Virool: Video-Seeding Platform for Advertisers - Essay Sample

Introduction

Virool is a video-seeding corporation that focuses on advertisers. It supports the marketing campaign of its clientele by distributing the client's advertising videos, which are hosted on the platform of the client's choice. Additionally, it customizes designs for the video player that delivers the advertising content. Virool compiles information on demographics, context, and behavior, geography and enables its clientele to place their videos where it is most likely to reach the target audience. The company has maintained a sizeable list of video publishers, so its broad base of clients can meet both the production and distribution requirements for the advert videos just by creating a Virool account.

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Virool was founded by Alexander Develop and Vladimir Gurgove in 2012. The company began offering simple advert services customized to the requirements of individuals and small businesses. Currently, it has expanded to more than 30,000 advertisers, among its clients being well known and established organizations. The Viroolians are motivated by a strong belief in the power of advertising combined with entertainment, i.e., advertainment. This form of advertisement uses digital videos to mix marketing messages and visual entertainment. In their latest advent, vertical reveal, they exemplify the forward-thinking vision of the founders. Identifying that the mobile devices present a significant net outlet for their business, with its designers formatting the new unit for viewership of the content on the mobile screen.

Mission Statement

An organization's mission statement should define its key fundamental objectives around its activities, especially the terms of its purpose. Virool mission and vision statement evolve to characterize its position as the leading digital advertising agency in the world market. In the case analysis of its Mission Statement, it goads the organization to propel the advertising industry by revolutionizing the advertising experience.

The vision statement concentrates on innovation. The use of these two statements acts as the guiding aspect for business growth and evolution, which has led to Virool changing how the field of advertisement used to be. The implementation of the mission and the vision statement has enabled the corporation to support its market position as the global prominent and most preferred advertising channel by established brands.

Virool mission statement is to "Inspire people by providing an extraordinary advertising experience." The mission statement depicts various vital components, including inspiration and innovation, and connects both the advertisers and the target audience. As a leading brand, Virool inspires people by creating educative content that is entertaining to watch, making it easy to remember. Inspiration is covered in its "Inspire" component in the mission statement. Additionally, the company shows innovation by introducing an extraordinary advertising experience, meaning it is not what people are used to.

The vision statement is, "To remain at the forefront of innovation, as the relatively new field of digital advertising continues to expand." The company uses the words “to remain” creatively to indicate that they are already authentic and futuristic, and would intend to remain so in their going concern. At the same time, the vision statement indicates that Virool intends to remain distinctive in the ever-changing world of digital advertisement and technology. To show connectedness, the companies recognize that digital technology will continuously change, and thus they are willing to change with it, thus connecting with people at every point.

External Scanning

The external scanning examines the environment the industry operates from, including aspects like the competitive structure, dynamics, competitive situation, and history. On the macro scale, it comprises the macroeconomics, political, demographics, social, and technological analysis. The best tool to use in analyzing the external factors is the PESTEL/PESTLE Analysis, which is an acronym for political, economic, social, technological, legal, and environmental factors.

Political Factors

Though it appears like digital world is borderless, search engines, social media, and other digital platforms in one area may be different from those in other geographical locations. To illustrate this, Facebook and YouTube has been blocked in the target market like China. These limitations are threats to Virool. On the other hand, Virool may explore opportunities in localized alternatives like Sina Weibo.

Economic Factors

The economic environment can be analyzed on a national or demographic-specific level. An example is that Virool may target companies that make products that fit a particular category of people, such as the young, the working call, etc. These considerations will determine the messages to use, and which prices range to use within that target audience.

Sociocultural Factors

In the component, Virool should seek to understand what is socially acceptable within a particular culture and the broader appreciation of numerous communities and beliefs. The knowledge will create opportunities and open newer markets, as they will customize and target specific adverts to specific areas, leading to the locals relating to the product and improving their brand image.

Technological Factors

When it comes to digital marketing, the component in the PESTLE analysis is easier to understand. It revolves around the technology being applied, whether the flexible mobile and wearables, or the more rigid digital TVs and computers. Flexibility is an opportunity since, in the modern world, individuals are exposed to different screen sizes and orientations each particular moment.

Ecological/Environmental Factors

Promoting environmentally conscious brands is an opportunity in an era when climate change is a significant concern. It is also a threat since the company is limited to the number of companies it can advertise.

