If you’re familiar with my blog and commentary, you know I’m not always a big fan of the ideas and efforts of the NSSTA (National Structured Settlement Trade Association). Too much leadership is concentrated in life company personnel and staff. Too many of the committees wind up being window dressing that only issue reports and don't make any progress.
However, with the use of video and starting to get the NSSTA brand out into the audio, video and blog search engines, a lot of progress has now been made on a shoestring budget. Examples of these videos include the Kyle Green videos from 2007, the Joe Jamail videos from 2008, and recently some videos of Congressman Charles "Charlie" Rangel, D-NY, who is a powerful advocate of structured settlements. A copy is attached.
As a member of the NSSTA committee charged with marketing, promotion and Internet strategies, Iam naturally pleased to see progress being made. However, I must admit my irritation over the lack of funding for these projects, along with excuses about budget shortfalls continuing to increase, when the demonstrated power of this Internet marketing is validated every day.
For example, the Joe Jamail video (which Legal Broadcast Network had a big hand in filming, editing and distributing) has been viewed over 30,000 times just on our server. It has also been seen on YouTube and other third-party syndications. That doesn't count the number of views from other websites such as the NSSTA home page or its members who have it on their sites. The cost-per-view of that project just on our LBN server is less than $.16 per view. Given the new NSSTA page and views there, that cost will decrease below $.08 later this year. That represents production, editing and distribution with a search metric that’s off the charts for a steadily declining cost-per-view as traffic for that video actually increases each month. Go to any video search engine and type in Joe Jamail and see what you find, or type in structured settlements and view the results.
The Charlie Rangel video was produced for even less than the Jamail feature and will have a cost-per-view in the fractions of pennies, making it an even greater value.
My point is this: NSSTA must get its head out of the sand and fund these projects and consider doing monthly commentary. The cost is miniscule in relation to the budget and there is no more efficient or powerful use of their money than the steady, consistent production of relevant videos and audios that feed into major search engines and provide for an RSS feed that goes into every video search engine. I realize money is tight, but the bottom line is that there is an Internet audio podcast by one of the big structured settlement brokers that gets substantial support from life markets at the expense of funds that could go toward funding a NSSTA program. If the life companies kicked in 10% of what they contribute to these subsidized broker podcasts and earmarked it for the NSSTA project, which is full video AND audio broadcasts, this video project would be completely funded and off and running.
I don't mention this to criticize or interfere with anyone else's business model. It’s simply to illustrate the erroneous belief of people who say there’s no budget for a highly efficient and effective audio and video broadcast package for NSSTA. Such a package would promote the entire industry and not just one brokerage operation. The fact is our life markets already allocate money to promote audio podcasts for one firm, so they need to consider adding more to help fund the NSSTA’s efforts. They clearly believe in the value of this concept and have been writing checks for years. If they don't believe in the value of podcasting and promoting structures for the industry, then why in the world are they writing substantial checks to fund just one small, special purpose broadcast?
Let’s put a program together for the entire profession and stop making excuses. The fact is we can do it, we can afford it and it works.