The Organizational Benefits of Producing Video
Video has become a staple of consumer internet use: the latest statistics say that 100 million people watch videos every single day (source). That said, businesses and other organizations are also increasingly turning towards video.
We expect video to continue growing in the future as organizations find new, high fidelity ways to communicate with customers and across their departments. With that in mind, here are just a handful of organizational benefits that come from producing original video content.
Communicating with Prospects and Customers
According to EyeView, adding a video to your landing page can significantly change your conversion rates. Some companies saw their conversions increase 80% by adding a product video! This is backed by a Forrester report that found adding video to your website makes your site six times more likely to convert a visitor into a paying customer.
Potential and existing customers are inundated with information every day, and a well-produced product video allows site visitors to learn about your product with very little effort. We’ve all been there–visiting a website and trying to understand, exactly, the purpose of a product.
Product videos help cut through the noise and provide a way for a site visitor to see your product and understand its benefits in 60 seconds or less. Consumers really appreciate companies that have videos; in fact, four times as many consumers prefer video than a text description of a product (Animoto).
On top of being an effective medium for communication with customers online, videos also provide a strong return on investment (ROI) for customer support departments. Consumers are used to searching for “how to” or “DIY” videos in their daily lives. And businesses can tap into this by creating and posting “how to” videos or walkthrough videos to their knowledge bases.
Videos are proven to convert website visitors into paying customers, and they’re also a great way to personalize the customer support experience and give people more “self-help” options.
Communicating Within Your Organization
Organizations can also benefit by using live and recorded video for internal communication. According to Forrester, employees are 75% more likely to watch a video than read documents or emails — and we absorb 50% more information through video than other forms of content.
Instead of being buried in emails, cross-departmental communication can be streamlined through the use of a video conference call. In addition to being direct, a video conference call allows your team members to read each other’s nonverbal cues.
Improving communication within teams leads to dramatic improvements. According to ClearCompany, 97% of employees find that “lack of alignment within a team” will negatively impact the outcome of a project. More specifically, Salesforce found that 86% of executives cite “lack of collaboration or ineffective communication” as the cause of workplace failures.
Imagine how much time and money could be saved if your team caught miscommunications or misunderstandings early!
There are also benefits to producing and storing pre-recorded videos. Managers and human resources (HR) professionals are in agreement: using video for onboarding and training are cheaper and more effective than traditional methods.
For example, IBM saved $579 million over a two-year period by shifting 50% of their company training to e-learning that includes video (Panopto). Not only is video cheaper and less disruptive than flying and meeting in person, video leads to better to knowledge retention than other digital mediums: Watching a video can increase knowledge retention by 25–60% (source).
Instead of giving the same, low-tech lecture over and over again, companies can invest into high-quality and engaging video content that is produced once. From there, training and HR videos can be used as the foundation of a modern training platform.
As more people work remotely, or we increasing coordination across departments and organizations to get the job done, pre-recorded and live video will continue to grow. We believe there will be a growing gap between teams that embrace video in the workplace and those that do not.
Conclusion
Video has numerous organizational benefits — from being an effective way to gain brand exposure and convert site visitors to improve internal communications and provide a more effective employee training platform.
We expect video to only grow as bandwidth, and devices with HD cameras, continue to penetrate the market. There are also companies like VideoCoin, who are looking to bring cutting-edge technology to the over-the-top (OTT) video streaming.
VideoCoin is building VideoCoin Network, a platform that leverages the blockchain to create a decentralized video infrastructure. Participants in the network earn VID tokens for performing tasks (like encoding or storing videos) from businesses who want to access this robust and highly-performant infrastructure. The shift from centralization to decentralization will usher in the next generation of video applications and platforms.
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