Start an IPTV/OTT Project: Research and Learn about Competition and Sales Differentiators
Last week we wrote about the necessity of defining your vision and goals before starting an IPTV/OTT project. Today we are going to take a closer look into the research and why you need to learn about your competition and sales differentiators.
Our aim is to help you get started with the planning process of your service in small and attainable steps. All the information is based on our experience with IPTV/OTT/DVB projects all over the world.
To learn what else you need to cover in your IPTV/OTT service planning process download our whitepaper 'How to Prepare Marketing Strategy that will Supercharge Your IPTV/OTT Service'
Research and Learn
Gathering information about your video streaming market, your potential customers, competition, content rights, IPTV/OTT technology, and other aspects is a crucial step. If you are worried about finding the right information or answers to your questions, then finding an experienced IPTV/OTT/DVB tech vendor should help you in this journey as they will be able to consult you from the very beginning and help you achieve your set vision. Once you start your research, you will soon find that the market is full of potential, and still far from saturation point.
Both IPTV and OTT markets have been on a steady growth for years now with the IPTV market currently valued at USD 40 billion, with CAGR of 7% until 2027, and with OTT market valued at USD 101.42 bln. in 2020, and it is expected to reach $223.07 bln. by 2026, registering a CAGR of 13.87%
What is your industry?
Get into more details about your industry. Regardless whether you are a Fixed, DVB, or Mobile operator, an MVNO, a content provider, a broadcaster, an OTT operator, a Virtual operator / PaaS Provider, or something else. First, you want to start off by answering the following questions:
- Is IPTV/OTT going to be an additional service intended to bring added value to existing customers or are you starting from scratch?
- What are the opportunities and what are the threats?
- Do you have an idea of how you plan to monetize your content? Subscription model? Advertising? Hybrid model?
Do you know who your direct competitors (companies offering the same type of IPTV/OTT service) are?
When looking at your direct competition you need to do a competitive analysis where you will list and compare important features, benefits, strengths, and weaknesses of your company and your competition.
Doing a SWOT analysis is always a good start. You can compare with the competition the quality of service they provide compared to yours, selection of content, pricing of packages, but also their visibility, experience, expertise, stability, pre and post-sale services, reputation, sale channels, customer support, incentives they provide, loyalty programs and so on. Explore their service, their business strategies, the way they do sales, and how they speak to customers - try to define what they are doing good and what they are doing bad.
Who are my closest competitors?
If you have competitors with similar services, write them down and describe how their products are similar to yours.
Ask yourself, is there something I like about them and how do they make me feel? Write down some specific elements that you like about their IPTV/OTT service. It could be some specific functionalities, copy on the product, visual elements, or anything else that you find interesting.
After that list all the things you think your competition does extremely well. Also, write down things you believe they might be doing better than you.
Of course, along with pros come the cons as well. List all the things you think your competition struggles with, as well as some of the challenges they might be facing with their product/service.
What do my current competitors’ ideas/products have, that I wish mine had? Describe all aspects you wish you could implement into your product/service from specific technical functionalities to business strategies, ways they communicate, and anything between you might want to have in your product.
Sales Differentiators or Why should people do business with me rather than my competitors?
What makes your IPTV/OTT service stand out? What makes it unique? If you could have 5 minutes to perfectly explain your service, what would you say?
Outline the key differentiators that set your services apart. The following is just an example of that list. Define at least 3 aspects of your business that are most important for the success of your project.
- Premium UX solution
- Affordable to subscribers
- Customer service
- Unique service
- Market niche
- Special offer
- Special feature
- Excellent guarantee
- A way of doing business
We are aware that doing the research on the competition and sales differentiators may seem like an obvious thing to do but you’d be surprised how often even big companies get into projects without proper preparation. Through research, you will learn even more about the market, the opportunities, and the threats that await you but also about the service you wish to start thus enabling you to make the right decisions and choose the best technology vendor.
Keep following us to learn about other important aspects of starting an IPTV/OTT service.
For more comprehensive information on the topic, you are welcome to download our whitepaper “HOW TO PREPARE MARKETING STRATEGY THAT WILL SUPERCHARGE YOUR IPTV/OTT SERVICE” or simply get in touch with us and we can help you with any stage of your IPTV/OTT/DVB project.