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| courtesy: Youtube.com |
As an entrepreneurship geek and youtube fan, i have noticed startups and entrepreneurs can get ahead by emulating these 3 things from youtube to build a strong brand.
- Collect Consumer Data
Google owns youtube and google is fundamentally an advertising company. Just like advertisers use data for targeted marketing, startups and entrepreneurs can find simple ways to collect client data so that they can better mold products for customers needs. This can be done by keeping the tinniest record available on the consumer. These tinny records become big data and enough data of a consumer allows you to make informed decisions about consumers wants. When you open youtube the videos you find in there are always somehow greographically, politically or culturally relevant to you. As you click on more videos, youtube uses your history to find more videos that are relevant to your intersest. That is how you end up watching 16 related videos instead of the 1 you originally planned to watch. Likewise, startups can create an information curating model that will always inform their decision into making products and services
- Customize Products and Services
One of the key things i like about youtube is how relevant videos associated with what you're watching pops up, this is as a result of the you viewing history. The more you indulge in the videos, the more they are able to better suggest videos for you. Likewise entrepreneurs can tailor make their products and services to better satisfy the client. The one size fit all approach to business does not work. Notice how youtube reiterates "your account history is visible to only you" when you're clearing your search history? This shows how important entrepreneurs can take advantage of consumer data to make specific products for a specific market. Because think about it, if the Pareto 80/20 rule is anything to go buy 20% of your clients would contribute 80% of your startups revenue. It just makes sense to pay more attention to your repeat clients whiles on the look out for other custormers
- Build a community
10 years ago i don't think there was anything like a youtube 'star' but now there is, and there a few of them who are even breaking into mainstream media. Sometimes i log on to youtube not just because of the video but rather for the comments because some of the comments i see on there make my day. Just like youtube stars have a strong following/subscribers who would not allow any troll to say something negative about their favourite star or icon, building a community around your product will help your startup get free publicity and gain fans who would be willing to evangelize the product both online and offline. These loyalist can serve as a focus group for the entrepreneur to test new products and ideas. Just like how youtube encourages conversation and replies, entrepreneurs can take advantage of feedback and encourage consumers to have conversations to help them gain maximum feedback.
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