Legal Factors

This is a significant consideration, as Virool needs to know the legality of a product before advertising it. For example, if its alcoholic products, Virool needs to know all the legal ages, and introduce proxies to prevent those who do not qualify from accessing such. Understanding the legality is an opportunity as a Virool can filter the content, and a threat since individuals may bypass the same, exposing the company to legal issues.

Internal Scanning

Virool is faced with a few internal factors that can be scanned using the SWOT analysis tool. SWOT analysis is an acronym for strengths, weaknesses, opportunities, and threats analysis of the internal factors.

Strengths

The strengths are the main drivers of Virool's success. They include brand name, a strong and creative team that ensures that the products being offered meets both the customers' needs. The company also has a unique approach to handling adverts, since, instead of just delivering the message, they relate events and products to the message and connect these components with humor, to entertain the consumers.

Weaknesses

Some of the internal weaknesses Virool may face is creativity overboard, where, in an attempt to create uniqueness in an advert, the designers may overdo specific components while overlooking others. The management may be stretching the designers beyond their limits, thus reducing their overall creativity. Lastly is the budget concept, where using a renowned brand like Virool may be more expensive compared to the competition.

Opportunities

Virool enjoys opportunities such as having a robust, loyal, and educated community since most of its clients are in established corporations that want to revolutionize their marketing. Additionally, it has quick access to customer issues as well as targeted and sales-ready traffic. As such, Virool has increased investment opportunities.

Threats

A Majority of established brands might deem it as just another startup. Virool is mainly dependent on political policies and economic performance, which are continually fluctuating and different in various countries. Virool also is exposed to legality issues since target marketing means harvesting data from platforms, and in some cases, or states, this might illegal except with the person's permission. With the rise of technology, the company faces stiff competition from upcoming and other giants such as Facebook, Google, and YouTube.

Strategy Formulation

The strategy formulation process denotes the method Virool could use to select the most suitable course of action to realize the best organizational goals and objectives. It involves numerous steps and does not have to follow a chronological order. However, the stages have been well thought and can track this order.

Setting Organizations’ objectives

Setting the objective forms a critical component as they stress what needs to be achieved upon the implementation of a strategy. In objective formulation, it is essential to consider all the aspects that could inform or influence the objectives. Upon setting the goals and the associated factors, strategic decisions can be taken.

Evaluating the Organizational Environment

Strategic managers need to assess the numerous economic and industrial settings the corporation operates from. These are the internal scanning and the external scanning using tools such as PESTLE analysis, SWOT analysis, and Porter's five forces model. It is also essential to conduct both the quantitative and qualitative reviews of digital marketing architecture. The review will ensure that all the factors that can lead to competitive success are determined for the Virool management to recognize all the company's strengths and weaknesses and those facing its competitors.

Setting Quantitative Targets

Virool must fix the quantitative target value for numerous administrative goals and objectives. The main idea behind this is to relate with the long-run clientele to determine and gauge their influence, which may be made by numerous product sectors or the operational divisions.

Aiming in Context with the Divisional Plans

In this phase, the input made by every department, division, or product type in Virool is identified. Thus, strategic planning in every sub-unit is completed accordingly. It requires a detailed and careful analysis of the remote factors to determine the trends.

Performance Analysis

The performance investigation involves discovering and studying the limitations, weaknesses, and gaps in the desired performance. A careful analysis and evaluation of Virool's past performance, present situation, and the expected future should be done. The research recognizes the degree of persistent gaps between reality and the long-term aim of the company. Virool can estimate the possible future situation based on the persistence of the present trends.

Choice of Strategy

This forms the eventual phase in the Virool strategy development. The superlative course of action is then selected after considering all the organizational objectives, goals, organizational strengths, limitations, potential, and external opportunities.

Strategy Implementation

Following the strategy formulation, the plan must be executed. The real action takes place here as the plans are transformed into action. It is the most rigorous and demanding stage of the whole strategic management process and involves numerous steps.

Evaluation and Communication

This revolves around aligning the strategies with the initiatives by analyzing whether the plans relate to the mission's ad vision of the Corporation. It also comprises aligning the set strategy with the annual budgets. Lastly, communication and clarification of all the proposed plans to the key stakeholders should be done.

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