Nearly everyone in healthcare is feeling budget pressure these days. Marketing is no different. Phrases, such as Return On Investment (ROI), are as common in healthcare marketing suites as “media mix” and “positioning lines.”
Good Video – whether for social media, internal communications or other purposes – costs money. Either internal resources are committed to a project. Or out-of-pocket expenditures go to a vendor.
One of the most effective ways to justify the expenditure of video is to “amortize” its cost. Here’s another business term to understand. Amortize essentially means spreading the cost of something over different time periods or uses.
Let’s say we’re shooting, editing and posting videos for social media. If the CFO looks at that cost, he or she might say, “That’s a lot of money to spend just for Facebook and Twitter?”
You can try to defend the important of Facebook and Twitter and the effectiveness of video in these media. (While watching the bean counter’s eye glaze over.)
OR…You can describe how you are taking that production investment and “amortizing” (spreading it out) over additional media and uses.
Where a Facebook/Twitter post is a one-time occurrence, put a doctor interview, patient testimonials, new technology feature on your web site and it’s there forever.
Although branding TV commercials are generally top-of-the-line productions, social media videos can become very effective ads on local cable TV. In some cases, the local cable system may even be able to offer longer “spots”, such as 90-second availabilities. Social Media videos can easily be tailored for these lengths.
Or the local cable company may offer a locally focused talk show. Video features are a welcome addition to the content of these shows.
Social media videos can be repurposed asbroadcast and cableTV spots for events, such as a Girls’ Night Out or Annual Health Fair.
Even videos developed primarily for internal use can find use for external audiences. Annual HR awards or customer service training can be re-edited for social media and the web as examples of efforts to become even more patient centered.
Next time you are considering a video – and its related cost – start by making a list of the multiple uses it can have. Then use the phrase “amortize the cost” in your proposal.