In order to make a best of seven series to feel like a major deal, then I think a couple of things will be absolutely necessary for it to have a maximum level of impact.
1. The Wrestlers - In my opinion, the company needs to have its most over wrestlers wrestling in the series if they want the best chance of it getting over. Whether they're both babyfaces, whether one's a tweener, whether it's face vs. heel or even heel vs. heel featuring someone that fans will want to cheer for over the other; they have to be extremely over and booked to look very strong in the weeks or months leading up to the beginning of the series. During the ongoing build for the series, little things can also be done to make it feel special. For instance, some video packages that's set to look casual with wrestlers being "themselves" and giving their opinion on who'll win. Maybe do something similar in which footage is shown of fans who've been asked the question and video packages on the wrestlers themselves in some of their biggest moments. For instance, in WWE right now, some possible matches that the company might be able to really sell in such a series would be John Cena vs. Daniel Bryan, John Cena vs. CM Punk, Daniel Bryan vs. CM Punk or possibly using any of these three in a best of seven series against Brock Lesnar.
2. Match Quality - Once the wrestlers are in place, then the next big step is for these guys to really tear it up in the ring. As with the right wrestlers, match quality is essential. I'm not saying that they absolutely, flat out have to maim each other, but each match has to be a great outing that makes people want to see the next one just as much, if not more. Again, I think if a company wants a best of seven series to feel like an important happening, then the matches have got to be top notch with things getting more heated between the opponents as things go on. This is only my opinion, but I'd probably book it something along the lines of: Wrestler A & Wrestler B each win a standard 1 on 1, but highly competitive match cleanly. The next two matches are scheduled to also be standard 1 on 1 fair, but both end on a double disqualification as it breaks down into a wild brawl between them. This happens as due to mounting frustration, egos starting to get jacked up, professional pride, etc. The series would then be tied at 1 & 1, so the final 3 matches of the series would be some sort of specialty match. Wrestler A could win a street fight, for example, while Wrestler B wins a last man standing match. Both wins are clean and both highly competitive matches. It ties them up at 2 wins each, 2 DQs each and 1 match left, so the last match needs to be something special, maybe even combining some aspects of different gimmick matches; maybe something along the lines of an Iron Man Hell In A Cell match where the winner can only claim falls via pin or submission.
In reality, putting on a best of seven series isn't exactly something that'd take a whole lot of effort. However, it's not supposed to "feel" like it's something that's just a kinda sorta big deal. It should be something of a spectacle and there's no such thing as too much hype. If wrestling companies put half as much hype into pushing their ppvs as WWE has put into hyping the WWE App for the past 4 months, then maybe more shows wouldn't feel like they're "B shows."
