So often testing and tweaking a product once it’s released is a nice-to-have but not a need-to-have. Tel Aviv-based startup EyeView believes it can make the refinement process easy when it comes to online product demo videos. The company shoots and optimizes product demo videos for its customers to help boost conversion rates.
The company said this week that it received more than $1 million in its first round of funding led by Lightspeed-Gemini Internet Lab and another private investor.
There are two components to EyeView’s service. The first is a video production company that focuses solely on making product demo videos — nothing else. The second part of the company provides analytics to determine how a customer can best optimize those videos to improve conversion rates. A conversion could be a sale or site registration — however the customer defines it.
EyeView’s solution is straightforward a/b testing. It runs different versions of videos to audiences to see which one performs best and adjusts accordingly. For example, through its work, EyeView ran videos with both male and female voiceovers and found that for finance-related products, a male voice over converts better.
Since EyeView has its own video production facilities in-house it can make changes and run different tests all on its own. A company like TurnHere can create and distribute your video, but doesn’t provide much in the way of analytics. Using Google Optimizer or Omniture will provide analytics, but not the video.
EyeView offers two packages for customers to choose from. The Rich Media option is the more straightforward of the two, with EyeView charging “thousands” per video plus a payment for the technology, based on traffic. The newly-announced Full Conversion option is meant for larger companies and does not cost anything upfront, but the company will be charged based on the percentage growth of the conversions (assuming there is growth).
It seems like, because the process isn’t more automated and requires more production work, this business will be hard to scale. But there is value for companies who rely on these types of videos to explain their product or business.
EyeView has been around for a year and has offices in Tel Aviv, Boston and Syndney. The company has a roster of 40 clients including eBay (s EBAY) using the service.