The first television set was invented in the year 1927. But it wasn’t until the 1950s that TV programming began to change the culture of the world. The rise of cable spawned immeasurable opportunities for marketers and brands that capitalized on its viewership. We are now in the year 2021 and OTT is poised to do the same.
A majority of the OTT audiences are those between the ages of 18 and 49. 56% of overall ad impressions come from millennials aged between 18-34 and 27% comes from Gen X aged between 35-54 (Source) If anything, these stats tell us that millennials want freedom of choice and they want it fast. Studies also suggest that this group of OTT viewers will continue to consume more and more content because they have an income that is higher than those of their traditional TV viewing counterparts.
This is exactly the kind of desirable audience that businesses want to reach out to. A higher median income equals more disposable income which means a higher purchasing power. Therefore, it is recommended to have a growth strategy that takes the next generation of digital video on-demand subscription platforms towards video monetization and user engagement.
The lucrative draw of the video streaming benefits is the reason why more and more brands are overhauling their video strategies in favour of debuting their own OTT platforms. Over the top streaming services offer two-fold benefits. First, extending the reach of existing content to new users and second, improving user engagement with innovative content experiences. As the CEO or CTO of your business, once you have in place a rigid digital goal, the next step of setting up an effective strategy will follow.
A video streaming platform strategy can effectively be broken down to include 4 main components – The available content, the platform and video interface experience, marketing to bring new subscribers in and personalization for existing users. These larger components are the spokes of the same video streaming wheel and any effective strategy has to work all 4 of them in tandem for optimal results. This will further draw in the interest of advertisers which will lead to improved monetization prospects.
One of the biggest advantages of OTT is that it allows brands and advertisers the ability to gather data that can be applied to an omnichannel marketing approach. Data in the form of click-through rate, view rate and customer conversions are invaluable to an overall growth strategy. Such statistical data enables open conversation between the brand and advertiser for a collaborative discussion in designing a thorough customer journey. This customer journey plays a crucial role in identifying the gaps in business processes and developing further strategies to close those gaps.
Today, all advertising mediums are producing data and when that is coupled with the right reporting tools, it can be pulled into one interface. Data-informed decisions can be made through this interface which analyses the future of the business and accordingly allocates budgets based on what is working and what is not. Such a thorough and detailed analysis could never be gathered through a traditional TV mechanism.
To wrap up, focus on building outstanding user experiences that make users stick to your streaming service. Personalized messaging, contextual and timely campaigns, user insight and content experiences can go a long way in shaping up a strategy that is bound to make you a winner in the video streaming landscape.
But of course, a mammoth task like this needs experienced hands on deck. A technical expert such as Enveu understands the community of over-the-top businesses. With their help, whether your enterprise belongs to the field of advertising, telecom, cable, entertainment or media, it will reap the seeds of growth in the digital marketplace. So don’t wait and get in touch right away!