E Commerce Revenue

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A New Breed of Video Platform - The Online Video Commerce Platform

In the online video world, the term video platform typically refers to an outsourced application or SaaS (Software as a Service) for uploading, storing, encoding, publishing, reporting and delivering the finished video product to a single destination (website) or network.

There are several online video platforms available on the market today; however, there are only a few dominating players. In the past, online video platforms have been primarily focused on ad supported revenue models. The functionality of the video platform allows for advertising to be placed before, during and around the video content. The past performance data has shown that the advertising revenue model for online video is a difficult pathway to profitability.

Enter stage left a new breed of video platform. Consider the possibility of access to most features that the large video platform players offer but instead of selling advertising around the video content, actually selling access to view the video itself. Access is typically defined as a single view, unlimited views within a defined time period or actual download and ownership (similar to purchasing a DVD).

What makes this model different is that the payment process is built in and the publisher has the ability to conduct a sales transaction and stream video from the same platform. This functionality creates a seamless experience for both the user and the publisher. Further, the publisher has combined access to sales transaction history, performance analytics and metrics similar to what a merchant would experience with an online store. This is an important distinction between a traditional ad supported video platform and a video sales platform. A video published through a sales platform is actually sold as a product instead of being offered for free with advertising.

In addition, a video commerce platform allows a video catalog to be organized and presented in a storefront format where customers can browse through video content by category, watch previews, read descriptions, ratings and reviews. Further, the content owner/publisher has the ability to merchandise, control pricing as well as the visual appearance of the storefront so that the storefront shares the same look and feel of their website, project or brand. This functionality allows customers to feel like they are still navigating through the original web property. Because the payment process is built into the platform, the transaction experience is smooth and straightforward. Post purchase, the customer is able to stream or download the video(s) on demand as well as access the video content in the future (during the access period or forever depending on the individual terms of the video). Last but not least, a video commerce platform should have the ability to integrate with the iPhone (and other smart phones apps) as well as the iPad.

Another consideration is cost. This new type of video commerce platform has a performance element built in to the pricing. In a typical situation, there will be a small ongoing monthly fee combined with a revenue share split where the majority of the sales revenue is paid to the publisher. This is a favorable pricing environment to a video publisher/content owner because the platform service provider is willing to share some of the risk and has skin in the game (i.e. platform has incentive to help the publisher succeed).

Because the video commerce platform is a relatively new product on the market, it can be difficult to compare and contrast the providers who are offering services in this space. Here are ten things to consider when looking for a true online video commerce platform:

1. A high quality media player.
2. The ability to offer previews for each video as well as the ability to embed the media player (with previews) in a website, blog and/or affiliate partner sites.
3. Stream and download functionality with expiration.
4. A customizable video storefront template (i.e. not just a customizable player).
5. The ability to sell an individual video as well as a series of videos (i.e. for offering entire courses, video packages or boxed sets).
6. Secure commerce.
7. A focus in the video space (vs. the general digital download space).
8. SEO functionality built in and marketing support.
9. Sales transaction reports, performance analytics and metrics.
10. Ratings, reviews and comments functionality.

A large benefit of working with an outsourced video platform is the ability to plug and play and not carry the burden of development, functionality, storage, performance, payment processing and customer service. Outsourcing these functions frees up time for the publisher to focus on their core business instead of being bogged down with the technical aspects and time demands of building and managing an online video delivery and sales system in house.

An example of a true video commerce platform available on the market today is the MindBites Vide

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E Commerce Revenue Models

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Is Your Hours-For-Dollars Business Model Holding You Back? Empowering Business Models Part 3

Empowering Business Models

Your business model describes the way you do business. It involves your products and services, packaging and pricing, revenue generation, your target market, their needs, your solutions and the value you provide. Successful businesses use empowering models. How is yours working for you?

In this article I am going to focus on the aspect of a business model called revenue generation. This simply means how you provide value and solve your target market's problems in a way that generates revenue and then profits. I am also going to slant things even further so that I am talking about how coaches, consultants, therapists, trainers, speakers and other solo-professionals generate revenue.

Today's solo-preneurs are now serving one-to many instead of, or in addition to one-to-one. I still love traditional one-to-one coaching and mentoring. However, in the spirit of empowering both myself and my clients, I now offer these as premium packages. This is the way I can fully commit to supporting my clients and help them achieve results

Apart from serving one-to-many, today's solo-professional is also incorporating multiple streams of income into their business models. This means they have several avenues for generating revenue instead of focusing on one core stream of income. See part 2 of this series for practical examples.

