You can start a brand new business without any products, without any services or even without any customers, by simply using the power of video content marketing. And I’ll show you how, in part 3 of this series “How to Start Your Business with Video Content Marketing – The Money.
The Part 1 we looked at The Content, in Part 2, we looked at The Audience. So if you haven’t yet watched those videos yet, click here and I promise to wait here until you to come back.
In Part 3, we will look at the Money, that is the monetization process, when your new business starts generating revenue.
There are two parts to the Monetization process – during the Audience Building stage and when you reach the Minimum Viable Audience stage.
Monetisation Stage 1-As your Grow your Audience
Starting a new business is about sharing your expertise and passion with an ever growing audience. It takes time, consistency and perseverance.
But during the journey of building your audience, you need to identify revenue opportunities so that you can keep paying those bills.
Listen to your audience. What is the language, the words they use to describe their aspirations, and their problems that you can help them with now.
Are there low-hanging fruits in revenue opportunities that you are not taking advantage of? Here are a few things to look for;
Advertising and Sponsorship
You can certainly monetise your Youtube channel by allowing ads to run on your videos, but as your niche market should be very narrow, right, it is unlikely to get enough views to earn a decent amount of revenue.
A more profitable alternative is to find a sponsor that is in line with your audience to support your channel.
Target sponsors that want to reach the same audience that you’re building. Any relationship you have with a paid sponsor should always be transparent with your audience. More importantly, your sponsor should be aligned with your own values as you will be judged by what other brands you associate yourself with.
They say you are the sum of the 5 people you spend the most time with and it’s the same with your brand.
Before you develop your own product and services, using affiliate marketing is a great way to better understand your audience really wants. Choose products and services that you use yourself and that you are confident will add value to your audience.
This is also a great way to develop relationships with influences in your niche. Today you may be working as their affiliate but tomorrow they may reciprocate and they become an affiliate for your products and services.
Consulting is another great way to earn revenue as you build your business. Use your videos to build your niche authority and use Calls to Action to contact you if they require your services.
This can extremely effective to help you develop your products and services as you will be receiving constant feedback on your audience needs and wants.
Monetisation – Stage 2 – Minimum Viable Audience
Stage II of the monetisation of your business can begin once you reach your Minimum Viable Audience or MVA.
You have an MVA as first described by Brian Clark from his Copyblogger website.
1. You’re receiving enough feedback from comments, emails, social networks, and social media news sites in order to adapt and evolve your content to better serve the audience.
2. You’re growing your audience organically thanks to social media sharing by existing audience members and earned media.
3. You’re gaining enough insight into what the audience needs to solve their problems or satisfy their desires beyond the free education you’re providing.
Ultimately you start getting feedback that tells you what product or service your audience wants to buy from you.
It’s time to develop your products and services, get it out there, and again, listen to the feedback so that you can continue to tweak your offering and add more value it. By creating more value, you can increase your prices and your profits.
Your audience trust you because they have consumed all of your free work and will feel confident to pay for products and service.
An alternative monetization model you can consider is known as Freemium. That is creating free high quality video content for the majority of your audience, but having additional paid content for a smaller amount of customers.
For examples – offering a free training webinar whereby you delivery quality content, and at the end, provide an option for your audience to purchase more advanced and personalised training with you.
This works because the free quality content will attract a large audience and there will always be some people who will want to take it to a higher level. They tend to be busy, so they want results quickly with less effort from them, and they are willing to pay a premium for that.
That ends these three part series of How to Start Your Business with Video Content Marketing. I hope you have enjoyed it as much as I have had to pleasure in presenting to you.
If you like the information from this video, you can Download the Cheat Sheet right here.
Until next time,
Video Marketing Strategist