“What would you do with $100,000?”
It’s a fantasy question, right?
One that you probably spent your teenage years dreaming about. But…
You don’t need to run a VOD business for long before you realize it’s a completely normal and attainable amount of money to generate online.
If you’ve just hit the $100,000 revenue mark for your VOD, let me be the first to congratulate you on it. Well done!
Let’s look at how you can invest some of that money to grow your business further.
We’ve highlighted seven proven investments you can make to take your business to the next level, based on the data of our most successful NulledMedia customers.
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Investment 1: OTT Apps
The number one investment successful VOD owners make is launching branded video streaming apps, often even way before they hit their $100,000 mark.
Because OTT apps can:
- Increase engagement by up to 50%
- Increase revenue by up to 30%
This means there is a direct return on investment and the opportunity to earn $30,000 more next year. If you’re not sure why that is…
It’s because OTT apps allow subscribers to download your app and view your content on their:
- Smart TV
Your paying subscribers can stream, watch, comment, and engage on their favorite device. This makes your content more accessible and allows you to extend your reach.
For example, my girlfriend spends $15 a month on a yoga OTT app she streams through our Smart TV. She much prefers this to using the small screen on her laptop:
The more ways you give people to access your content, the more you’re likely to attract. To learn more about how to get started, check out our guide to OTT apps here.
Curious to see what our
OTT apps look like?
Investment 2: Better Graphics And Thumbnails
Good graphics are a critical component of any VOD business.
They can make or break your site, affect how much subscribers enjoy your content, and be the deciding factor in whether a potential customer converts or not.
A McKinsey report showed businesses with higher quality design and user experience generated 32% more revenue than their competitors.
This is one reason why we invest so much effort into our stunning website templates. We know it’s a non-negotiable part of running your VOD business!
You should definitely devote a portion of your $100,000 into a designer. One that can help you to create:
- High-quality thumbnails
- Better banners images
- Clear, clean inserts for your videos
While ensuring that your brand’s color scheme works in harmony, and leaves a long-lasting impression on your website visitors.
InkWorkshops has a beautiful website that really illustrates how good design can show your customers that you’re the real deal:
You can find designers for all budgets on websites like:
Investment 3: Hire Customer Support Staff
Customer support can be a real bottleneck.
If you’re doing this yourself, or with a small staff, you soon find it saps a lot of productive time.
Employing a dedicated support staff can really ease this load. It’ll give you the time to do what you do best, and ensure your subscribers get a higher level of support.
There are two ways you can do this:
- Hiring: you can hire a new team member
- Outsourcing: you can use the services of a third-party company
Hiring gives you a high level of control over your customer support. But, you will need to invest time in training them, and hire new staff as your customer base grows.
Outsourcing, however, is the most time and cost-effective way to approach this. Especially, if you’re a NulledMedia customer and you use our support services.
Your customers will receive top-notch support, 24/7, from our team of professionals for any potential problems they’ll encounter, including:
- Technical issues
- Payment management
- App support
- Account management
Because they’re employed by NulledMedia, you can rest easy knowing they are well-versed in how your platform works and how to quickly resolve customer problems.
For more information, contact our sales team here.
Investment 4: Host Paid Live Events
Live streaming presents a great growth opportunity.
It’s an emotionally-driven experience that brings subscribers closer to what you do. It lifts the veil and lets them feel like they’re an active participant.
It’s the excitement of being at the game; the a-ha! moments of being on a course; the thrill of being part of something exclusive.
You can add a new revenue stream by asking for paid access to:
- Exclusive screenings
… that you live stream through your VOD website and OTT apps. These bring a whole new dimension to how subscribers enjoy content, and how you monetize your videos.
High Vibe TV uses this to great effect as part of their SVOD website. On top of their daily video uploads, subscribers can pay extra to access live streaming events:
- Tarot readings
They are all highly relevant to their audience, and worth the extra money to access them.
You can learn more about live streaming in our guides here and here.
Investment 5: Increase Content Production And Quality
If you want to get to your next $100,000 and beyond you must invest in:
- Quantity: publishing more videos
- Quality: increasing the standard of each video
There are lots of different ways to approach this, and some will be more relevant to your current situation than others. For example…
You could invest in better equipment, such as:
- Editing software
- Studio space
- Set design
You could invest in better video support, like::
- Graphic designers
- Sound engineers
You could invest in your own skills, by:
- Taking courses
- Attending industry events
Each of these will help you to continually improve the overall quality of your videos.
SarahBethYoga is a great example of this. Take a look at this video she shared on YouTube in 2015. The quality is already high, but there’s room for improvement:
Now compare it to this video from 2019:
There’s a drastic change; the video has a better production value, is visually clearer, and instantly draws you into what matters: yoga.
When it comes to quantity, don’t panic! You don’t need to create an endless stream of content. You just need enough to have a healthy database. You can learn more about that, here.
Investment 6: Increase Your Ad Budget
Social media adverts offer a unique way to increase your reach and attract a new audience.
Provide ultra-specific targeting tools so you can run your ads to people with a proven interest in what you do. In fact, 27% of people say they find new products through social media ads.
Social media advertising is pretty cost-effective. Compared to traditional methods of advertising, campaigns are affordable, and you can get great results from even the smallest budgets.
Social media ads can be a little confusing when you first start using them. It’s a good idea to assign a percentage of your budget that you’re willing to “lose” should things go wrong.
To ensure you get the best ROI, though, I do recommend that you hire a dedicated social media advertising manager, or you teach yourself using online courses like those offered on Skillshare.
Investment 7: Create Video Testimonials
Video testimonials can be exactly what you need to take a potential subscriber from on-the-fence to paying lifetime customer.
Without getting too psycho-analytical…
Video testimonials are a form of social proof; they show a potential customer that a real person they can relate to has used your product, and benefitted.
If they can see themselves in the testimonial, they are likely to convert.
My girlfriend and I want to take a surf course this year. To help us make our decision, we sought out video testimonials like this:
We found the people relatable and felt infinitely more comfortable trusting them to spend our money with.
So, invest in getting some of your customers in front of a camera, and have them discuss why they love your product.
Wrapping This Up…
Let me ask you again… what would you do with $100,000?
I hope by now your answer is: invest it back into my business. It’s the right thing to do! And, choosing a handful of these investments will have you on the right path to long-term growth.