(Part of an ongoing series featuring Rich Media Impact Award finalists)
Breaking out… The Story of Mediasite at Energy Center of Wisconsin: RMIA Rapid ROI Finalist
According to Steve Kihm, research director at Energy Center of Wisconsin, here’s how you calculate ROI: consider all years, the cash that went out and the cash that went in, “and then calculate the ROI which is in our case 42% per year,” said Steve. “If you like big numbers the cumulative four year compound return on investment is 306%.”
But Steve really likes to focus on the 42% per year number. What does that mean? “If we hadn’t taken the money we spent on Mediasite equipment and hosting fees and had invested it in the bank, the bank would have had to pay us 42% per year for each of the last four years to generate the revenue that we generate with our webinar series,” he explained.
“Because we calculate ROI on an annual basis you can compare that to any other investment vehicle. Think about your nest egg. Wouldn’t you like to make 42% on your nest egg? Not in just one year but year after year after year? That is essentially what we’ve been able to produce with the help of the Mediasite platform.”
Cracking the Market … How Did They Do It?
The first step, says Steve, is “you’ve got to have a good product and we have a great product.” He’s talking about the combination of Mediasite plus Energy Center content. “It’s a combination that’s so valuable that we’re now finding multiple sources of revenue to fund our webinars.”
In fact, the Energy Center works with a wide range of organizations to produce energy efficiency related webinars. Those webinars are funded by sponsorships and contracts.
The next step is be committed. “Top to bottom at the energy center we believe in the webinar. The webinar approach is a really great way to get our message out.”
Finally, to crack the market you have to get the word out.
“We reach out to our current partners because in many cases our partners will have us do a series of webinars year after year. But what other ways can we bring people to us? We’re always out there talking at conferences,” says Steve. “But this is the ultimate compliment – when people start coming to you after seeing a webinar. That speaks to the quality of our product and we’re very proud of it.”
The Energy Center is in the enviable position of having new partners, new funding opportunities, and a host of new viewers to get their message out about energy efficiency. And Steve believes they’re just getting traction now. In fact, he believes that 42% ROI will climb even higher in the next couple years.
The organization is also an RMIA finalist in the Rapid ROI category. Watch the awards ceremony live on May 18.