As the INSIDER Guide to New Product Development (NPD), I’m constantly keeping an eye out for bite-size information that will help you develop and scale better subscription products. Here’s my “Five on Friday” compilation for March 18, featuring the five best trends, tips, quotes or stats from my reading this week.
1. Using Explainer Videos to Tell Your Story
The use of video in marketing is booming. One application of video marketing that, done well, can be highly effective is the “explainer video.”
In “7 Keys to Producing a High-Converting Explainer Video,” Jonathan Long shares ideas that are worth a quick scan. One of the most important steps? Have a strong call to action based on a clearly-defined goal. What do you want prospects to do? It may not be to purchase your product. Explainer videos can help you build the relationship with calls to action such as, “register for a newsletter,” “download a white paper” or “complete a survey.” And of course, “tell us what you think of this video.”
Bonus: Keep your explainer videos short – 60 to 90 seconds. Here are some great explainer videos from Hubspot’s website.
2. What Does FanDuel and DraftKings Suspending Paid Fantasy Sports Leagues Mean to Other Gaming Sites?
Business Insider reported this week that the two largest daily fantasy gaming sites will suspend operations in New York State until September, while litigation brought by state attorney general Eric Schneiderman is ongoing. Schneiderman’s suit asserts that fantasy sports leagues are not “games of skill,” certain types of which are legal, while FanDuel and DraftKings, as well as many 3rd party legal experts, disagree. Whatever the legal outcome, what are some possible impacts of the litigation to online fantasy gaming, and what lessons can we take away?
Funding for similar ventures could dry up while investors wait and see if other states will follow New York’s lead. Lesson: be aware of litigation and regulatory developments even indirectly related to your business. You never know when you may be impacted.
- Competitive offerings such as cdmsports.com and cbssports.com may pick up some extra business in New York, but will also likely be keeping advertising to a minimum to stay out of the State Attorney General’s crosshairs. Lesson: justice may be blind, but litigation is not. If you’re the 800-lb gorilla in your market, be extra-vigilant about legal threats.
- According to the article, FanDuel is a Manhattan-based startup with 170 employees. Lesson: New York City, in particular, is home to many cutting-edge startups. By tussling with the likes of Uber (not based in NYC) and FanDuel, is New York going to drive its vibrant startup community to other cities? It’s a big world – locate where your business is appreciated.
3. Binge-Watching is Big Across Generations
In a recent post I discussed the pros and cons of the “binge watching” phenomenon made possible by Amazon and Netflix. According to Comscore, whether you see binge watching as an opportunity or a threat to your subscription model, it is a substantial trend:
Forty-six percent of millennials watch shows after they air, and 42 percent of viewers binge-watch multiple episodes of a show, one to two times per month.
4. Are Your Product Teams Losing Sleep? An Infographic.
Pragmatic Marketing offers this infographic to explain the problems product teams face. Compare these stats with the issues facing your team and see how you stack up:
- 35% have missed launch dates.
- 29% end up dropping important features from each new release.
- 39% struggle with the balance between adding new product features and meeting customers’ demands to support old ones.
5. It’s Not Just the Millennials Who Shop Online
Everyone’s talking about the millennials but baby boomers still represent the largest group of those surfing the web, making up one-third of the 195.3 million internet users. This article from cmo.com shared a statistic to bear in mind when deciding how to not only deliver, but advertise your subscription to the over-50 crowd: while the younger generation is apt to spend more online than their older friends, two-thirds of Americans over 50 buy from e-retailers online.
Happy Easter everyone! Have a great weekend.
Diane
Diane Pierson has deep experience in product management and marketing, having delivered results to companies including Dun & Bradstreet, LexisNexis, American Lawyer Media and Copyright Clearance Center. She has built products & services that have delivered over $100 million in revenue and knows what works, and what doesn’t, when executing product plans and strategies. She is also a contributor to Subscription Insider. (Read Diane’s full Bio)
