5 reasons why you should build a video academy
2020 changed how we do business, meet people, and live our daily lives. One of the outcomes of the pandemic is the explosion of online events, training, webinars, live streaming, and other video consumption. Zooms, GotoWebinars, or Teams are no longer enough to produce a premium online video experience. Event participants do not want to install 3rd party software and demand a brand-safe environment. The time of video academy is here.
To put it simply, video training is the new normal.
I believe that anyone responsible for training (internal or customers) should be publishing online videos as part of their education program. A video academy is a great place to centralise your efforts.
I am quite confident that after reading this, you’ll agree with me.
1. We are all professional TV watchers
We all know how to use TV, and we love watching it (or more generally, video). We talk about the programs we see and remember movies even after 10 years. Interestingly, there is a theoretical background to this called the “Pictorial Superiority Effect.” It states that we remember information better when pictures and words are used together.
Specifically, after three days, we tend to remember only 10% of the information we saw in word format, but we remember 65% of the information we saw in both picture and word formats. The old saying, “a picture is worth a thousand words,” certainly has its merits.
So, how does this matter for online video?
From a B2B perspective, it comes down to the fact that 68% of people prefer to learn about a new product or service by watching a short video (The State of Video Marketing 2019). In fact, according to a Pew Research study, 87% of users said that YouTube is important for helping them figure out how to do things they haven’t done before. YouTube clearly works, but the question is: wouldn’t you rather have people in your video academy, engaging with your videos, products, and services?
The motivation and demand to use video in training is evident. It’s valuable both as a standalone tool and as a complement to classroom training.
2. Videos offer better engagement.
You, as a trainer, surely want to reach as many students as possible, right?
Videos can play a vital role in your training syllabus, because employees are 75 percent more likely to watch a video than to read documents, emails or web articles (source: Forrester Research).
To continue using YouTube as an example (or perhaps a competitor to you), learning and educational content drives over a billion views a day on the platform. It’s hard to find another source of educational content that can boast such impressive numbers.
One of the main reasons for this high engagement is that people remember 20% of what they read but 80% of what they watch (source: Assignment Masters).
source: https://www.wyzowl.com/infographic-the-power-of-visual-communication/
Next, you might argue that not everyone learns by watching. You’re right. According to research conducted by employee training experts at AssignmentHelper.com.au, people absorb information in different ways—some prefer audio, while others learn better through visual means. However, video caters to both groups, and with subtitles, viewers can read while they watch.
So, why read the book if there’s a movie? Perhaps we should shift from RTFM (Read the F-ing Manual) to WTFV (Watch the F-ing Video). If this is the case, then it’s clearly between a classroom or a video. Stop printing manuals before it’s too late!
Of course, the content of the video itself significantly impacts engagement and effectiveness in teaching. For a deeper understanding, I recommend checking out this research paper from the University of Rochester.
3. Video Scales
We are all different, and so are teachers and trainers. Some are more popular than others, filling classrooms with eager learners. With online video training, the classroom is unlimited! Multiply the reach of your best trainers, teachers, and consultants through both live and on-demand video.
People are willing to pay for premium video content, and you should take advantage of this in your video academy.
For instance, as a consultant, you can extend your reach and generate consistent revenue from pay-per-view lectures or video training courses. This approach gives you more time to focus on brand building and keynote appearances.
Technological advancements ensure that video is scalable and accessible on all devices. Learning is no longer confined to traditional classrooms.
Since we’ve demonstrated that people learn extremely well by watching videos, it fits especially well with high-volume, low-income use cases like helpdesks. Using videos means less time spent by helpdesk personnel assisting customers, while simultaneously increasing customer satisfaction.
4. Videos Mean Productivity
Productivity is essential when it comes to customer retention and employee training. These areas are high-priority, as highlighted by LinkedIn’s 2017 Workplace Learning Report: “80% of learning and development professionals agree that developing employees is top-of-mind for the executive team. Yet L&D pros are challenged with limited budgets, small teams, and a gap in demonstrating return on investment (ROI). To tackle these challenges, L&D must demonstrate business impact.”
Training videos significantly reduce the need for expensive classroom training, which might not come as a surprise.
Here are some facts: IBM discovered that travel and lodging costs for traditional classroom-based training events average upwards of 40 percent of the total event cost. By shifting just 50% of company training to eLearning, IBM saved $579 million over a two-year period.
Microsoft has discovered that video can be an excellent tool for reducing training costs. The company’s internal video academy has become the go-to substitute for many classroom training events, claiming that their video portal has slashed the training cost from $303 to just $17 per participant per hour.
To maximize your ROI, consider using “recorded live” sessions. The basic idea is to organize an event where a pre-recorded presentation is used instead of a live one. Add a message board, and for viewers, there’s no difference from a real live event.
The cherry on top: the quality remains consistent, event after event.
Let your viewers share the videos on social media platforms like LinkedIn, Twitter, and Facebook. This can attract even more viewers to your outstanding content. Sharing a video is easy and can significantly multiply engagement.
5. Video Generates Revenues
53% of people want to see more videos in the future
Most of us need to justify the spend, calculate the ROI and still improve our services to keep going. Fortunately I can assure you, the video academy is not just a cost component, but it can actually help you to grow your business.
There are also studies to back this claim. For instance, according to a HubSpot Digital Consumer Trends Report, 53% of people want to see more videos in the future. This equals to more traffic and potential leads for you.
Already in 2019 Internet users spent an average of 15 hours per week watching videos. It can well be that video will make up 82% of all internet traffic in 2021 (source: Cisco). I’d say it is quite safe bet to invest in videos.
Based on video marketing research, 96% of shoppers find videos helpful when making purchasing decisions online. For B2B companies it is interesting to know that buyers name video among the top 3 most useful types of content for making work purchases.
What can you do to generate revenue from your video academy?
First and foremost, consider the business model for your video academy and integrate premium content offerings. This could include in-depth training videos or expert-led live webinars – it really depends on your target group.
Additionally, a freemium model can be effective, particularly for helpdesk videos or consultants aiming to expand their audience reach.
Product videos, testimonials, and explainer videos can enhance your reputation as an industry leader and deepen customer relationships, making it easier to close future deals.
Practically speaking, encourage registrations and include call-to-actions in your videos to gather valuable leads. Free webinars are highly popular in 2021, and requiring registrations is an effective lead generation strategy. With Icareus Suite, you can prompt viewers to provide their email before the video starts, or engage them with polls or contact forms after the video ends. You can also incorporate clickable banners within videos that direct viewers to relevant product pages or online stores.
Integrating with Learning Management Systems (LMS) such as Moodle, Discendum, and others through Icareus Suite provides a comprehensive training experience, ensuring a seamless user experience for both employees and customers.
Now is the time to begin and discover how you can transform your training initiatives into an engaging premium video academy experience that resonates with your audience!
For additional material we have provided you the following documents for download
Icareus Enterprise Video Solutions
Product Presentation
Register to our Knowledgebase to get all the latest documentation, and tips & tricks
