The right marketing strategy
Marketing is the most important business management tool in the OTT industry. It requires its own planning and control, which are based on a strategic approach.
The main goal of marketing activities is to ensure the commercial success of the streaming company in the sales markets. Accordingly, the goal of the marketing strategy is to achieve the required market position of the OTT business. The objectives of the marketing strategy are reduced to: the need to analyze the market, external and internal environment, assessment, forecasting and demand generation, the definition of tools and ways to achieve the goals and objectives of marketing. The OTT marketing strategy is based on a marketing mix. In essence, it is represented by a set of functional policies and plans for the implementation of marketing activities (product, pricing, sales policy, market promotion policy, etc.).
There are many different types and forms of marketing strategies nowadays. Their choice is a difficult task that requires a responsible approach to its implementation.
Depending on the choice of marketing strategy, you should choose the most optimal ways to promote your OTT product.
Getting to know your target audience
Target audience marketers call a group of people with common characteristics and qualities for which a specific product or service is designed.
The better you know your target customer, the easier it is to launch ads that hit right on target.
Interaction with OTT customers is improved by knowing their interests. The analysis helps to shape the brand strategy so that potential subscribers trust it. Product developers, programmers, designers, salespeople should have a clear understanding of the audience - this is the only way a business can find new target consumers and win their loyalty.
In the process of analyzing your product, you can get too large and different audience, and it will be almost impossible to compose a basic and unified subscriber’s portrait. In this case, knowledge of how to conduct the research will not be enough. You will need to segment the resulting mass into several target groups. This can be done by gender, age, place of residence, marital status, education, income level, profession, etc. You need to choose the criteria for separation depending on the characteristics that are important for your OTT business.
Focusing on your target audience’s needs
Separating your audience is important because each target segment needs a different approach. For example, an ad layout for one group may work well, while another may cause rejection. It also allows you to personalize your subscription offers. Knowing the preferences of your customers, you will find a common language with them and be able to explain the benefits of your product. Such detailed analysis pays for itself quickly and helps to increase the company's profitability many times over.
To make your customers an offer that cannot be refused, you must clearly understand what exactly your customer needs. Knowing the needs of your target audience can interact more effectively, solving the client's problem, and not talking about how good your product is itself.
Use the Sherrington Method 5W to come up with the needs of your target audience:
- What are products/services that you offer?
- Who is your consumer?
- Why would customers be using your services/buying your products? What is the motivation and the reason?
- When does the need for the proposed services/products appear?
- Where is the purchase happening?
Sherringoton’s 5W segmentation forces you to think about the OTT market in very simple terms: what, who, why, when and where. Having answered these questions, you can formulate an answer to the most important question - HOW to make a profit?
Talking to your target audience
OTT market research
It is the most popular type of research, because business cannot exist without it. To make any decision, it is important to understand the OTT market situation, take into account competition, determine its capabilities, identify trends and development mechanisms. As a result, you will be able to find your niche, assess the profitability of your OTT business, and predict potential difficulties.
Allows you to analyze external conditions, that is all markets of a specific industry that are not directly related to your OTT business, since they indirectly affect your business.
Conducted to properly segment the audience. This study analyzes the behavior of subscribers, namely, what prompts them to subscribe/buy. They study demand trends and the factors that affect them: gender, age, social class, income, education. As a result, the target audience of the OTT product is determined.
Research of competitors
It helps to analyze their activities in order to find out competitive advantages and weaknesses, find options for cooperation, find out the reaction of subscribers to price changes, advertising campaigns, and the introduction of new functionality. As a result, you will be able to identify methods that will help you beat the competition.
Refers to mandatory and initial research. Helps to examine the available resources and correlate them with the strategy in order to understand whether your OTT business has a right to exist.
Refers to the results of all types of research. Allows you to establish causal relationships in order to predict possible risks for the business caused by changes in the OTT market.
Research of intermediaries
For the successful functioning of OTT business on the market, you need to take into account intermediaries who facilitate. Market infrastructure also includes those that are mandatory for any business, for example, legal, insurance, advertising companies. This is important for product planning.
Research of goods
It is necessary in order to find out how the characteristics of your OTT product meet the needs of consumers. You will receive valuable information about the functionality, quality, design, price and other parameters desired by customers. Moreover, you will be able to create a unique and competitive OTT product offer.
Such a study is aimed at creating a pricing mechanism in which the company will receive maximum profit at the lowest cost. Take into account the costs of manufacturing and distribution of goods, the impact of competition and the reaction of subscribers to prices.
They analyze the ways of influencing subscribers, evaluate the effectiveness of advertising means and the period of its impact on the audience, compare the results obtained and the desired ones.
