Would you spend it?
While you think about that, let me take you through a scenario.
A client of mine recently ran a long-form commercial (2 minutes & 20 seconds) for six days online. It was not an intrusive format – but rather – user-initiated.
Over six days, there were 1,542 unique viewers who clicked in to watch the commercial. Average time spent per unique viewer? One minute and fifty seconds.
In other words, over six days, this client received 169,620 seconds of time spent with her brand.
That’s 47 hours worth.
When she heard that, here’s what she asked me. How much would it normally cost to get 47 hours worth of time spent with a brand?
I thought that was a hell of a good question.
After all, what she paid to run this long-form commercial for six days was $3,000. Now most would look at that and say she only got 1,542 unique views. Not worth the effort.
But she wasn’t interested in how many. She was interested in how long.
She understood that we are all pressed for time. That there are only 24 hours in a day. Which meant, more likely than not, the longer that a consumer spent with her brand, the less time they would have to spend with the competitor's brand.
For her, it wasn't about impressions.
It was about involvement.
The way she looked at it, her three grand got her 47 hours of time spent with her brand.
This is why what The Financial Times is doing with Cost Per Hour (yesterday’s post)—selling time spent versus impressions—is so important.
And why it will be even more important with video. Because with user-initiated video, we know exactly when someone starts watching the actual commercial.
And, when they stop.
So let’s extrapolate. If $3,000 earned this advertiser 47 hours of time spent, then $1 million should deliver 15,666 hours of time spent with the brand.
What do those 15,666 hours translate to?
We know how many impressions someone can get for a million dollars. But what the industry will soon need to know, is how much involvement does that same million bring them.
After all, as an advertiser, would you rather have a million impressions?
Or, 652 days spent with your brand?