Video is a growing trend in online marketing, with companies large and small reaching out to audiences via YouTube, Vimeo and Brightcove at an increasing rate. And marketers aren’t off in recognizing the potential of the rubric – in January 2012 alone, 181 million people in the U.S. watched nearly 40 billion videos online.
Though video watching is popular, and getting a channel or video up and running online is fairly easy to do, a company’s ability to reach the right audience with a video is an entirely different ball game. This is where Brazil-born OvermediaCast comes in.
OvermediaCast provides analytics and feedback on video promotion for both viral and targeted actions, helping users to increase traffic and focus on the audience most likely to purchase their products or services. It provides metrics that reveal information on the behaviors, interests, consumption habits and public social network data of individual viewers.
The tool works by the tagging of a video, which enables the capture of audience actions and crosses computer IPs to gather information about each viewer. Data is presented on a unique dashboard comparing various channels and rubrics, and adjustments in marketing and publicity strategies can be made in real time.
The market OvermediaCast is dipping into is substantial, just in Latin America alone. Online video watching grew at a rapid rate in 2011, with the total videos viewed increasing by double digits in Brazil, Mexico, Argentina and Chile. Over 80% of internet users ages 15 and up in those countries watch online videos from home and work computers regularly. It is estimated that online video display will grow 21% between 2011 and 2014.
OvermediaCast CEO Daniel Uchôa spoke with us about the lay of the land in the online video marketing industry and his company’s plans moving forward.
Emily Stewart: OvermediaCast has taken part in a number of startup programs and organizations, including incubation and competitions, and boasts success in those endeavors. However, we know there’s a lot more to finding success on the marketplace. How do you plan to translate your past in these institutions into a viable future on the market?
Daniel Uchôa: Being incubated at CIETEC (the Center for Innovation, Entrepreneurship and Technology) and participating in acceleration programs has helped us to raise the market hypotheses necessary for validation. We won a few competitions that brought us visibility and gave us the opportunity to meet potential customers, big players and important stakeholders in advertising market and online videos. This interaction provides us with deeper knowledge about customers’ problems. We are constantly applying what we have learned: continually testing the market, validating (or not) hypotheses to reach the product/market fit. This, combined with strategic partnerships, will ensure a viable future in the market.
ES: You launched Audience Miner in December. How has the application grown since then? How many users do you have, and how many of them are paying users?
DU: Our market is B2B. Since December, we have achieved more than 500 active users, that means about 500 business of big, small or medium size are using OvermediaCast at least once a month (some interesting startups are included). We consider this a good number, because our investment in marketing has been almost nil, and the product is still under construction through daily interaction with our audience. About 20% of free users adhere to a premium plan, which we consider an excellent acceptance rate. What we have to do now is make some product and business model adjustments and then scale.
ES: Do you consider YouTube Analytics to be a competitor or a complementary service? If it is a competitor, what makes OvermediaCast stand apart?
DU: We consider it a complementary service as it offers mass data and comparative data between YouTube videos. This can be unified by OvermediaCast in a unique and complete dashboard. The big difference is that while YouTube Analytics gives one single report, OvermediaCast gives complete business video intelligence. It’s not just with YouTube, either – with any other video streaming platform, it does the same.
Imagine joining YouTube Analytics with the possibility of analyzing each person’s access, verifying what target audience was in fact reached and how that audience behaved. OvermediaCast allows for segmentation and adjustment of campaigns in real time. Added to it is the information about the efficiency of marketing channels, life cycle of videos, the impact of each action, mapping of viral components and influencers. It provides intelligence to guide online video marketing in order to build big audiences while keeping focus on the consumers who are more likely to acquire what is being promoted, improving the chances of a successful campaign. This is OvermediaCast’s mission, and we already offer this in our functional beta version.
ES: What are your plans now moving forward? Do you intend to seek investment, and what regions and areas will you be targeting?
DU: We are performing scale tests and closing partnerships that will result in solid business leverage. We have already received investments to do this, but soon we will start to seek out more capital to scale the business. OvermediaCast is global and modeled to the long tail, and at the moment, we are focused on the United States and Latin America. We are making sure not to lose sight other countries with a large internet population, such as Turkey, Canada and a few places in Europe and Asia.
Little by little, OvermediaCast is working its way into the market and gaining clients. With a case study that boasts a 4000% increase in audience size, as the model is further refined, similar results can likely be expected.