Building Trust and Credibility
Find a way to connect with OTT experts. If there is an expert or authority in your field who is already well known and trusted, your connection with that person can help transfer trust to your brand.
Ask your subscribers for written confirmation. Satisfied subscribers who are willing to provide confirmation and even serve as examples can help potential subscribers feel more confident working with you. Videos and written testimonials on your main site, links to testimonials and to your OTT site from a client's website can help build your credibility. Encourage customers to leave reviews of your brand on review sites.
Use statistics to your advantage. If your OTT brand has impressive quantitative results, show those numbers on your homepage or on your social media page.
Be grateful for your feedback. Set up Google Alerts for your OTT business to monitor online mentions of you. Gratitude to others for their retweets and blog reposts builds trust in you.
Creating an Engaging and Attention Grabbing Message
People are inundated with advertisements from every direction every day. Researches show that the average number of advertisement and brand exposures a person sees per day is over 5,000. Of all the ads a person sees in a day, only an average of 12 lead to conversions. After a while, a large percentage of ads become little more than white noise and are largely overlooked by the public. If your ads aren’t eye-catching and go unnoticed, they can’t accomplish the task. A good advertising firm understands that there are words that sell and words that fail. Using the right phrases, graphics, pictures and/or calls to action greatly improve your chance of standing out.
Here are some examples of how attractive headlines should carry information about your OTT.
- Everything will work out easily without problems:
“You watch it- we show it!”
- Promising SEO header:
“Unlimited movies, TV shows, and more!”
- A clear promise:
“Watch anywhere. Cancel anytime!”
“Much more sports!”
- Gaining significance:
“Enjoy critically-acclaimed movies!”
Maximizing Your Budget
After launching a campaign, many OTT owners seek to maximize their budget to take advantage of as many opportunities as possible. How to do it?
First, increase your budget for your priority campaigns.
Assess the budget and set prices for your AdWords campaign. And understand for yourself whether the game is worth it.
Use the "fast track" method, but make sure that the budget is not used up ahead of time, and for those keywords that do not bring the desired results.
Use broad match or modified broad match for all keywords and monitor your campaign performance with negative keyword analysis.
Finding the Right Channel/Medium
The main channels for promoting OTT products on the network include:
It is an effective channel for promoting goods and services, especially relevant for a segment with a large number of search queries.
Social networks open up a lot of prospects for promoting your OTT company, from the ability to post photos of products to promotions, contests and giveaways. But in order to interest subscribers, you need visually and meaningfully interesting content that you want to see on a daily basis. A stereotyped approach devoid of any creativity, like a dry story about brand news, is unlikely to resonate with the audience. It is better to put on the strengths in the original form.
Internet advertising that appears in response to a user's request helps the subscribers to find the desired product, and the OTT entrepreneur to offer his goods and services to an interested audience. You don't need search engine optimization to set up the context, the main thing is that the site works properly.
This is the display of advertisements to users who meet the specified characteristics. The target is configured for certain parameters: age, interests, location, etc.
Due to the high degree of personalization, targeted advertising provides:
- Direct impact on the audience interested in the OTT product.
- An influx of customers ready to make a purchase.
An unobtrusive, well-thought-out and useful email newsletter is an effective tool for attracting new and retaining regular subscribers. Using this promotion channel, you can tell about interesting company news, share expert content (instructions, reviews, tips) or invite to a sale. The main thing is that the letters are useful and not resemble regular spam. The ideal newsletter takes into account not only the personal preferences of the recipient, but also the time convenient for viewing messages.
A competent email marketing strategy helps to convert new subscribers into regular subscribers and maintain the interest of the formed subscriber base.
Messengers are an effective channel for promoting OTT products with extensive functionality. With their help, you can process subscribers orders, inform about promotions and send mailings without even resorting to email marketing. And Telegram allows you to create a brand channel where you can share interesting content and post links to a corporate website, thereby generating traffic. Promotion of the Telegram channel will not lead to an instant increase in sales, but will gradually involve the target audience.
Useful and unique materials significantly increase the recognition and expertise of the company, turning content marketing into an effective channel for promoting OTT goods and services.
The range of possible content variations is wide and may include:
- Expert articles.
- "How to" articles.
Promotion through the media
Comments and expert publications in specialized publications create a positive image of the OTT company. In addition, publications in the media increase the reach of the target audience, bring traffic in the long term, increase the amount of subscribers and may well become a free promotion channel.
Starting an OTT business, you need to clearly know not only what will be sold/ offered, but also to whom it will be sold/ offered. Armed with more detailed information, you can make smarter decisions about where to advertise your OTT and how to talk to subscribers in a language they understand. Determining your target market is the hardest part of running an OTT business. Once you know who you are targeting, it will be easier to identify the media that can be used to communicate with the consumer and how to generally behave in the OTT market when offering your products.