Before we can figure out how to scale growth in a sustainable manner, we need to know who our target user is. Who is the person that has the problem that we are trying to solve? Does that person even realize that they have a problem in the first place? What are their needs and is what they are using now fulfilling their needs?
Broadly speaking, the target customer is someone who uses video content as a means to an end. The “end” in this case can be increased conversion rates, greater awareness, or user education/training, for example. As far as needs go, customers in this space appear to need two things: control and deep analytical capabilities. Unfortunately, YouTube doesn’t go very far with either of these, despite the SEO and distribution advantages it provides. As a result, a rather large market exists to provide businesses/content creators with tools that will give them the flexibility and data they need to succeed.
With that out of the way, let’s look at a couple of examples of who Vidyard’s target customers appear to be (as an outsider I can only make educated guesses):
- Video Content = Business
For this type of organization, the content is the business. They exist solely to produce quality content for others to consume. Interestingly, this type of business often relies almost exclusively on revenue from ads and sponsorship/endorsement deals.
Examples of this include College Humor and Revision 3. If you look at the way College Humor publishes its content, it staggers its releases. Original content is first released on their website and usually a week or so later, they publish it to YouTube. A possible reason for this behaviour is preventing the cannibalization of ad revenue through simultaneous publishing. Whatever the reason, they have a need to control scheduling and advertising on their content across multiple platforms. Using Vidyard, they can control the scheduling on both platforms easily. They can also potentially bring in more ad revenue because they would have access to a larger variety of ad inventory such as the slide-out CTAs, for example.
- Video Content = Marketing
This particular species of potential customer is more in tune with the “means to an end” picture I painted earlier. They use video content to describe, to sell, to educate, and so on. For them, the ability to measure how well the content is doing its job is key. If they cannot measure how well a particular piece of content is doing, it might as well not even be there. As I mentioned in my previous post, implementation without testing will probably lead to suboptimal results. Thus, testing various CTAs, different thumbnail pictures, or even different content can lead to even better results. Of course the ability to control CTA overlays can be important to this user as well as I’ll demonstrate with some examples.
Example #1: Imagine a startup that has just launched a landing page to gauge interest in some product. The startup founders decide to put up a video explaining what their product does. If they use Vidyard and a bit of discipline, they can test the hell out of it and optimize for conversions. Often, we see a video and a separate text box asking for an e-mail. With Vidyard, you can eliminate the text box and have it pop out as soon as the video is done or have it on a separate page that the video redirects the user to when it’s done playing. The beauty here is the plethora of options available now that the entrepreneurs have used Vidyard.
Example #2: Videos of unboxings, first thoughts, and reviews of consumer goods are extremely popular. This could indicate that a) consumers research product purchases by watching videos or b) people have the need to vicariously enjoy the smell of fresh styrofoam. However, these reviews, which can have an impact on purchasing decisions, are almost always located somewhere other than the product page on a retailer’s site. To watch reviews, the user leaves the product page and goes to YouTube to research. I’ll hypothesize that having the video review on the product page will allow a consumer to make an informed purchase decision without leaving the product page. Using Vidyard, a retailer could place a playlist of unboxings and video reviews on the product page and test to see if it produces more buyers than before (given that the reviews of the product are positive).
Oh, and one more thing. Another important need is to have your content viewable on any platform on any device. It’s a frustrating missed opportunity for a video marketer or a content creator.
In summary, we:
- Discussed how inadequacies in mainstream offerings do not meet the needs of businesses
- Identified two types of potential customers and their specific needs
- Took a look at specific examples of each type of customer
- Demonstrated how Vidyard could be creating value and solving problems for these customers
What I learned:
- Why this market exists in the first place and how competitive it is
- What the customers in the market could look like and what their needs are
- How Vidyard meets those needs
To top things off, I was going to embed a Vidyard player here with a video of some cats but blogs hosted on WordPress.com are not supported. Here’s the link anyways. Please note that I did not choose the background music.