In a world where virtually any video can be found online for free, is it possible to make a living by selling premium online videos on a video platform?
This will sound like a copout, but the answer is it depends. However, what we do know is that people are hungry for videos. Let’s look at the numbers.
- According to ComScore and Nielsen, 85 percent of the internet audience in the US watches videos online.
- Forbes reports that between 2016 and 2017, brand video content views surged by 99 percent on YouTube and a staggering 258 percent on Facebook.
- Users are also gravitating to certain types of videos. For example, searches for “how-to” or tutorial videos continue to grow by 70 percent year over year, according to data released by Google.
So, what does all this mean? For starters, it’s safe to say that the demand for video isn’t going to go away anytime soon. Video’s ability to communicate messages in a visual and engaging way all but secures its position in marketing for years to come.
However, making people want to pay for video is another story. This business model requires showing the value of your video content and proving how it can make your audience’s lives better. In this guide, we will go over 7 tactics you can leverage to sell online video content through the best video platform for product marketing and eCommerce.7 Steps to Launch a Successful Online Video PlatformClick To Tweet
1. Find Your Niche to Separate Yourself
Let’s face it, if you’re a solo entrepreneur or even a small team, it will be difficult to compete with large platforms like YouTube, Vimeo, or even Facebook, which is slowly turning into a video giant itself.
Just because you can’t compete directly with these names, doesn’t mean you won’t find customers. It depends on how you separate yourself from the competition, which is where finding your niche comes in.
When setting up your online video marketplace, what kind of videos do you want to sell? This, in turn, will lead to another question: What am I an expert in?
From here, you can then explore different topics and themes you can discuss in your premium videos, including:
- Expertise in an aspect of business
- Knowledge of fitness or a health professional
- Background as a motivational speaker
- Ability to play a musical instrument
- Background in an art or craft, such as filmmaking, audio production, video production, graphic design, woodworking, and fine art among many others
You should also do heavy research on video platforms like YouTube and Udemy to see which topics niches are relatively unexplored. This will give you an idea of how to position your video platform.
2. Gauge Your Audience’s Reception
After identifying your niche, you can then test the waters to see if people are interested enough in your videos to pay for them. Try offering a free video on your blog, social media, or YouTube channel to gauge the reaction. Are you engaging your users successfully? Did they leave positive feedback? Did they provide suggestions on what topics and subtopics you can explore in future videos?
Remember, it’s not enough to just create videos about topics in your area of expertise. There has to be an intersection between your interests or niche and where your target audience has an interest. This is the key to monetizing your videos.
This brings us to the next step.
3. Plan Your Video Content
To help clarify the purpose of your videos, take the time to answer the following questions:
- Who is my target audience? Be sure to identify their demographics, interests, location, and pain points and challenges (which is where your videos can help them)
- What outcome/s do I want for people who subscribe to my video marketplace? This can range from education and entertainment to training and product research among many others.
- What special additional value will set my online video marketplace apart from competitors? This is your platform’s X Factor, the one thing that your audience won’t find on other sites. It could be insights only you possess or industry experience unique to your background.
Once you can provide clear answers to the questions, you can start creating your video content.
4. Decide on a Payment Model
Before you create your first premium video, you must first decide what your payment scheme will be. Although there are many monetization models out there, they usually boil down to three options: The Best Video Platform For Product Marketing and Ecommerce
- Advertising-based video on demand (AVOD)
- Subscription-based video on demand (SVOD)
- Transactional-video on demand (TVOD)
Video platforms like YouTube, Vimeo, and Dailymotion are free to the public because they depend on advertising revenue—not the model used by video marketplaces. Instead, you can choose between an SVOD or TVOD payment.
In a subscription-based video marketplace, subscribers simply pay a monthly fee to get access to premium video content. On the other hand, a transaction-based scheme is one where users pay a fee for every single video they wish to view or download.
With Yondo, you can choose whether you’d like to sell your videos for a one-off purchase, timed rental price, or as part of a monthly subscription package.
5. Start Creating Your Videos
Now comes the fun part—producing your videos.
If you have the skills and software to make your own videos from scratch, start recording footage. Alternatively, you can hire a professional video production team to handle the production side of your videos while you focus on conceptualizing your ideas and themes.
It’s also important to remember that your videos may need to be supplemented with other content assets to create a more fulfilling experience for your audience. For example, if your videos revolve around instructional topics or online courses, it’s a good idea to provide other materials such as PDFs, downloadable modules, eBooks, and slides among others. As one of the best video platforms for product marketing and eCommerce, Yondo makes it easy to start a single functionality marketplace with live online experts or video on demand. You also can combine multiple functionalities to sell video, audio, eBook or podcasts within the same marketplace.
If your content revolves around practical learning, such as fitness or weight loss, it’s a good idea to create a fitness program or weight loss regimen that viewers can download. These assets can either be sold as separate products or included with the price of buying/subscribing to your videos.
6. Hosting Your Videos on a Video Platform
The next step is figuring out where to host your videos. There are a number of ways to do this.
- Code your website from scratch. If you know how to code, you can build your video marketplace yourself. The obvious downside is that developing a site on your own will take a great deal of time.
- Pay a developer. Of course, you could always pay someone else to do it for you. Just don’t expect it to be cheap or quick.
- Sign up for existing marketplace software. Paying for a hosted software solution (SaaS) gives you the best of both worlds: a proven and ready-to-use infrastructure for your video marketplace that still leaves a bit of room for customization.
There is no one-size-fits-all approach to hosting your content. It all depends on the needs and circumstances of your business. Yondo has created a customizable system that allows you to instantly scale thousands of sellers or product offerings with no developer required on the best video platform for product marketing and eCommerce.
7. Consider Creating a Branded App
Considering that the majority of people watch video content on their mobile devices, it’s a good idea to have a branded app for your video marketplace. Again, this can either be coded from scratch or created by subscribing to a SaaS provider. Whatever the case, having an app ensures that your target audience has a convenient and preferred way to access your videos.
Remember, creating and hosting your videos is just the first step. You still have to get the word out your new online course, instructional video, or webisode. Don’t neglect the importance of promoting your content on your social media channels, through the media, or within your network.