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Monday, October 13, 2008

How Are Ad Agencies and PR Firms Going to Make Money in Online Video?

In an article out today in Adweek "Twenty-eight percent of (ad agancy) respondents considered 1 million views successful; around 22 percent each would settle for 500,000, 250,000 or 100,000 views.

What? Obviously ad agencies, media buyers, brand marketers and PR firms are not connecting with online video content creators who get millions of views on a regular basis or they don't want to.

What do you mean Tim? Of course Ad agencies would want to help their clients out and connect with existing viral video series that would reach an advertiser's targeted client.

Would they? What's in it for them?

Tim, they would be a hero to their client saving them hundreds of thousands of dollars.

Ah, last I checked ad agencies aren't in business to save clients money. Advertising agencies are in business to make money and if they can't make money on the creative because some kid is making videos out of his bedroom that get millions of views and they can't make any money on the time buy because there's no time to buy cause you just post it on the Internet, how are advertising agencies going to make money in online video?

The way ad agencies are going to make money with Internet video is to embrace it. Embrace it like it's their long lost cousin cause right now with the economy in the crapper they are going to have to find cost effect ways of saving their clients money in order to help their clients make more money so that when the economy recovers they can hit their clients up with higher rates and remind them of what an effective job they did for them in the lean times.

Ad agencies will have to be careful that they don't fall into the "Smoke and Mirrors" trap that several people in the advertising and public relations industries are falling into now with online video. Where they fan a bunch of smoke about how great the creative is in their online video and then use a bunch of mirrors to talk about how effective the over all outcome of the campaign was even though their "viral video" only had 800 views on YouTube.

Ad agencies are going to need to reach outside their comfort zone of working with the "gods of media" known as commercial directors. TV commercial directors walk on water in the advertising world but TV commercials don't play that well on the Internet. The Internet has a new bread of content creators who live on the web and understand the nuances, culture, and what it takes to emotionally engage an audience online. Sure commercial directors will learn these things but the huge day rates that they command in TV commercials won't be there waiting for them on the Internet so they won't be motivated to really dive in and become an online video creator.

Ad agencies are trying to create their own online videos but they will soon learn it's easier to jump on to a moving train than it is to build your own train and lay the tracks it's going to ride on.

How are agencies going to make money in online video? Ad agencies and public relations firms will make money in online video by buying placement on video sites that will feature their sponsored or co-branded videos so that they get millions of views. But the real way agencies are going to make money in online video is by partnering with existing content creators who have relevant content with emotionally engaged audiences already in place. In some cases we will even see ad agencies and PR firms pour money into building up the audiences of small online video shows so that their reach will make a dent both nationally and globally and be affective as well as effective in creating ROI for their clients.

Wow that sounds greatt Tim, but what the hell does that mean?

Okay, let's take French Maid TV for example. Say there's a SCUBA diving resort or SCUBA diving equipment manufacturer that wants to reach young men and they don't have an online video campaign launched already. Their ad agency could go create their own SCUBA Diving viral video and hope for the best or these SCUBA people could partner with French Maid TV to do a "How To Skin Dive" episode or better yet they do a series of French Maid TV Skin Diving Tips where the French Maids explain different SCUBA or Skin diving techniques for beginners and for the pros. These videos could then be placed in an ad buy on relevant video sharing sites as well as SCUBA diving sites around the world reaching more than just the 1 to 5 million views French Maid TV episodes get. This would increase awareness for the SCUBA vacation destination or SCUBA manufacture as well as French Maid TV and be of value to everyone involved.

Are your online videos getting millions of views?

Tell us about them.


Robin said...

The Internet has a new bread of content creators who live on the web and understand the nuances, culture, and what it takes to emotionally engage an audience online.

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