VIDEO KILLED THE RADIO STAR

Ever do a search on YouTube using the key words, credit union? If you haven’t, you might want to get a feel for the countless videos posted to this popular site by credit unions, leagues, associations, and those of us like me who have an affinity for the movement.

When you do your search, you’ll come across campaign videos like those recently completed for the Nebraska Credit Union League. Those were the latest salvo in the credit union vs. bank series of videos I found. Other leagues and associations had their videos posted as well. Even the Ghana Cooperative Credit Union Association  had a presence. And yes, the NCUA was also among the mix, making sure that our friend Suzie was up front and center. 

All of these video contributions by credit unions should come as no surprise since more video is uploaded to YouTube in 60 days than all TV networks created in 60 years. YouTube is by far the dominant video platform today. Every single minute, 24 hours of new video material are published on YouTube (sources: ReelSEO, YouTube).

What’s driving this seemingly insatiable thirst for video? Could it be e-commerce?

While doing some research on the explosive growth of video, I found it reported by ReelSEO that e-commerce sites that use product videos sell up to 45% more! For instance, Onlineshoes.com says it sees a 45% higher conversion rate for customers who watch videos on its web site. Online shopping king Zappos.com says it sells up to 30% more for products that it shows in videos instead of just static pictures.

And now, according to Marketing Sherpa, “Online video is second only to word-of-mouth for its ability to influence decision makers in every stage of the purchase lifecycle . . . No marketing effort is complete without incorporating online video to drive awareness, leads, customer acquisition, and loyalty.”

So it’s no wonder we’re seeing all those credit union-affiliated videos on YouTube. Perhaps credit unions have finally come to appreciate the value and power of video in communicating with their members and various publics. But, have they really done so?

The average U.S. Internet user watches 186 videos per month. How many of those 186 videos are produced by credit unions?

If member communications are essential to building brand loyalty, disseminating important information, providing education, retaining members, and maintaining the cooperative enterprise, then why do we not see more use of on-demand, streaming video as a way to compliment the credit union’s monthly print or electronic newsletter?

Why has no one produced a monthly comedic series featuring the antics of “The Little Guy” that is accessible only through smart phones and the mobile banking platforms used by credit unions?

Perhaps an explanatory video might be more accommodating to directors in helping them prepare for board meetings, rather than the typical board packages they receive today. I’m sure you have some great ideas as well, yet instead, all it seems we are willing to do is continue the “credit union versus bank” series of videos.

Remember the debut of MTV and Video Killed the Radio Star? There should be no doubt that we have access to a very powerful and influential medium. All the data I found online about video clearly supports this thesis. 

And, in looking to the future, our appetite for video will only grow more intense. Cisco Systems is predicting that it would take more than two years to watch the amount of video that will cross global IP networks every second in 2014.

What’s your strategy for video going to be?