The Influence of YouTube on the Economy:

Kirsten and Jeanne discuss the study conducted by Oxford Economics, titled "The State of the Creator Economy," which assessed YouTube's impact on the US economy in 2022. They uncover surprising numbers that demonstrate the substantial economic, cultural, and societal contributions of YouTube.

Key Talking Points:

- YouTube's broad reach and diverse creator base, spanning individuals, businesses, charities, media companies, and more.

- YouTube's astonishing contribution of $35 billion to the US GDP in 2022, equivalent to 390,000 full-time jobs.

- The ripple effect of YouTube earnings into the local economy, as creators reinvest their income, benefiting various sectors.

YouTube's Impact on Small Businesses:

The hosts delve into how YouTube profoundly impacts small business owners, helping them establish authority, build customer bases, and increase brand awareness. They discuss the various ways in which YouTube contributes to small business growth, showcasing its value beyond mere brand deals or advertising revenue.

Key Talking Points:

- How YouTube helps small business owners establish authority, become local experts, and use video content to sell products or services.

- The significance of building a loyal customer base through YouTube content that fosters trust, likeability, and a strong connection.

- Examples of businesses, like interior designers, moving companies, and healthcare services, utilizing YouTube to showcase their offerings and build local followings.

Training and Staff Development Through YouTube:

Kirsten and Jeanne emphasize YouTube's effectiveness as a cost-efficient training tool for staff development. They share insights into using YouTube for training purposes, both by utilizing existing tutorials and creating personalized training content.

Key Talking Points:

- Leveraging existing YouTube tutorials for staff training and problem-solving.

- Creating unlisted training videos to guide staff members through various tasks and procedures.

- How YouTube fosters connections between business owners and staff, enhancing understanding and engagement.

Taking Advantage of Video Marketing with Assistance:

The hosts acknowledge the challenges many business owners face in creating video content, from filming to editing. They introduce their program, "The Marketing VA Advantage," designed to help businesses leverage video marketing without the hassle. The program offers guidance on generating ideas, handling SEO, and engaging with audiences effectively.

Key Talking Points:

- Overcoming the fear and complexity of video content creation with expert guidance.

- Emphasizing the accessibility of video marketing for business growth.

- Highlighting the "Done for You" and "Done with You" program options to support businesses in their video marketing journey.

In this episode, Kirsten and Jeanne shed light on the monumental economic impact of YouTube and its potential to transform small businesses. They stress the power of video marketing in establishing authority, building local followings, and fostering staff development. The hosts invite listeners to explore their programs and engage in video marketing with confidence.

Helpful Links:

The Marketing VA Advantage

Six Figure Business Coaching

Mastering Online Marketing for Entrepreneurs

Double Your Income with a Marketing VA, even on a tight budget

So are you ready, Jeannie?

I'm ready.

All righty.

So today's topic is one of my favorite topics, talking about YouTube.

So I'm Kirsten, and that's Jeanie with Six Figure Business Coaching.

And we love helping our clients learn how to leverage video marketing.

And I think this conversation we're gonna have today about how YouTube

contributes to the economy is going to be mind blowing for you.

So Jeannie, do you wanna tell them a little bit about this study

and we'll jump into the numbers.

Yep.

So Oxford Economics did a study, they called it the State of the

Creator Economy, assessing the economic, cultural and societal

impact of YouTube in the US in 2022.

And this is a study that YouTube actually put out there.

But Oxford Economics did all the research behind it, and some of

the numbers were just, fascinating.

Yeah.

So before we jump into, I wanna define what the creator is because

I thought that was fascinating.

So a creator of the YouTube economy, it can be an individual, it can be

a business, a charity, a government agency, a media company, music, or more.

So again, when you think about all the different styles of video that

is on YouTube, so it really does cover a large amount of industries.

I didn't really think about nonprofits.

Obviously we think a lot about small businesses because we

know how much it can help them.

But again, YouTube has a way of helping people actually create full-time jobs.

So some people create YouTube channels and that is their job.

So it's just some really great information.

And the first number I want to start with, It was like mind blowing for me.

It was that YouTube contributes 35 billion billion with a B

dollars to the US G D P in 2022.

Isn't that incredibly?

That's crazy to me.

Yeah.

You know that YouTube is popular, and that people go on there to

watch, videos and learning how to do things, but you never think that.

They're paying out so much because they're putting advertising and everything.

Yeah.

There, there's so many different ways that creators make money,

with their YouTube channel.

And it's really interesting because one of the things that people often ask us

about is because we do outsource to the Philippines, that's where our marketing

virtual assistants are all located.

And people will say, well, do you feel like you're taking a

job away from someone in the us?

And obviously it is because it's overseas, but for a lot of small

business owners, they cannot really afford to have someone locally.

So what they would do is they'd end up doing everything themselves

and their business would suffer.

So one of the things I like to point out is when you outsource overseas,

what that does for that business owners, that helps 'em double, sometimes

triple their revenue, but then that money goes back into the economy.

