5 Common Mistakes When Launching a Subscription Video On-Demand Business
After many successful launches or ventures, it’s easy to look back and understand exactly what needed to be done. It’s equally helpful to know what not to do. Here are the top five items to avoid when launching and growing a subscription video on-demand business:
Treat This Video Branch as a Side Hustle
When this video business is someone’s second, third — or sometimes fourth — job, it’s difficult to see any fruits of his or her labor. A subscription video business requires focus and some independence. After all, it’s a whole new branch of business and should be resourced appropriately.
A Shrinking Top of Funnel
Building a suite of apps does not mean subscribers will come running. A dedicated, complete marketing plan is a requirement for continual growth in the subscription business. Your subscription videos might be the best in the business. However, if no one knows about your apps, no one will subscribe and use them.
Lack of Focus on Retention Programs
Churn will happen. But in the digital app world, it’s paramount to have a retention strategy in place. Know why your subscribers are cancelling and how you can better improve the experience. Put a win-back strategy in place. Continually show them value while they are subscribers. Whatever your strategy is, put pen to paper on it and optimize it as you grow. You won’t know everything at launch, but learning as you go is key here.
Focus Only on the Web Browser
We are a mobile world. More engaged app users means longer subscribers. For subscription video businesses, meeting your subscribers where they are is not a nice-to-have. It’s a must. Whether they are working out in the park, at home, at the gym or in a hotel room, accessibility to your content is one of the most important keys in the on-demand business.
Treat it as a Sprint
Each of the items above require time, focus and resources. Falling short on one of those three items will handicap your launch and subsequent growth of a winning video on-demand business. No valuable business was built in a day. Neither is this one. With consistency and focus, subscription video can prove to be one of the most valuable additions to your fitness business.
Over time and if done well, you will grow a sticky subscription for consumers and cultivate a like-minded community for your subscription video on-demand service. Be sure to put the right team and resources in place and follow the data. Your subscriber engagement will tell you exactly how to optimize your marketing, content and execution. And don’t forget this is a marathon of a business. It requires a lot of TLC to be an engaging solution for your audience.