Wednesday, September 20, 2017

You Need To Know Your Market To Make Money With Videos – More Great Stuff From Julie Clark

November 23, 2009 by  
Filed under All Posts, Market Research, Research

Last week I discussed the first takeaway I got from Julie Clark’s presentation at Ali Brown’s SHINE event in November – how you don’t have to be a videographer to produce a special interest video. Today I’m going to talk about another takeaway and it is one of the key aspects you need to consider FIRST in order to make money selling your videos

–  or really any product or service. That important aspect? You need to know your market.

You could say at first glance that Julie’s success was a fluke. I mean, you hear stories of how people invent businesses or industries in their garage – think Apple, Amazon or Hewlett Packard – and go on to great success. Many people may attribute that to pure genius or being lucky by having a great idea. But while having that is crucial, what Julie, and all those others really had, also boils down to this:

She understood and knew her market and saw a huge need that was not being met.

When she was looking for programming to entertain her new baby, she found many products out there that catered to the baby but not really anything she, as an adult, enjoyed watching. She did not want to just pop a Barney video into the VCR, plop her baby in front of the television and then walk away. She really wanted something she could interactively share – and enjoy – with her baby. She felt that if she loved listening to classical music, her baby might, too. It she loved looking at beautiful paintings, her baby would too. So the idea of creating a video combining both music and art was born.

But that in itself wasn’t enough to increase her chances for success for selling this video commercially. Since her target audience doesn’t buy videos, she had to appeal to the parents. To find out if her product would do this, she asked other moms she knew to view her video. She felt that not only would she like to share the humanities with her baby through a multi-media venue, but that other parents might enjoy exposing their children to this as well. It turned out that they loved it. So she thought, maybe more parents would love it too. That is what led her to seek out distributors to get her video more widely seen.

The first key point from this is you need to know the market you want to sell to. And one of the best places to start is with a topic you know well in a market you are familiar with. We talk more about this subject in the previous articles – Picking and Researching a Topic and Are You Stuck For A Project Idea.

That being said, being too in love with a topic may not bring you the success you want. Before you invest too much time and money, you should step away from it and look at your market and pay attention to what the market wants. As one of our mentors, Dan Kennedy says, the market could care less what YOU want to sell, they care about what THEY want to buy.

You do this by asking questions – in person, in emails, through surveys on websites – and then objectively listen to their responses and what they say they are looking for. Best case scenario would be that all signs point to a high interest in your topic, so you have a great indication that if you produce your product, it may sell well. Worst case would be not much interest, in which case you’ve saved yourself a lot of time and money. But don’t despair. From the responses, you will probably be able to adjust your video idea to a product that has a greater chance for success…and you already have potential buyers when you do get ready to sell it.

Julie felt she knew her market well and it turned out she was right. But she took a risk by producing it first and then testing it with them before she went to stores. We have done that too with mixed results.

A simple way to test your market before investing the time and money to produce a video is to offer a free report on the topic. If nobody seems interested, that’s a bad sign. If you get a lot of interest in the report, you may be on to a great topic that people want to learn more about. It is a great start in your market research.

In a few days, I’ll be discussing another great takeaway from Julie’s speech – a definite pro to producing this type of product is that a video can be made on a small budget.

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