So by having, whether that money's coming in from YouTube AdSense or coming

in from more customers from YouTube or affiliate marketing through YouTube, I.

It really is affecting our local economies.

Cause it does trickle down, right?

Mm-hmm.

Yeah, absolutely.

So that 35 billion is the equivalent to 390,000 full-time jobs.

Isn't that crazy?

The equivalent of 390,000 full-time jobs.

And we were thinking about like kids that are like, oh, I wanna

be an influencer on YouTube.

And the parents are like, what?

It's actually a thing.

Who knew?

Yeah, you're totally right.

And when my kids were younger they wanted to be on YouTube and I was like,

cause they're, they were young and I was you know, uncomfortable with that.

But yeah, you think, it's amazing how many kids start out there.

Yeah.

Yeah.

And I go to YouTube and search for everything.

I actually go to YouTube more often than I go to Google.

So it really is providing value for people, which I think is why

it does contribute so much as far as to the economy is because it

is actually adding a lot of value.

So let's get to part that is really fascinating for us, which is how

does YouTube and the creator economy actually affect small business owners?

Because most of our clients are not, they're not creating a YouTube channel

so that they can become influencers.

They're not even really looking for brand deals or even the AdSense.

That's really not what they're thinking about when they

start their YouTube channel.

They're thinking about building their authority.

They're thinking about becoming the local expert in their area, and they're

thinking about things like seo o.

So they're really thinking about using YouTube to help grow their

business, to help them sell their products or their services.

We like to joke that the money coming from the ads or from affiliate marketing

or other things that come your way is just kinda like bonus money, right?

For most of our clients.

And it is interesting how many of them had never even thought about

having this other, these other passive incomes coming in, so to speak.

So that's been really interesting.

Okay.

So 83% of business owners who are currently using YouTube feel like it

contributes to their customer base.

Think about that.

So 83% of business owners who use YouTube say it contributes to their customer base.

And we know that's true for us.

I mean, I think it's true for most people.

Once they're, they get a little traction on YouTube,

people actually find you there.

It builds no like, and trust, and they're more likely to buy from you.

They're more likely to become a customer.

Yeah.

It helps 'em reach new audiences that may not have otherwise found them.

If somebody's, searching on social media.

That's or viewing their feeds on social media.

That's kind of a hit or miss.

But if they're going on YouTube and they're looking for something and you've

got the right setup and optimize your s e o, you might be the one who comes up.

So it really gives small businesses, even small channels,

an option to compete with everyone

evenly.

Yeah.

And it's so funny because we are talking about YouTube right now and the YouTube

economy, but when's the last time you went to Google and you searched for something

and some YouTube videos popped up?

So if you're looking for an interior designer, or maybe you're looking for a

moving company, or you're looking for a handyman, or you're looking for something

that has to do with helping to take care of your aging parents, when you go to

Google and search these types of things, a lot of times videos will pull up.

So if you have an opportunity to watch videos, let's say from a moving company

and you feel like you really connect with that owner and they're really

giving you great value and education, you're more likely to use that company.

Same thing with services for your aging parents.

Maybe it's like an adult daycare or maybe it's a, an assisted living facility

if they have great video content.

Then again, you get to kind of learn more about them than just on their

website and you get to really see and hear from the people who work there.

And I think that's very, very powerful.

Yeah.

Yeah.

Absolutely.

Yeah.

I feel like some businesses too are lucky cuz some businesses

have things that they can really show that are visually attractive.

We joke, like as business coaches, it's us like, there's not really anything.

That is visually stimulating as far as our content.

But if you're, again, a, an interior designer, absolutely amazing.

Images before and afters and the things that you're

creating, things like med spas.

If you own a med spa and you don't have a YouTube channel, I think you're

crazy because it's great for local seo.

But again, you can feature all of the different services and

the problems of those services.

Solve for people.

And so when they can see before and afters of the clients or they can hear

more about what the procedure is or the process, they're more likely to

book that appointment and come in.

So

yeah.

And it's great for local businesses cuz they're really have a smaller.

They're typically competing with a smaller group.

You might just be competing with, people in your local area.

And so there's a, instead of, the entire world that's on YouTube,

so it can give you a great Capacity and a great opportunity

to have your ideal clients find

you.

Yeah.

It could really put you ahead of your competition, right?

So if I have a choice of a website for two different, let's say med spas, but

one of 'em has a ton of video content and I feel like I get to know each of

the, the estheticians or the people that work there, then I feel like I'm

kind of getting behind the scenes.

I'm getting to see what's happening in the procedure rooms.

I'm more likely to reach out and call that company because I feel like I

know them more and I trust them more.

Yeah.

Yeah.

Cuz they're

being open and upfront with, here are the people who work here and here's, what it's

like to, be in, that atte aesthetician's room and here's, how the procedures go.

So there's a certain amount of comfort in certain, for certain

companies that you might wanna

hire.

Yeah, absolutely.

