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Online video offers a great opportunity for businesses, if done right. Here are three questions to ask to help you develop a video plan:

1. What are you doing today? The first step is taking a hard look at the current state of your business. What's your video strategy? Do you even have one? Be honest with yourself, create a plan, set aside a budget, make some hard goals, commit to creation and then get to work. Like anything in business, growth and improvement hinges on having a plan in place.

2. Do you know your audience? By getting to know your target audience, you'll become better at developing content that resonates with them; content that will motivate them to act, which means better results for your business. Don't just do something because you liked an example of what another business did. Another company's goals are likely completely different than yours. Once you take the necessary time to understand your ideal viewer/customer and get firm on the intention behind your videos, you'll receive more video plays and positive brand results.

3. Are you using analytics? Data-driven business decisions are so much easier these days with the analytics online video provides. This means everything you do in the video advertising realm can and should make your business more money. The better your insight into your video approach, the more effective your strategy can be. Analytics should be at the forefront of your strategy development, which should be reviewed and tweaked constantly in the ever-changing world of digital advertising. There is no such thing as 'set it and forget it', if results, awareness and sales are your goal.

Developing a video strategy that is flexible enough to evolve may seem daunting, but it doesn't have to be. Ultimately it's about understanding what your consumer audience wants, creating it, making sure it gets in front of them, and seeing how they react to it. Done properly, online video offers tremendous potential as far as brand awareness, recall and of course, sales.

Lisa Ostrikoff is a TV journalist and anchor-turned-creator of BizBOXTV, a Canadian online video production, advertising and social media marketing agency. You can find her on Twitter and Facebook.

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