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http://www.dealersynergy.com http://www.internetsales20group.com "The Next Online Evolution: Video Search" Was FIRST Published in Digital Dealer Magazine in 2007 Did you ever wish you had a hot tip, or like the television show, Early Edition, get tomorrow’s newspaper today and then go out and buy a winning lottery ticket? Even better, what if you could call yourself back in 1985 and tell yourself to buy all the Apple computer stock you could handle. Wouldn’t that be awesome? Sorry, but I can’t help you with those items, but I can share with you that I strongly believe video search is a sleeping giant of an opportunity that is growing and poised to explode at quantum speeds and virtually no one in the auto industry is taking advantage of the opportunity. Everyone knows about search engines and they are used all the time, but I was surprised at the sheer magnitude of their influence. • 88 percent of adults conduct online research prior to completing their purchase. • 67 percent of adults in the United States use search engines as a research tool. • 54 percent of search engine users find web sites to purchase their desired product. • 62 percent of search engine users click a result within the first page. The latest multi-media/video trend is video Internet marketing or Internet 2.0. Video search is the foundation for the next Internet evolution. The new web is evolving to become a very different animal than it is today. It’s truly becoming a tool for bringing together the small contributions of millions of people driven by their individual preferences and desires. Just a few months ago, eMarketer, an online marketing news channel, said more people than ever are watching more online video more frequently. eMarketer estimates that over one-third of the US population will view video on the Internet on average during 2006. By 2010, the US Internet video audience will have grown 45.8 percent to 157 million, up from 107.7 million this year. When Google spent $1.65 billion for 19-month-old online video phenomenon You Tube, it was portrayed as a sign of the triumph of online video. They didn’t buy it just because it was a cool site; they bought it for the audience it reaches. Research shows the current video-viewing audience is predominantly male and most are heading toward middle age rather than their first job. This means that site visitors are in their prime spending age and advertisers need to know they can reach this audience in this new medium. This model is evolving as we speak and will become the way advertisers reach buyers in the future. Companies that succeed in this new medium within the channel will be those that are in the right position to leverage the video viewing community to get their messages across. Just like a traditional web site, video enhanced sites have existing content and keywords married to special events videos, and the various search engines that consumers use each day pick these up. Cyrus Krohn of MSN Video says, “Television has got a lot on the Internet as far as history goes, but the evolution of products I’m envisioning will service both parties,” he said. “I don't know how long it’s going to take, but you’re really going to have a hard time distinguishing between the monitor and the box.” Growth in this area will continue to explode and opportunities for automotive advertising, marketing and branding will be abundant on these video channels. Most people I talk to under 50 are well aware of YouTube.com, MySpace.com, Google Videos and others, and the e-mail I used to get with jokes are now replaced by e-mails with links to online videos. Here are a few more eye opening stats. • For all the clips playing, online video advertising currently comprises just 2.6 percent ($410 million) of total Internet advertising spending ($16.4 billion) • The average video seeker is far more likely to be heading toward middle age rather than heading for his first job. This means that users are in their prime spending age and advertisers need to know how to reach out to them in this new medium. • Time magazine unveiled its “Person of the Year” for 2006 on December 16, 2006, as – you, the creators and consumers of user-generated Internet content like video-file sharing sites YouTube, and the social network site MySpace.com. Over the next few years, companies will expand their presence utilizing online videos and keywords they could never have even imagined using today. Television commercials are expensive, but you can put “commercials” and other branding videos online for free. Do you utilize videos on your web site? You can easily tweak them and post them on YouTube and other sites now for free. Film your sales manager giving a brief overview of a new vehicle model and post it on the web. How about posting a short video of your service manager talking about the importance of tire rotation on your new SUV? Can you see a brief clip or series from your business manager explaining the value of an extended service contract? I can also see him or her talking about loyalty programs, GAP coverage and other important aftermarket products. Currently you probably have just a bulletin board in the showroom with testimonial letters from happy customers. Why not film customer testimonials and make your customers “stars on the web?” Are you starting to see the possibilities? You don’t always need a professional film crew to do the videos, but it will help. Try it out with your home video camera, experiment a bit and post a few to see the results and ask for feedback from friends, associates and family. Maybe you have a college nearby with a film program. Invite some of the students to get some experience by videotaping your team for online videos. Some may jump at the chance. You will quickly learn how to make it happen. Let that Steven Spielberg part of you come out, and start working on your next big blockbuster.
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