Consider these facts - according to NIELSEN - 147.MM Americans watch video on the internet. ComScore research shows that 64% of users are more likely to buy a product online after watching a video. And, Forrester researcher Dr. James McQuivey estimates that one minute of video is equal to 1.8 million words.
It’s safe to say that internet video is a powerful way to communicate and connect with audiences and we are seeing our clients embrace internet video in a variety of ways. One trend we’re noticing is higher volumes of content, with different levels of production value based on the shelf life and purpose of each video. Our clients are wanting to spread their video budgets out across more video assets that can be released over time. This approach allows our clients to consistently engage with their audiences in a variety of ways.
How about a case study?
One of our clients, International Risk Management Institute (IRMI) based in Dallas, Texas, has embraced the power of video, and finds that their audience craves video in volume.
Two years ago, IRMI had about 10 videos. Today, they have 337 videos uploaded to their video platform and 50 more videos that Hotbed is currently producing on the way!
IRMI specializes in informing and educating their large community, so video has become a natural progression from the paper report to the myriad of tools they now offer their subscribers online. As a result, Hotbed helped to develop a strategy around video and produce a wide variety of video types for IRMI, including:
- Marketing videos, like this promo for their recent ERIC conference or this welcome video. These videos are pushed through a variety of channels to raise awareness around a product or event and funnel audiences to a point of purchase.
- How-to videos, from in-depth instruction on how to use research tools to website navigation, these videos help IRMI subscribers engage with IRMI more effectively.
- Content videos, or Thought Leader Videos, where authorities in all areas of insurance and risk management share tips. These videos provide IRMI’s audience with valuable knowledge, capture newsletter sign ups and funnel audiences to product offerings.
All IRMI’s videos support IRMI’s key business goals– to generate revenue, collect in-bound leads, guide users to buying opportunities, enhance the IRMI Online experience and ultimately provide IRMI users with the knowledge that will help them succeed.
Hotbed and IRMI utilize a video platform called Wistia to host their videos. Wistia is white label video player that allows IRMI to embed and manage their videos on IRMI web pages and do things like collect emails, add calls to action and track viewer data. Wistia tells us that in 2016, people clicked play on IRMI videos 14,000 times, watching 360 hours of video. Users submitted 200 emails through IRMI videos and many of those users opted in to newsletters. Wistia is a great tool.
Another ubiquitous tool IRMI has begun using is YouTube. YouTube allows IRMI to cast a wider net and offers IRMI an alternate channel through which they can reach their current audience as well as new audiences.
Aside from being another marketing tool, YouTube offers a couple of interesting monetization opportunities:
- First, YouTube allows IRMI to monetize their content by placing skippable ads within their videos, which makes for interesting passive income opportunities for companies of all kinds.
- YouTube also allows IRMI to package select, premium video content and charge a fee to get access. As IRMI’s YouTube audience grows, Hotbed will help IRMI test concepts like these.
IRMI is a company who values and understands what video can do – not only for their image, but for their evolving audience, and, ultimately their bottom line. With the evolution of video tools and an incredible amount of video data at our fingertips, Hotbed is excited to share their story and we look forward to trying volume programs with many more clients to come.