Realization of the benefits of video monetization is predicated on the successful development and execution of a formal strategy. Strategy building encompasses an array of business and technical elements that form the basis of the strategy. The key questions typically addressed in a monetization strategy are outlined below:
Subject Matter Understanding:
• Are both technical and business stakeholders suitably familiar on the variety of visual video and online annotation effects and techniques used in the monetizing video process?
• Has ample information been gathered to support that annotated videos will be acceptable to the company’s target audiences and their end users?
• Has sufficient analysis been completed that validates that widespread use of annotated videos will have a positive and quantifiable impact on the company’s product sales and revenue?
Enterprise Strategic Influence:
• Is the annotation value proposition in alignment with the corporate marketing strategy and financial plan?
• Has the competitive landscape been analyzed to identify key competitor current and future plans and decisions for the use of annotated video?
Video Design & Standards:
• Has annotation visual effects types and styles been agreed and documented as standards?
• Is there a company process to create annotated video design specifications and development work orders in a professional and quality-centric manner?
Video Touch Points:
• Has research been completed and analyzed on the ease (or difficulty) for viewers to interact with annotated videos and web and mobile sites segmented by user age, computer literacy level, profession, life style interests and other viewer characteristics?
Video Production & Support:
• Will the video annotation process be an in-house or an outsourced business activity?
• Have online video platform (OVP) providers been identified capable of supporting annotated videos?
• Are all known technical issues and problems typically associated with online video use identified, plotted within a risk management framework, and mitigated as to potential negative outcomes?
• Have the technical platform(s) and device(s) to support the company’s annotating videos been identified?
• What delivery mode(s) for viewing the company’s annotated videos will be used? (Corporate web and mobile sites, Facebook, YouTube and other social media sites, reseller site, Blogs etc.)
Consumer expectations in the digital space are at an all-time high and companies are under pressure to keep customers happy and loyal to their brand, improve profitability and maintain or obtain a competitive market advantage. With this said, in the era of the smarter and empowered buyers, retailers need to grab the brass ring quickly and demonstrate through their innovative technology use that they understand and are reacting to market demands. In conclusion as Peter Drucker said, “The best way to predict the future is to create it.”
Co-Authored by Katherine O’Sullivan and Kevin O’Sullivan