Market Your Enterprise: High Suggestions for Success

Today we are discussing how you can market your business for long term success and growth as this is the ultimate goal of any business. I want to focus on media companies today as they face unique challenges and their business model requires consideration of additional marketing tactics that other companies do not employ. Without further ado, let’s go straight to our topic.

Image courtesy Kitsap Score

How to Market Your Business: Media Company

As you can see from the graphic above, marketing your business involves considering several marketing strategies. Creating a marketing plan that combines the right strategies is one of the biggest keys to success, regardless of your business model or market niche. Learning to market your business using these strategies and creating the detailed action plans required to implement it successfully will make the difference between success and failure in the long run. If you’ve never written a plan of action, here is a step-by-step guide on how to develop a plan of action.

Choosing the right strategic elements and marketing tactics will depend to some extent on your market niche, although similarities exist across all business models and niches. Whether you’re running a podcast, online TV show, comedy show, or any other type of media business, marketing is critical to raising awareness of your offering and attracting new viewers or listeners. This aspect of a media company requires marketing strategies and tactics similar to any other company as they aim to collectively raise awareness. For example, if you are an influencer or want to achieve that status, you need to get a large number of followers for your podcasts, YouTube channel or TikTok. The more followers you have and the more engagement you get, the greater your financial opportunities.

However, media companies need an additional target which means additional marketing strategies and tactics. This means that they will need additional marketing strategies and tactics to achieve these goals. In particular, with a few exceptions, media companies do not make any money selling products, unlike most other companies. For example, a TikTok sensation could sell branded t-shirts, mugs or other branded products. More often, media companies sell advertising and seek brand sponsorship opportunities as their primary source of income. This means they need to market two separate, albeit related, audiences by building their list of viewers / listeners and reaching out to potential advertisers. Different strategies are required to learn how to market your business in these two markets.

The media industry

Today, consumers have a wide variety of options when it comes to consuming entertainment and media. Younger users are opting for non-traditional entertainment sources like podcasts, YouTube, and TikTok instead of commercial television and radio. TikTok is quickly surpassing YouTube as the preferred platform for entertainment among younger people. Learning to market your business in this niche is critical to making sure you avoid the noise and attract a valuable audience for your media properties.

With the increase in entertainment options available, the good news is that there are also various platforms and marketing strategies that your business can use to achieve your two goals of attracting an audience as well as attracting advertisers and sponsors. Here are some of our top tips on how to market your business in today’s crowded entertainment market.

Use an OTT platform

OTT or over-the-top platforms are the biggest things in entertainment right now. It’s no surprise that platforms like Netflix, Roku, Apple TV, and Amazon Prime Video attracted millions of users who use the platforms for hours every day. They changed entertainment as we know it and are certainly the future of broadcasting. Viewers and listeners can access their favorite programs at any time from any device that connects to the Internet for a relatively small fee.

Working with one of these OTT platforms opens up a new, massive market for your viewers. For example, when you scale on a platform like Apple Podcasts, you can access millions of users every day. Achieving economies of scale is challenging, however, as every other podcaster is trying to capitalize on this market. As you get more followers, positive comments, and other value signals from users, your podcasts gain meaning by showing them up as recommended podcasts when users sign up.

Social media

The best way to reach your potential viewers and generate more interest in your media business is through social media. Today, millions of people around the world use social platforms like Facebook, Twitter and Instagram every day, as you can see in the graphic below. Although a little old and usage has increased dramatically during the pandemic, the average time spent on social networking is amazing and growing dramatically.

Spend time on social mediaImage courtesy Broadband Search

Not only is social media the best way to keep in touch with family and friends these days, it also provides an ideal platform for media companies and other businesses to connect with their audiences, learn more about them, and get the latest products to offer to market. Social media is also an extremely cost-effective marketing tool with a high ROI potential.

Social media provides a great marketing tool for attracting loyal audiences as it gives them an opportunity to discuss your creative endeavors. Every time a user interacts with your media company, they are spreading the word of your brand to their online community, which often shares important traits and preferences that make these users valuable to your media company.

But don’t stop there. Use social media as a tool to reach out to potential advertisers and sponsors and let them know about your impact on a large market.

Cooperations

When you’re just starting out, it seems very difficult to get rid of the noise and make an impact on your media business. After all, competition is fierce, and being heard over the thousands of other voices out there isn’t always the easiest job. Because of this, working with more established media and entertainment companies is an ideal choice for gaining ground. For example, if you’re doing a podcast, you might consider joining another, more established, and well-known podcast show for an interview in exchange for the more established podcast mentioned in the episode and a link for listeners to go and go Check to see if they liked what they heard.

If you are featured through an interview or a guest appearance on a more popular media channel, you will also become known to the advertisers and sponsors who support the larger media company. Since you’re likely in the same niche, these advertisers might consider adding your media company to their list of sponsors.

Offline Marketing Methods

Just because the entertainment and media are mostly online doesn’t mean you can’t use some of the proven offline marketing methods to get your activity known and get more viewers or listeners. Posting posters and handing out flyers is a great way to generate interest in your business and start more realistic conversations that will encourage people to visit your media company. Nowadays we are often inundated with online advertisements. Therefore, speaking to people face to face and introducing your company can often be crucial.

Having a meeting focused on your main niche is a great way to meet and attract new viewers / listeners. My daughter and her colleagues (a talented group of actors) produce a Dungeons and Dragons (D&D) podcast every other week that is distributed by Apple Podcasts and other sources. Attending a meeting for this popular video game offers great potential for meeting other gamers who might be listening to their podcasts as well as potential advertisers. This is a great opportunity.

Conclusion

It’s a challenge to start a media company that stands out from the crowd. Keep these marketing tips in mind as you are building your audience and avoiding the noise of the competition.

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Author: Angela Hausman, PhD

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