Below are examples of revenue generation models that serve one-to-many, leverage the solo-professional's expertise, and bring in far more revenue, with much less stress, than charging dollars for hours:

1. Subscriptions or memberships

Participants pay a monthly/quarterly/annual fee for receiving products or service, or for membership of a group/club/forum etc. Given that great value is provided, members stay on for fixed or indefinite periods, ensuring leveraged income for the business owner. These could be moderately priced or high ticket memberships. They could be open to the public or exclusive. E.g. gym memberships, mastermind memberships, book or DVD clubs, forum memberships, monthly teleseminar clubs, personal development clubs. If you can package your expertise and deliver it in small doses, over a period of time you can create a membership or subscription.

2. Group coaching/Support programs

Instead of supporting one person at a time, this model involves coaching or supporting groups. It offers a win-win solution as participants access the support they need at lower fees than for one-on-ones and the business owner profits from the volume of people served e.g. weight-loss support groups, group coaching programs, writers' coaching programs.

3. Continuity programs

This involves providing product or support over an agreed period of time instead of a one-off solution e.g. a 6 month fitness package, with other bonuses, instead of individual classes; on-going business support for a fixed monthly fee or a weekly massage or aromatherapy package for stressed city executives. The customer agrees to keep receiving your product/service and paying for it until they cancel their membership. This way, the business owner serves a fixed number of people over a fixed term, and is thus guaranteed a fixed income for a given period. With 2 six-month programs in a year, or 3 quarterly ones, a year-long income stream is in place.

4. Events - Live/recorded; virtual/in-person

Instead of sharing the same information with each of your clients, why not hold an event and reach many of them at the same time? These could be live, as in workshops, speeches or training sessions. They could be recorded - as you deliver your workshop, speech or training session, have it recorded, then packaged as a DVD series, home study course, Do-It-Yourself system, workshop-in-a-box or paid-for broadcast. Events could be virtual, as in webinars, teleclasses, broadcasts or podcasts. Or they could be in-person events such as live classes, seminars or workshops.

5. Affiliate programs

Reach more people and earn more money by giving commissions to others who sell your products and services. Invite affiliates to sell your workshop places, eBooks, DVD series etc.

6. Licensing

If you have a system or product that works you don't need to be a Nobel Prize winner to have it licensed. Once this is done, you can offer others the license in exchange for licensing fees which are periodically renewed. Every time you up-grade your system or product, or licenses are renewed you generate more revenue. Examples of licensed products or services are software, training programs, cartoon character names and images, fitness systems, coaching models and educational courses.

7. Franchising

Create a system that works and turn it into a franchise. E.g. there are coaching franchises (ever heard of a Tony Robbins or Bob Proctor coach?), Health and wellness franchises (you must have heard of LighterLife!) networking groups (Are you in Athena?) and more.

8. Bait and Hook

This isn't devious like it sounds! A typical example would be to hold a low-cost or free workshop where you train participants to use a time management system then you keep on selling them the tools to implement the new system. For as long as they use your system they are buying your accessories. It's the same system used by printer manufacturers - you need to replace the ink; luxury pens where you need to buy refills, or low-cost razors where you buy blades for life! What can you create that would require recurring accessory purchase? A coaching program plus journals and CD series? Business solutions plus software subscriptions? Go on, think harder. You can come up with something!

These revenue models could be used in isolation but I would recommend a combination. In my business I use the first five and have plans to add more!

There are also other models for leveraging your expertise and earning more money. Examples include the premium model (serve fewer clients but charge higher fees for the premium service you provide); freemium model (offer something for free with great value, but restrict access to higher value content/service. To access the higher version the customer must "upgrade" at a price; loyalty model (clients receive rewards, such as loyalty points or bonuses for coming back or staying longer), and more.

This concludes the series on business models. I hope you have been inspired to stop selling hours for dollars or to up-grade your business model to a more empowering one. If you would like to make changes along these lines but do not know where to start, contact me today. I am happy to help!

What revenue generation models or combinations are you using in your business?

Which do you most enjoy and why? Share your thoughts with us below!

Oma Edoja is a UK-based business coach. She helps women small business owners attract a steady stream of clients using feminine, value-based strategies. If you are a female small busines

 

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E Commerce Chapter 3.flv


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