Unlock More Revenue with Videos – With video marketing, when it comes to revenue capabilities, many online entrepreneurs are unaware of their options. Most only know to enable ad income when given the chance.
But the truth is, there are not only more ways to make money with your video marketing, but better ways as well. Monetization of videos is more than just ticking a box that allows people to run ads on your videos.
You want a formidable and diversified income stream with your videos that can grow into a significant dollar amount. Not only will you be adding to your own bottom line, but you’ll be giving your viewers better opportunities to spend money with your brand.
Leveraging a Subscription Video Model
Just as you can create gated text content on your blog that is reserved for paying subscribers, you can do the same with your videos. This is known as a subscription video on demand model.
Basically, it’s the same thing that video streaming services do. Netflix, Hulu, Amazon Prime Video, and others charge a monthly subscription for people to access ongoing content.
As long as you know how to set this up technically and what kind of content your audience is looking for on a regular basis, this is a video business model that can build into a significant income stream.
Having a recurring profit stream is better than relying on random payments that rise and fall over time. It gives you stability and growth instead.
If you were in online marketing, for example, you could have a system that delivered educational material via videos on a regular basis, building your library up into something big.
You can also lead with free videos and have premium options that are available for those who want to pay with a single payment or membership to something that gives them access to top tier video content.
Charging for Video Events
Another revenue option for senior marketers looking to make more money from their videos is to charge for event access. Think of it like a highly touted pay per view concept.
This is basically how your system works. You’re taking money for them to be able to access something like a live webinar, mastermind, or some sort of exclusive panel of experts giving a presentation that you can charge for.
You might have a low ticket, high volume of attendance strategy or a high ticket, limited access strategy. In order for this to be successful, you have to know how to prepare a worthwhile event and then promote it so that it generates a buzz and gets paying viewers signed up.
You also want to have a follow-up strategy in place designed to put the viewer into your funnel and continue catering to their needs where you’re making money on the backend of the process.
You might host a paid webinar event with an expert panel of SEO strategists and charge a fee for the live event because the audience gets to participate by asking questions and interacting with the panel. But you could also take that recording and charge for it as an info product later.
Ramping Up Revenue with Interactive Videos
Videos today are now interactive, allowing the person watching to be active rather than just sitting on the sidelines observing. When you have this capability with your videos, the interactive component can help you elevate your earnings to the next level.
For example, in the middle of a video, you can have your own video ad that allows viewers to click on some sort of element within the video that takes them to a sales page where they can learn more about what you are discussing.
This can even be done in videos where you are talking about tangible products, such as shoppable video ads. These are ads that display the products on screen and when the viewer clicks on them, they’re taken to a listing or landing page so that they can make a purchase.
In order for this type of revenue stream to be beneficial to you, you have to pay attention to the data analytics so that you can look at the metrics and see whether or not this is paying off for you.
You want to know what the conversion rate is for people clicking through on your link and ultimately purchasing products in that setting. If you see a poor performance of click throughs, it may mean that your video itself is not enticing enough.
But if people are enjoying your video and clicking through on a link and not buying, it could be that the product you are presenting to them does not live up to the standards they are looking for.
So if you were in the Internet marketing niche and you had a course about email marketing, you could create a video that had a shoppable component to it where a link or button opened up and allowed them to access a course or tool that you recommend that they get.
Another way you can have interactive video components is through gamification. This is becoming more popular among video marketers. Not only are they allowing people to open up incentivize items such as surveys or polls, but they’re gamifying it by allowing the viewer to choose their own the path through a series of follow up videos.
This entertains your viewer and gets them actively involved in the process so that they see your content as more customized to their needs and valuable. It gives you the opportunity to upsell or cross sell to them strategically because you are allowing them to play a role in how the information unfolds.
Use Patrons and Partners to Rev Up Your Video Income
You can also use the patrons and partners to play a role in contributing to your video revenue. One way to do this is through crowdfunding that you do using video marketing. Many niche experts are using platforms like Patreon and Kickstarter to raise money for projects that they may not be able to pay for without their audience’s help.
In order for this to be effective, you’ll want to have different tiers of access that people can choose to support, with higher tiers getting more value from your videos than the lower ones.
Oftentimes, viewers will become fans of a brand or marketer and they want to support you in your endeavors while having a direct hand in your success. For viewers who support you, you might give them rewards such as early access to your content, digital downloads that they can access to supplement your content, and direct praise in the videos and descriptions.
Sometimes, you’ll find sponsors who are willing to support senior entrepreneurs in their endeavors in exchange for being mentioned in your content and helping them get the exposure they are looking for.
You can also look for partnerships that could benefit you with your video marketing. Sometimes this means a collaboration between two influencers or brands. For example, if you are a vendor who created a course about email marketing, you might be able to partner up with an autoresponder platform who is willing to sponsor your content in exchange for giving them increased branding.
Or, you might find another niche expert who is willing to develop a co-branded video workshop with you so that you both bring your expertise to the table and educate the same audience with a very rich amount of value.
For example, you might be someone who excels at teaching email marketing, but you team up with partners who can teach things like content marketing, search engine optimization, pay per click ads, and other popular marketing topics that will give each of you branding and list building capabilities.
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