Adopting Video - How to Demonstrate ROI and Get Buy-In

Being able to link something like video content creation to tangible business results isn’t always easy. But the good news is there are many legitimate ways to prove that by being able to produce employer branding and recruitment marketing videos in a way that’s cost effective and scalable, you can save your company some serious dollars.

At VideoMyJob we often get asked for the best ways to demonstrate this, so we’ve broken it down into three key areas that will help you when you’re having these conversations with your manager or further up the line:

1. Reducing content creation and creative agency costs
2. Ability to generate organic reach and engagement through employee advocacy
3. Reducing cost of hire and employee turnover

Watch the video below or read on to unpack further. 

1. Reducing content creation costs

This one’s pretty simple. The average cost of producing a single video with a digital agency is anywhere between $10,000 – $30,000. You don’t have to get the calculator out to know that it’s simply not feasible to be paying this if you’re looking to create a library of employee stories or produce regular video job ads.

Our tool allows you to create unlimited videos as part of your subscription so you’re not going to be restricted by having to pick and choose between which videos you want to produce. In fact, our advice is usually to film as many as you can and just keep the gold!

Even if you created just one or two videos using VideoMyJob in your first 6 months, you’re ahead. And trust us, you’ll make a lot more than that…

2. Generating organic reach through employee advocacy

It’s no secret that unlocking employee advocacy is one of the key drivers to a successful employer brand. Not only are you able to tap into your employee networks with genuine and authentic content, it’s also a free organic channel (that is, you don’t have to pay to get your content in front of your audience). 

Having brand ambassadors film their own videos is one of the best ways to produce authentic and engaging content, but beyond that will also encourage your people to share the content through their personal profiles given they produced it in the first place. And with features such as script editor and brand templates, you can ensure everyone stays on brand and on message.

From an ROI perspective, having more brand ambassadors sharing content means you can reduce your media spend needed to reach potential candidates. People want to hear from people on social media, so having advocates share content for free is much more powerful than paying for the same message to come from your company page.

Don’t believe us? Studies have shown that if you can scale it, employee advocacy programs with at least 1,000 active participants can generate $1.9 million in advertising value.

3. Reducing cost of hire and empty seats 

One of the biggest hidden costs at many organisations is employee turnover. The combined cost of having an empty seat and the resources required to fill it can have a huge effect on the bottom line. 

In fact, the cost of replacing an individual employee can range from 1.5-2 times the employee's annual salary, and that's a conservative estimate. Gallup estimates that large US businesses lose at least $1 trillion each year due to turnover alone.

Now, we’re not saying that using our tool alone will eliminate turnover entirely and save you trillions of dollars, but LinkedIn studies have shown that companies with a strong employer brand can see a 28% reduction in turnover, a 50% cost-per-hire reduction and a 1-2 times faster time to hire, so it’s fair to say you don’t just create authentic and engaging employee content for the fun of it.

With the ability to create unlimited video job ads and employee videos, you can ensure you absolutely have that box ticked. With engaging videos littered across your recruitment marketing and employer branding touchpoints, you put yourself at the front of the queue to attract both passive and active candidates.

And given our annual subscription costs roughly the same as only one or two average recruitment agency placements, all it takes is for your content to generate one or two hires to be ahead (and that’s before you even consider the cost of your recruiters’ time and loss of productivity of having unfilled roles).

If you can see the value of being able to create unlimited employee and recruitment videos but need help convincing the powers that be, reach out to Gavin Lamb for personalised tips and resources.