There’s no question that the popularity of digital video is continuing to gain momentum. According to Bloomberg Business, “The fastest-growing segment by far is online video, with year-over-year growth rates north of 50 percent.” The internet is where people are going for content. Why? It’s easy, instant and accessible. Today’s consumers are less willing to wait for a DVD to arrive in the mail, as they’ve become accustomed to the convenience and instant gratification that digital video provides.
Developing great video content is the hard part. If you’ve already got that under your belt, understanding these basics of selling video online will help you get your digital video business started off on the right foot.
Why Digital Video is Important
Savvy businesses recognize the vital role digital video plays in the effectiveness of their online content, both from a product and marketing perspective. Consumers—especially those on mobile devices—demand instant gratification in the form of dynamic, high-quality content and eye-catching graphics. There are few digital media formats that can deliver this experience to customers quite like digital video.
Just look at platforms like Netflix, Hulu and YouTube; digital video isn’t going anywhere anytime soon and is positioned to eclipse television as the preferred format for video within one to two years, researchers predict. The reason is simple: video can tell a story and make an impact more effectively than almost any other digital medium. And with digital video you can create an asset once, and sell it again and again. Plus, with digital video you’ll have low business overhead since you will not need to hold physical inventory or incur physical fulfillment costs.
Important Factors in Selling Video Online
Since today’s video consumers expect to be able to access their content any time, anywhere from any device, offering a variety of digital video formats is important. Make sure you have the capabilities to provide streaming video that customers can access with an internet connection, as well as video downloads that customers can access if they’re not connected to WIFI or are concerned about burning through their data plans. Further, many mobile users prefer to access content through mobile apps, so it’s a good idea to offer that option too.
Monetizing Your Digital Video Content
There are countless ways to monetize your video content, including through affiliate sales, advertisements and sponsorships to name a few. However, one of the most profitable ways to build a long term business with video is by selling direct to consumer. Consumers are willing to pay a premium for great content that addresses their needs, solves their problems or provides entertainment.
Great, catchy content with a compelling message that comes from a consistent and interesting brand will provide a lot of value to customers. Consider offering your digital videos in several different ways: rental, subscription, single purchase, trial period or as part of a product bundle. Additionally, consider creating other digital assets such as eBooks, audio files or PDF downloads to increase the value of your offerings and address the needs of many different types of customers.
How Do Users Find Your Content?
Once you’ve got great content, in order to acquire new customers you’ve got to market it. Social media, SEO, email campaigns and online advertising are all great places to start. After all, what good is expertly produced content if there’s no one to consume it? To aid in your marketing efforts, consider these action items for making your video content relevant, easy to find and consumer friendly:
- Choose meaningful video titles with relevant keywords
- Tag videos with search terms your target audience might use
- Produce meta data (video descriptions) that contain relevant keywords but are still concise and easy to read
- Continue to add fresh content—this ensures search engines will continuously index the content on your site
- Generate the highest quality content possible
Now is the time to sell your great digital video content online. The demand for high quality digital video content is only growing. Carve out your niche, identify your target market and figure out how to reach them through your marketing efforts. Take action now and before you know it you’ll have developed a network of raving fans and happy customers.