Part Two in the Video Conferencing ROI Series
In part one of this series, we shared how you can calculate the video conferencing ROI for your organization. Today, in part two of this series, we’ll equip you with actionable ideas on how you can drive greater ROI by helping different departments in your company use video to its fullest potential. We’ll also share exciting research that shows a strong correlation between video and revenue growth. Lastly, we’ll equip you with a compelling list of the many benefits video provides, including helping you to create a connected culture.
One tool to rule them all
Companies across a broad array of industries are leveraging their video investments to perform a number of tasks that previously required expensive travel or annoying conference calls. Among some of video’s more popular uses are:
– HR can expand their talent search, conduct interviews, and provide online training
– R&D can connect experts around the globe, innovate, troubleshoot, and reduce time to market
– Sales teams can meet with more customers face-to-face, increase the efficiency of their efforts, and shorten the sales cycle
– IT can diagnose problems, solve issues remotely, and conduct user training sessions
– Marketing can collaborate, deliver client presentations, and conduct vendor interviews
Of course, this list is just the tip of the iceberg when it comes to realizing the value of video across your enterprise. Increasing your video conferencing ROI is often as simple as helping various departments in your organization identify ways video can help them accomplish goals, from preserving their budget by reducing travel costs and increasing productivity, to facilitating team collaboration, saving time and increasing efficiency.
The results are in
Several research organizations have conducted extensive surveys regarding video conferencing ROI and benefits of video. Earlier this year, Aberdeen Group’s survey of the business impact of video found that “Video conferencing users see 2.3 times more revenue growth year-over-year, compared to nonusers (10.45% vs. 3.13%).” In addition, the survey found that video conference users enjoyed:
– 2.3-Fold increase in customer retention rates
– 69% Decrease in customer acquisition costs
– 67% Shorter buyer journey
Similarly, Wainhouse Research found that companies that regularly use video conferencing experience:
– 88% Increase in the impact of discussions
– 87% Reduction in travel costs
– 94% Increase in efficiency and productivity
– 87% Faster decision-making
It’s about time
Perhaps the most exciting and measurable benefit of video conferencing technology is how it saves everyone time, and time, as we all know, is money. Because video is a medium of instant gratification, people are able to be more efficient in how they spend their time, connect quicker, make faster decisions, and accomplish more. Maximizing these time savings is critical to get the highest video conferencing ROI.
However, it’s important to make sure the video conferencing solution you choose is easy to use in order to reap all the time savings video offers. For example, in our recent survey, we found that on average, nearly one-third of a 30-minute video meeting is wasted getting technology to work. Conversely, research has shown that customers who deploy Highfive across their enterprise experience:
– 30% reduction in technical issues occurring in meetings
– 50% reduction in time used to start a video meeting and set up screen-sharing
– A user adoption rate that results in more than twice as many video meetings as before
The end of the road
Before video, there were people who spent the majority of their workday traveling to and from meetings. It was horribly inefficient and wicked expensive once you factor in hard costs like airfare, hotels, meals, and transportation. There were also “soft” costs (that hit hard) such as time lost in transit; loss of efficiency due to jet lag, time away from the office, etc.
Once video came on the scene, modern workforces everywhere began realizing the productivity gains inherent in video conferencing. Now, people can work with leaders, colleagues and experts from around the world without ever leaving the office. People can be more spontaneous in connecting and collaborating. They can increase their reach, see team members more often, and achieve business objectives with greater speed, thanks to video.
Creating connection in a disconnected world
Each year, Fortune announces the 100 Best Companies to Work For, and while the list represents companies from every industry – all have one thing in common — a high-trust culture where trust-based relationships are highly valued. Imperative to building trusting relationships at work is the need to connect with people face-to-face, make eye contact when communicating, and accurately read and understand body language. To date, no other tool empowers companies to form a connected culture across their enterprise like video conferencing.
Our research has shown that video’s business value isn’t just about saving money, and increasing efficiency and productivity; it’s about creating a culture where teams feel connected to one another and are able to collaborate freely and build mutually rewarding professional relationships. Our survey found that 82 percent of users say video conferencing helps them feel more connected to their team, which has a tremendous impact on culture, and culture is a critical variable in any organization’s pursuit of success.
Can I get a Highfive?
Highfive all-in-one video conferencing solution delivers measurable ROI to your team in a number of ways, from saving time, money and the hassles of travel, to creating a connected culture in which teams form more productive relationships through face-to-face collaboration. Featuring HD video and audio, Highfive equips you with everything you and your team need for an anytime, anywhere immersive video experience. Go ahead, give yourself a Highfive.