Innovative Revenue Model Drives Company Success
One of the most crucial factors in building a successful business is finding your niche. If you’re smart enough to connect the unique services you offer with the requirements of a specialized market, you’re on your way to a profitable future.
In 2008, Dan Stevens did just that, founding WorkerBee.TV, a go-to video production company serving an equally niche audience: professional and trade associations. Today, Stevens oversees the company’s full-service video production and marketing teams, which both work to provide video solutions for associations, member organizations, and corporate clients. He operates under the motto, “Use video strategically,” and designs video content to enhance client brand awareness, increase member engagement and retention, attract new members, and boost opportunities for non-dues revenue.
With revenues growing at 30% each year, WorkerBee.TV’s proven business model demonstrates multiple ways in which video can be created, distributed, and monetized.
Customizable Options Help Clients Harness the Power of Video
WorkerBee.TV furnishes a complete turnkey solution—Association TV®—the company’s trademarked video platform. It operates as a one-stop-shop, an “easy button” for clients to push and receive results-driven content, complemented by a wide range of customized services, including video production, content strategy, distribution, live streaming, and on-demand video. Both Stevens and John Heppenstall, Director of Marketing at WorkerBee.TV, explain how the Association TV® platform helps clients uncover the benefits of full-service video:
“The purpose of Association TV® is to make it easy for associations to use video strategically to meet their member needs, business goals and financial targets at the same time,” says Stevens.
He continues: “We help customers understand what our platform can do specific to inventory and categorization. Association TV® shows them how we can add value to what they’re already doing.”
Four Pillars of the WorkerBee.TV Business Model
WorkerBee.TV strives to make it easy and beneficial for organizations to inform, educate, and inspire their community—anywhere, anytime, on any device. Workberbee.TV ‘s four key pillars leverage the power of digital video to meet group goals and financial objectives.
First, Association TV® provides services necessary for associations and members to plan, create, distribute, monetize, and measure the impact of video programming. Its specialized functions are designed to enable various monetization streams, including increased dues and non-dues revenue.
Second, Association TV® offers content strategy solutions, helping associations and members use video to position themselves as experts and thought leaders in their respective fields. With a team of producers, writers, videographers, editors, and animators on staff, WorkerBee.TV simplifies the production process and helps clients design specific, on-brand strategies to increase revenue opportunity.
Third, Association TV® enhances clients’ potential for non-dues revenue by creating template or custom-designed solutions, either through the Association TV® platform or stand-alone services. It then guides customers to identify the most profitable revenue streams that’ll ensure funding for future video production. Both associations and their members can make use of WorkerBee.TV’s expert solutions. In fact, members can take advantage of the company’s “Video as a Member Services” package, which allows individuals to receive video solutions at a reduced member rate. A percentage of the fee is also shared with their respective association, helping generate non-dues revenue.
Lastly, Association TV® guarantees video content is strategically designed with best practices to deliver optimized marketing content for each individual client. WorkerBee.TV’s expert production team custom-tailors every video to provide clients the best return on investment.
Synergistic Revenue Sharing, as Illustrated by Forklifts
WorkerBee.TV has a unique revenue share model—a cooperative approach to profit that’s best illustrated through its “Video as a Member Service.” A great example of this synergy involves, surprisingly, forklifts.
WorkerBee.TV produced a video campaign for a group of association members who were all proprietors of individual forklift dealerships. These members worked alongside WorkerBee.TV to produce a six-video series, positioning them each as industry experts to prospects and existing clients.
Through the combined efforts of WorkerBee.TV, the forklift dealers, and their parent association, corporate sponsorships were secured from two large OEM Forklift manufacturers, helping decrease overall costs for the members. With the sponsorship in place, WorkerBee.TV delivered two sets of videos to each dealer, specific to their OEM franchise. As an added bonus, each video contained custom-wrapped branding for the individual members, giving them a professional, high-touch presentation for their separate websites. Within 3 months of launching the campaign, the forklift organization managed to enroll 17 new members, fulfilling an incredible 95% of its full-year member registration goal.
This unique business model allowed WorkerBee.TV to offer its services—a solution valued at $60,000—for $1,250 per dealer for the entire year. The video series generated well over six figures of revenue with a percentage helping the parent association fund future initiatives. It was a win-win for everyone involved: the parent association, the association members, the OEM’s and WorkerBee.TV.
Brightcove: The Ideal Companion for WorkerBee.TV
For WorkerBee.TV to deliver top-notch video services quickly and effectively, it depends on Brightcove’s Video Cloud platform and Brightcove Live solutions.
“Without Brightcove, we couldn’t do what we do,” says Stevens. “We rely heavily on the ability to quickly upload videos and provide customers access to analytics from within our back end.”
He continues: “We can measure video and track right down to the engagement level. We’ve leveraged Brightcove’s analytics capabilities to provide really good information. Each video we serve from our platform is a unique URL, so we get really granular on our reporting.”
Typically, videos garner above-average engagement numbers. For videos running anywhere between three and five minutes, 70% of viewers watch from beginning to end. “70% is our internal watermark, as far as engagement goals are concerned,” says Stevens. However, many client videos tally an impressive 90% to 100% completion rates. Both Stevens and Heppenstall agree that providing customized templates and formats through the Brightcove player is key for branding.
“We wrap each player with the client’s branding—typically three to seven banners and social media sharing widgets for both inbound and outbound communications,” says Stevens.
Using Brightcove Live, the company produces and delivers live stream video for customers’ association events and conferences. This helps members catch up on all the happenings, even when they’re remote. With integrated pre-, mid-, and post-roll advertising, WorkerBee.TV can decrease overall production costs and boost brand recognition with high-profile corporate sponsors. Additionally, the Brightcove platform gives WorkerBee.TV the ability to chop live stream video into shorter individual clips, which can then be repurposed as video on demand (VOD) content for customers’ websites. For the company’s online learning service, this is an incredible asset. WorkerBee.TV can supply members all the information they need for additional training and professional accreditation. Those in need of a simple skills tune-up can access video courses free of charge; members in need of certification can pay a fee to access educational video content.
Leveraging Brightcove for Global Expansion
While WorkerBee.TV has experienced tremendous success through its distinctive business model, Stevens still believes it’s primed for additional growth. WorkerBee.TV already does business around the world with global membership associations; now, it’s strategically targeting other global markets like the U.K., Australia, and several non-English speaking countries to expand the WorkerBee.TV brand.
“Brightcove is global, our back end is global—we expect and continue to grow. We want to make sure, from a market and customer share standpoint, that we really have the model down in the U.S. before we go elsewhere. There’s no reason why we can’t go anywhere.”