The online video world is truly heating up. Recent surveys show that this year American consumers will spend three times more hours watching streamed content versus videos on their aging DVD players. With such growth in the industry, content creators are rushing to get their videos out to a hungry audience, now more willing than ever to pop in their payment info and hit play.
However, in that rush to market, many video publishers are making hasty decisions about how they will offer their library, ones that could wind up negatively affecting their overall revenue.
Top Five Traps to Avoid When Selling Your Videos Online:
1.Choosing the Wrong Revenue Model
Many publishers are still stuck in the individual transaction workflow so heavily impressed on them from years of selling of DVDs one at a time. Research is showing that the lifetime customer revenue from subscription models is substantially larger than that generated from a customer purchasing individual pieces of content. By marketing to your customers about the benefits of subscribing, or at the very least to give them both options, you will see a substantial increase in revenue. If you have enough content to justify a subscription revenue model, do it.
Everyone considers their content to be valuable and in many cases, that is absolutely true. The question is, how valuable do your customers believe it to be? Possibly because of a lack of thorough market comparison with similar content and offers, many publishers have set the price for their videos (whether rental or subscription) much higher than their customers are willing to pay. By looking around at the prices and quality of competitors, video creators can arrive at a price that will actually result in much higher revenue through larger volume.
3.Low Production Quality – non-HD
With the online video marketplace getting more and more crowded every day, competition for consumers within a specific genre is only going to get tighter and tighter. Because of this, content creators must do everything in their control to make the best first impression possible on their audience. Even if the information or entertainment value is very high, if the production quality is poor, your audience may look elsewhere.
Famous carnival huckster and marketing innovator, P.T. Barnum once said, “Without promotion, something terrible happens…nothing.” Many content creators in the online video world seem to be under the impression that if their videos live on the internet, customers will automatically gravitate toward them. While the internet has certainly made it easier in some respects to find and attract customers, it has also opened that same door of convenience to the competition. If you are not using all that the web offers in terms of marketing and promotion, rest assured that there is someone in your field who is.
5.Not allowing for easy customer onboarding (free trial or coupon requiring credit card)
One of the greatest aspects of online video marketing is the ease at which someone can go from an interested prospect to a paying customer. In some cases, it literally takes a single click of the mouse. While this can be a powerful tool in the hands of a content creator, many sites set up for online video sales seem to go out of their way to make the payment process as complicated as possible. Make certain that your payment workflow is as simple as possible, motivating your customers to finish the journey with discount coupons and free trials. Both of these items can have added value when you require a credit card to be entered for their use, thus making repeated purchases or recurring subscriptions as easy as clicking the mouse.
Content creators hoping to take advantage of the many benefits that online sales offer must also make certain that they do not fall into one of the many traps that the activity also brings to the marketplace. Choose your steps online as carefully as you did during the process of creating your content and success in the world of online video will be yours.