YouTube and money and you for a winning formula

Who would have thought that it’s possible to make money via YouTube. An interesting article in the online New York Times caught my eye. It describes the successes made by a few people who have been able to work out what YouTube is about and have partnered with the company to generate ad income for themselves.

It’s just a matter of time and there will be multiple eBooks on the topic, all available for free. This latest money making opportunity will be promoted by bloggers. It will be hailed as the latest ‘millionaire making’ solution and  ‘how to become a six figure earner on YouTube’ training material will be on sale for some ridiculously small amount.

It is nevertheless interesting to see that there is a money making opportunity in this web 2.0 visual media sharing space. However, as with all businesses the success of the venture will depend on adhering to old-fashioned marketing principles even if it operates within a leading edge field.

Principle 1:  be passionate about your product and have fun doing it. Michael Buckley whose online gossip show What the Buck is making him a decent living, started his video show for fun. He didn’t work at it to make money. He just enjoyed talking about celebrities and making fun of the absurdness of the whole culture.

Principle 2: understand what your market wants and give it to them. In the case of Michael Buckley, he produces celebrity gossip now available on YouTube for reading challenged folk.

Principle 3: invest your time and effort. Michael Buckley, spent 40hrs a week on making YouTube videos for over a year before he made any money. This time was over and above his regular job. In fact he has only recently been able to give up his full time job to focus on his video production business.

Principle 4: stand out in the clutter. As with all products and services, you have to rise above the noise in order to be heard. There is that USP (unique selling proposition) again. You have to be remarkable, noteworthy, special.

Principle 5: really get to know your industry. You have to know what’s going on. Although in the case of YouTube the costs to enter are minimal. A camera, a computer, cloth for the background and lights are not going to break the bank. But you do need to know how YouTube works, how to market and spread the word in terms of social networking. And of course you need to know how to make a watchable and entertaining video.

Get the basics right and you will be able to make money whether on YouTube, as a blogger, affiliate marketer, consultant, freelancer or as Joe the Plumber.  The great thing about YouTube is the fact that it works like other web 2.0 business opportunities in that money may still be made off niche interest groups.

You don’t need to be a PerezHilton or a What the Buck show.  You can still enthusiastically talk about garden tips, acne treatment or scrapbooking and build up an audience that could make you a living with ad revenue. Stick to the above principles, add some of your own and you should be good to go.

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