Adding Value Through Content Now… Monetization Later
by Ryan - October 6th, 2006 1:11 pm
If you’re looking for more proof that success on the web is directly related to content, look no further than the just released report Google in talks to buy YouTube.
In our Media Beat section, DT references YouTube and other user added content based sites (myspace, etc) quite often. Why does he talk about these sites so much? Because the column is called “The Media Beat” and this is where the beat will march us on. It can’t get any more evident than the 1.6 BILLION dollar price tag YouTube is getting slapped with.
Let me repeat the figure… 1.6 Billion dollars. What exactly is worth 1.6 billion? Well, user generated content is a major player in the future of advertising. And any store/site/spot that drives 40+ million people to come around the check things is going to be worth its weight in gold (that’s a lot of eyeballs). And the real brilliance in YouTube is not just the craze (original video) that has rapidly grown… but how that craze was grown. YouTube took advantage of the simple fact that people out there want their own content to be seen and heard. And deservedly so because some of those videos are flat out brilliant. Does YouTube sit in their offices trying to come up with crazy video ideas themselves? No, they do not. Instead they allow their crazy users to come up with content, post it, share it and spread it themselves. The more viral it gets the higher YouTube grows in user numbers which in turn increases their value.
Google is very aware of this phenomenon, having cashed in our their own search phenonmenon years ago. And it looks now that they are going straight for the jugular to capitalize on it.
So how does this fit in with us regular joes out there trying to build a website with the intention of monetization? Simple… regardless of the niche you’re in, it’s still all about the content. What have you been doing lately to increase the value of the content on your website? Do you allow your site visitors and customers to participate? Are you adding something useful for your visitors on a weekly, or even better, daily basis? Chances are the answer is no. Most content additions to ecommerce sites are by way of products and categories. Now don’t get me wrong, adding products and categories is great as long as there is value in those products and categories… but that is not the type of content I’m talking about here. Users EXPECT those products and categories… they also expect competitive prices, high quality customer service, etc… So simply following that method to add value to your site will do nothing more than keep a site as it should be.
The real value comes in the form of well thought out content additions that appeal to your customer base and become so noteworthy that people online ‘have to see it’. Just like that YouTube video of the squirrel water-skiing that became so popular a few years ago. Millions of people had to see it… Now, I understand your market is probably not as broad as the market of people who like to see funny things, but you’ve still got a market and you still need to speak to it in a manner that is not entirely self-serving (meaning: making sales).
I was interested to read a post from Rand at SEOmoz last week where he lays out time spent per SEO client and where his efforts lie (entitled: “Time Distribution for Effective Online Marketing“). It was no suprise to me that Rand spends 40% of his alloted SEO budget per client developing this type of content.
40% is a large part of the overall budget and the the investment is certainly a risky one (if the created content fails to draw visitors). But Rand is able to do this because he has a knack for developing must see stuff that speaks to a known group of active online participants. The problem with that is, most of us in the ecommerce world do not sell to the most tech savvy group of people out there which generally means they are not active participants in the commenting, user added value department. Regardless, that should not stop us. We still see many examples out there of how users can and will add content to a site which adds value, as well as site additions that are so useful people have to use them. An example that sticks out most in my mind that accomplishes both are the reviews at Amazon.com. I can not remember a time I purchased something at Amazon without spending at least 30 minutes reading user reviews. All Amazon did was provide a feedback form for customers and now they’ve got tons of user generated content that helps to MAKE MORE SALES. What’s better than that?
So if a piece or pieces of content can be created that have an impact on your users or an addition to your site can be made that encourages easy user participation, then it would certainly be considered time well spent, if done properly. The problem is most people in the ecommerce world do not even consider such a strategy as worthwhile and the few who do simply put up a blog and add content that is regurgitated throughout the internet. There is no value added there and the efforts seem to be drivin only by “I heard adding a blog to my site would help us in the search engines” and various other poorly thought out reasons.
So, what can you do to add value to your site, encourage your community to participate and build something truely value added and mutually beneficial?
An answer to that question along with an effective implementation plan might be one of the best investments you’ve ever made.
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