With cell phones in every hand and laptops on every kitchen table, as a marketer, you surely know that video works. In fact, 87% of video marketers say video has increased traffic to their website, and users spend 88% more time on a website that has video.
Microsoft research has shown video is more effective than other media – they found that viewers retain 95% of a message when they watch it in a video compared to 10% when reading it in text.
And while the cost of entry for producing marketing videos and even webinars is lower than ever, producing professional-quality video content and webinars can chew up an ever-increasing percentage of your marketing budget. It’s worth it though -- 88% of marketers say they are satisfied with their video ROI.
Due to a global pandemic (okay, that part’s not imagined), your annual user conference will be a virtual event. Since it will be easier to access, you’ve managed to triple your usual in-person registration numbers! You’re going to deliver a fantastic experience on the day of the conference by simulating a live event using pre-recorded content on a fantastic virtual event platform. But your in-person conference attendees have gotten accustomed to being bowled over by your showmanship in previous years. How are you going to reproduce that experience? The answer: Professional staging, scripting, shooting and editing of your pre-recorded content. Ouch, that’s going to be expensive.
But you realize something important about the benefits of virtual events: In addition to tripling your reach through record event registrations, afterwards you can broaden reach even further by re-purposing all that expensive pre-recorded content. You’ve already spent all that time and money so it’s time to make the most of it.
Except...the conversions don’t roll in because the complete videos just don’t hold your audience’s attention.
Some of those videos are longer than the average hospital drama. Your loyal conference attendees may have been fine with that length, but are your sales prospects? They want to get right to the point – and research has shown that more than half of viewers will stop watching after two minutes. It’s time to go back to your video team or agency for some extensive editing. And what’s that going to cost in time, effort, and actual dollars?
Get more ROI by adapting long videos to short attention spans. Social media platforms get it – they limit the duration of videos you can post -- so editing snackable bites out of longer videos has become a necessity for social sharing.
Some research has concluded that the average adult long-term attention span has decreased from 12 minutes to 5 minutes over the last decade. Short-term attention spans have decreased as well; some say a goldfish will focus on something longer than we will.
When GoToWebinar tracked attentiveness by the percentage of time the webinar viewer is the primary window on attendees’ screens, they found that despite an average attendance of 57 mins, attentiveness to the content drops to around a third of the webinar time.
The scenario above is realistic but it’s an extreme example in terms of the initial investment. You’re probably running webinars – either live or straight to on-demand like 57% of On24’s customers – as often as every week, and producing explainer and demo videos as well. The costs add up, so you need to repurpose them as much as possible as efficiently as possible.
The best way to get more from your investment in longer videos and webinar recordings is to promote them with short clips and trailers, and snackifying them into short video moments that viewers can skim through.
That’s where artificial intelligence (AI) comes in. Parmonic’s patent-pending AI performs visual, linguistic and content analysis to recommend key moments and create trailers. Everything starts with the video transcript, which is the basis for Parmonic users to select or edit snackable moments by simply highlighting transcript sections. It’s also the basis for adding captioning to moments, trailers, or the full video. And the transcript can be easily downloaded.
You’re spending valuable resources on virtual event videos and webinar production and you need to deliver ROI. Why not stretch your marketing budget by making those videos work throughout the funnel, in multiple customer and prospect touchpoints, and as resources for additional content creation?
“If one was to go through traditional means it would require basically hiring a transcriptionist and a freelance video editor. Having worked on projects like that in the past and knowing what typical rates are, Parmonic is extremely reasonable in terms of having a single-source cloud-based resource to basically do all that for us.”
“We have been able to generate something on the order of 300 opportunities within our CRM system -- sales opportunities that are being influenced directly as a result of the virtual event and the on-demand simulations, which we're pretty happy about.”
Using Parmonic has “reduced our production time for converting long form content into small consumable resources by fourfold. Manually could take about three to four business days and multiple other resources to create chapter-based video content from one large hour-long webinar.”
"In 2020 year to date, by using Parmonic and the video bite program I just described, we have increased our viewership by 14.2% over the prior year in the first nine months. When I extrapolated our monthly run rate through the remainder of the year, we are projected to increase our annual views by almost 50%, 47.5% as you can see, bringing our total to more than 2,865 views, that's within a stone's throw of doubling our viewership from 2018."