Just what is the value of video?
If a picture is worth a thousand words, what’s a YouTube video worth? If your company offers products or services to the general public, it may be worth more than you think. A lot more…
First, here are a few key YouTube stats to consider:
- 94 of AdAge’s Top 100 advertisers have run campaigns on YouTube
- The number of advertisers using display ads on YouTube increased ten-times in the last year
- The YouTube player is embedded across tens of millions of websites
- More than 4 million people are auto-sharing YouTube videos to at least one social network
- YouTube’s demographic is 18-54 years old
In short, YouTube is a 24-hour, on-demand video channel that is accessible to anyone, anywhere, with Internet access. Oh, and did I mention that it’s FREE to use?
There are numerous stories of companies that have successfully tapped the reach and power of YouTube. Here are a couple of case studies worth reading.
- Orabrush – The Orabrush is a tongue brush with soft, flexible, pointed bristles that is designed to help eliminate bad breath caused by bacteria buildup on the tongue. Not a sexy product. The inventor of the Orabrush, Bob Wagstaff, is a 75-year old physician from Utah. He first attempted to sell the Orabrush via an infomercial – it failed miserably. He then attempted to sell the Orabrush directly through retailers – nobody was interested. In desperation, he turned to the Marketing Dept. at Brigham Young University. The students conducted an exhaustive study of online consumers and came to the conclusion that 92 percent of online consumers would not be interested in buying an Orabrush – and told Dr. Wagstaff to give up. One student, however, pointed out that the 8 percent of online consumers who might be interested in an Orabrush still accounted for a potential market of millions of people. This one student created a video for a few hundred dollars and posted it on YouTube. In less than a year, Orabrush sold more than $1 million in tongue brushes and Dr. Wagstaff has since been approached by retailers and distributors from more than 40 countries who want to sell his product. You can watch the story of Orabrush here.
- Piper Sport – The Piper Sport is a new, lightweight, entry-level airplane that was introduced to the U.S. market in January 2010 with a price tag of $120,000+. The Sport airplane wasn’t even in production when it was introduced to the market – Piper had only built a couple of prototypes for demonstration purposes. So, how do you sell a six-figure sport airplane (that doesn’t even exist yet) during one of the worst economic downturns in U.S. history? Piper decided to use social media and YouTube as its primary marketing channels. With a total marketing budget of less than $40,000, Piper created a YouTube channel and a series of short demonstration videos for the Sport. Consumers began contacting Piper online, asking how they could buy a Sport. Piper set up a PayPal account where users could place an order and make an online deposit of $10,000. In less than 2 weeks, Piper sold its first Sport airplane online. Then, in the following 90 days, the YouTube videos spurred orders of more than $2.1 million, resulting in an ROI of 42x! And, remember, all of these sales were for an airplane that still wasn’t in production yet! You can watch the story of the Piper Sport here.
Whether you’re selling an $8 product like the Orabrush or a $120,000 product like the Piper Sport airplane, there’s no denying the power, flexibility and economical reach of YouTube.
Like any other marketing tool, you have to know how to use YouTube and how to best tell the story of your company’s product or service if you want to have your own success story. It’s not easy – it takes careful planning, a coordinated strategy and creative talent to develop a YouTube video marketing campaign. But, compared to the cost and inflexibility of running local TV ads, a YouTube video marketing campaign is an economical and potentially more far-reaching medium than you might think.
Parthenon’s digital team has the experience and know-how to create a unified YouTube and social media strategy for your company. Call us and let’s talk.
Got the picture?