Sometimes lessons learned from ANALOG board games, go a long way in the DIGITAL world, too! What did YOU learn from Monopoly? See if we are thinking the same things:
FIRST: It all about Location, location, location. Monopoly is a Real Estate game, right? I rest my case. But video has a location element as well, in a video’s proximity to the right audience, in-context. It’s all about Trust and Relevance, whether you are delivering content or advertising. Be sure you offer the right message and deliver it optimally, but without the right location — as all good “Monopolists” know — you will rarely reap “green” results from “pale blue” properties.
SECOND: KISS- Don’t Overdo it. Rather than building up a huge presence on one site, with one video – produce more and different video content pieces. MORE IS BETTER! In Monopoly Park Place and Boardwalk are important, but you can’t win with those alone. So go ahead and take a few risks with content and audience and channels, and build from there.
THIRD: Start slow and then build consistently- look for deals. Do not feel the need to BUY placements. There are plenty of no-cost distribution channels out there. Try a few, see what you get and use those results to drive any paid placements you want to add in round two. Test, test, test – before you buy! Great deals and not-so-great deals exist at nearly every turn.
FOURTH: It is ALL about the numbers. The analytical approach always bears the most fruit. Know how success is measured for you. Define your key performance metrics and track them religiously. Optimize your results and know the limits of your budget. Running out of money will leave you mortgaging your properties or worse.
FIFTH: Lady Luck be on your side! Strategy and skill can go a long way toward a win, but luck – the roll of a dice and the poor choices of one’s competitors – can make a huge difference in your “game”. With online video, as in all other business, chance favors the prepared. “Be Prepared” is the best lesson I ever learned!
Shall we look at the Game of Life next time? Ahhh, maybe not- it was a poor imitation anyway!
Special thanks to William A. Lederer for an inspiring article last summer, that generated today’s post!