Let's examine seven success strategies for new OTT businesses in 2023.
Anyone that follows digital media understands that the entertainment landscape has evolved dramatically in the last decade. The average consumer has no shortage of streaming services and OTT providers to choose from in 2023, which leads to increased competition between businesses. If you have started or plan to start an OTT business in 2023, you might wonder how to succeed in the current landscape. While there is no surefire way to guarantee your business will succeed, you can still adopt specific strategies to help you compete with other OTT providers.
1. Hone Your Unique Selling Point
Every OTT service has a unique selling point that helps it stand out from competitors. For example, many streaming services attempt to entice customers by offering exclusive content they won't find elsewhere. Companies such as Netflix and HBO spend millions of dollars each year acquiring and creating TV series and movies. Small OTT services might not have the funds to compete with these streaming giants. However, they might be able to pull in a niche market. For example, you might gain customers by getting the rights to films and TV shows in specific languages.
2. Keep Your Customers Interested
Continuous engagement is critical to capture and retain customers loyal to your business. You can do this using many strategies. For example, you can start a Twitter account and create posts that highlight your service's exclusive content Similarly, you can send email newsletters discussing the new shows and films hitting your platform in the coming months. Such strategies remind customers about the value they receive from subscribing to your service and improve the likelihood that they will continue using it in the near future. Consistent engagement also offers the bonus of nurturing customer loyalty. Such customers may recommend your OTT service to their family and friends, which helps you acquire new customers.
3. Focus on Personalization
Every OTT service customer is looking for specific types of content or services that appeal to them. You can capitalise on this by offering personalised content or services. For example, your OTT service system could analyse the types of TV shows and movies your customers watch frequently and provide them with recommendations for similar types of content. Similarly, you can utilise marketing tools that address customers by their first name in newsletters or promotions.
4. Keep Track of Competitors
Competition between OTT service providers will be at an all-time high in 2023. With dozens of businesses emerging in this industry each year, it should be no surprise that each one is scrambling to make it ahead in any way they can. Many OTT businesses focus on innovation and providing their customers with services or features that others aren't. Understanding your competition's unique selling points is vital because failing to deliver something equally as exciting for your customers will lead to your business being left behind. For example, many major streaming services have begun offering content in 4K definition. This has helped them pull in customers who own massive 4K televisions. Other businesses wishing to break into the 4K television customer demographic will need to offer content in 4K.
5. Offer Different Payment Options
Many people are enticed by the idea of paying for OTT service subscriptions. However, they might not be able to sign up for the service due to their financial situation. In these circumstances, it is possible to still win over potential customers by offering different payment options. For example, a VOD company can offer customers a monthly subscription payment option or an annual subscription at a discounted rate. In this situation, the monthly subscription option would be a good fit for people who don't have enough funds to pay for an annual subscription upfront.
6. Pay Attention to Feedback
It would help if you gave your customers plenty of ways to provide feedback on your services. This includes website forms they can fill out quickly, surveys on mobile apps, or customer helplines they can call. Listening to this feedback is incredibly important. It will help your business identify the common issues that customers are facing as ways you can improve your services. Taking in this feedback allows you to optimize your services and make them appear more attractive to future customers. If you do this successfully, some people may switch from their current OTT service provider to your business.
7. Be Careful About Commercials
Many people initially cut their cable subscriptions and opted for digital streaming services such as Netflix because they offered the content they desired without commercials. This was one of the big perks of watching TV shows and movies on streaming services. However, many streaming giants have begun offering discounted subscription packages that include commercials.
Smaller OTT service providers should be careful about offering subscription packages that include commercials, as this strategy could backfire. While some customers are willing to put up with commercials for a cheaper plan, others might not want to be presented with the option. For this reason, it is vital to understand your target demographic and determine your commercial advertisements inclusion strategy accordingly.
Why Choose Hooligan?
As you can see, modern OTT service providers must follow many strategies to succeed in 2023. Consider reaching out to Hooligan for digital solutions if you have a new OTT business. We can help you optimize your business and provide services that help you compete with the industry's heavyweights.