience, utilise marketing tools to reach to consumers and get build brand awareness.
Leverage data analytics to understand your subscribers’ behaviour and adapt accordingly. This may lead to potential partnerships or advertising deals.
6. The consumer
Understanding the consumer mentality, the way they access television and video content. OTT video streaming is changing the way consumers ingest information. OTT content providers will need to adapt and be ready for the change.
An OTT video streaming business needs features. The features regardless of size should enhance the quality of your subscribers’ experience. A strong CMS (Content Management System) will help your business succeed.
Develop a pricing model that suits your business strategy and is flexible and convenient for your subscribers. If you have niche content you are able to charge more if demand allows.
9. Client Relationship Management (CRM)
Use a CRM system to manage your subscribers. This could be the key to success or failure of your OTT streaming platform.
10. Video infrastructure and quality
Create high quality video content. Whether you do this yourself or use a third party technology provider, it may have an impact to attract new paying subscribers or maintain existing consumer satisfaction.