Are you going to venture into Online Media Business?
So you have just decided to enter into the space of Online Media Business, right? May be you are a new entrant or you are already an established brand in a different vertical but now you want to branch out in media .
Whatever the reason may be, but remember one thing always, each trade has its own secrets, online media business is not an exception.
If you have any expert consultant in your back, then no problem, but if you are starting small with limited resources, then you have to plan accordingly.
So, don’t get too much tempted by looking at the huge prospect of online media space, because its true that the overall market size is huge from both end, means prospect & revenue wise.
But at the same time, it’s also true that, the competition is really high in this space. May be you are ready to spend a huge amount of money, but still, if you can’t figure out the overall market scenario, then it will be really risky to move ahead.
So if you are planning to start an online media business then at first take care of the prerequisites. Now, what are the exact prerequisites?
That’s what this article is for, to discuss about 4 core pillars or more clearly speaking segments of any Online Media Business.
Because presently I am in the core team of an upcoming media venture, of a Kolkata based software development company.
So that’s why today I have decided to share with you all, what are the areas where you should give your attention and how will you proceed, when you are jumping for this type of venture.
Let’s not wait for a single minute further, I am just coming straight to the point. Have a look.
4 vital segments for any successful Online Media business
If you are planning to start an online media venture, then you simply can’t just ignore the need of a solid technology infrastructure. Why?
Because, as it is an online property, so definitely it should be a web-based platform, and to run a web-based platform successfully, you need to care about some important things.
What are those?
Platform: It’s the first & foremost thing. Choosing the proper technology platform, based on the nature of your business, its future goals & other important factors. So at first choose this! Then comes the design & development part.
Hosting: After development, when you are launching the site, for hosting a good & reliable hosting service is the basic necessity, without this nothing will proceed.
Not just any hosting service, you have to keep in mind the scalability aspect too, because today it’s small but when the business will grow (traffic will increase) then if the server crashes, what will happen then?
So, when you are buying a hosting service, at first consult with an expert and check all vital points like server up-time, reputation of the hosting provider, support etc. then proceed.
Backup: If you don’t have a proper backup plan or mechanism in place then someday if any disaster happens, what will you do to recover from that situation?
You can’t say that, the site will never crash, it may crash at any point of time due to many reasons. If it happens, then what will you do? Because if a live media goes down for a certain time, it’s impact can be huge.
So, if you want to recover from that situation quickly, you should definitely have a proper backup & recovery plan in line.
For that, from the initial days of your venture, set up a good backup & recovery infrastructure. It’s highly necessary.
Security: Security is a vital issue for any web-based platform and day by day so many newer security threats are generating, due to that it has become very essential and critical to ensure a site’s total security.
So to fight with all those security threats, you definitely have to take extra care for your site. You can use any popular all rounded security solution for your website, which fits your requirement.
Dedicated Resources: Last but not the least, to maintain all the above mentioned things, you definitely need to have an expert team, based on your site’s volume. Otherwise you will never be able to run your business peacefully.
When you are launching a media venture then if you don’t have a solid plan for content production, then it will be really tough to excel in this highly competitive vertical.
Because any media’s heart is content, engaging content of different types in a consistent manner, that’s the main sutra for your audience engagement & your site’s popularity.
So for all these, you need to strategize your site’s content production & delivery plan in such a way that it will make your stand very clear to your audiences among your other competitors.
You need to have a strong editorial team with proper organizational structure followed, from the very initial days of your venture.
Ultimately at the end of the day it’s all about content and if you can’t produce that, then no more strategic excellence or finance can save you. It’s the fact. Media runs on content.
Let’s say you are an avid fan of a popular online travel & lifestyle channel, but for some days you are seeing that they are not publishing any fresh content.
So, if this continues, after a certain time will you visit there? It’s not only about you, it’s about all those audiences who will feel same like you in this type of situation.
Gradually in this way the viewership / page view will drop and it will immediately affect in revenue, and ultimately your media’s future will come under question.
So, from day one take this division seriously, because it’s one of four vital pillars of your online media business.
Without a creative team it’s quite impossible to run your media venture. Why?
From content’s perspective to marketing strategy & material building, you need a strong creative backing, without creative support a media company is just a trash.
At the end of the day, you have to engage your audiences/ viewers, so without new thoughts, ideas & imagination how will you do it?
I think you got my point, right? But still, if you have question like where exactly the role of a creative person comes, then I am giving you some examples.
For Visual communication purpose (conceptualizing UI & UX related part), marketing & advertising concept building & designing, end to end graphical requirement for varied type of content and many more.
So now, are you getting my point that why I was telling to have creative team is must, for the success of your venture?
Now? After al these, you have to market it right? Developing business areas, marketing your product, finding prospective clients, generating awareness, creating a lasting brand value & generating revenue.
Because whatever business it is, if you can’t generate revenue then it of no meaning. Your survival will be in question!
So you should have a strong marketing & sales team ready according to the size of your venture for both digital & traditional segment.
As it’s an online media, so you need to have a core digital marketing team for increasing your reach, awareness, spread & value in digital medium.
Apart from that you have to continue traditional business & market development efforts too. For conducting different events, seminars etc. and also finding prospective advertisers or sponsors for your venture.
So these are humongous tasks and lots of planning, estimation is required before execution. So don’t take it lightly because lets say, you have a great product or medium, but if you can’t take it to the people then it’s of no use.
So have your marketing team ready!
These are the four main pillars/ segments, which are highly essential for starting & running any online media business. Now I want to hear from you, what is your opinion regarding this?