So this next statistic is 78% of business owners felt like YouTube was

essential to their business growth.

Okay.

So I think that, again, it can be all about, brand awareness.

It can get, bring, bringing on new customers and growing your customer

base, but at the end of the day, it's.

78% of the businesses that are using YouTube or saying it's

essential to growing their business.

I think it's something, people should really check out because the data's there.

Yeah, absolutely.

There was a creator in Arizona who said, I learned many practical

skills from YouTube videos.

I now own a welding construction company, all based off the

skills I learned on YouTube.

I love that I can turn around and share these skills in my video.

Yeah.

Yeah.

You I just think it's so funny because I think people think, oh

no one would watch my videos or no one would find it interesting.

Or sometimes I think they think about being in commercial mode,

like they think about a video as just being a commercial for them.

But I think what makes YouTube exceptional is that the creators, whether

it's a business or a nonprofit or an individual, they're creating content

that's bringing true value to people.

So whether that's showing them how to do something or giving them inspiration

like an interior designer, or even real estate agents and mortgage people

especially, after Covid we realized how many people moved around because

more and more people can work remotely.

And so it makes great sense to have a YouTube channel for local s e o,

but it can also really set you apart as the expert in your industry for

people who are moving into your area.

Yeah.

Yeah, I think there was, I think he was a plumber and he started doing how-to

videos on YouTube, and he ended up with literally millions of subscribers.

And people sometimes I think worry that, well, if I show you

how to do it, you won't hire me.

When in fact, That may not be the case at all.

Cause somebody might, yeah, his business blew up, right?

Like his bus he, his business blew up and even though he's helping someone halfway

across the country figure out how to change something, obviously that person's

not gonna hire him, but he is getting more local business and growing his business.

And then because YouTube does pay him half of the ad sense or a percentage of the

ad sense, because he can have affiliate links, it gives him a whole new revenue

stream outside of his plumbing business.

Yeah,

absolutely.

But I'll tell you what, we had an issue with our dryer and so we looked on YouTube

and, put in what the problem was and we found that the solution was gonna be

too complex that we didn't want to do it cuz we were messing with electronics and

things that we didn't wanna mess with.

So in that case, yes, we could have done it ourselves, but because

of the video we chose not to.

Right.

And if the person that you watched the video is local, that's most likely

the person you're gonna hire, right?

Yeah.

Yeah.

So 83% of business owners feel like YouTube helped them develop a

following for their local business.

And again, we're creating content, even though maybe your business is

located in Florida or Virginia or California, and you can only work

with people in your local area.

It's a great way to build a local following, even though people all over

the globe can actually watch your content.

So I thought that was very fascinating.

That was 83% really felt like it helped them develop a local

following for their business.

Yeah.

And you can be, you know, have some fun with that depending on

what kind of business you are.

If you are a restaurant that does, happy hours, talk about, the silly hats that

people wear or the cool cocktails that they're drinking and, you can make it fun.

It doesn't have to be all serious.

Right.

But I love, you know, Kirsten already mentioned, getting to

know the people who work there.

I think that's such a fantastic example of how to utilize.

YouTube because go right to the source.

And isn't it fantastic when, let's say you see a bakery and you find it online and

you see their videos, and then you go in there and you actually see the person that

is baking and that you saw in the video.

It's kind of like, Ooh, I saw celebrity.

Well, it's kind of funny because we first started doing videos to

my mortgage company back in 2006.

That was, I think the one thing that blew me away about video more

than anything else is that people would walk into my office and they

were very comfortable with me.

It was very clear that they knew me.

The problem was, I didn't necessarily know them.

And so you're kind of racing through your brain thinking

like, where did I meet them?

Did I meet them, through friends.

You know, I don't have children, but through kids or different

ways, you're like racing to figure out how you know them.

And the reality is they've just watched so many of your videos,

they feel really connected to you.

So that to me is absolutely mind boggling.

And I always joke like, look, I would never wanna be fa like the whole

thing about being rich and famous.

I have no desire to be famous.

Rich.

Yes, famous.

No.

But it is interesting when people do see you and they say, Hey,

I've been watching your videos.

I really like this video about such and such.

It blows my mind.

It, it's really surprising to be honest.

Yeah.

Yeah.

That

was really cool.

And that was a long time ago.

That was before, YouTube was really big and but obviously people were still

searching back then, for local businesses.

Yeah.

Yeah.

So this was another one that I thought was very interesting.

80% of business owners say that YouTube is a cost effective

tool for training their staff.

And so I was thinking about that in, in so many ways.

So sometimes we'll find a video that we think could benefit one of our virtual

assistants or someone on our team, and we'll just send them the video.

Or if they're trying to figure out how to do something in a particular

software, we'll say, Hey, go to YouTube and search it and let me

know if you can find the answers.

So one thing to, one way to use it is other people's content.

So if there's already step-by-step tutorials or guides, then that's

where your people can go to learn that particular skill or task.

But you can also create training videos yourself.

And you can store them on YouTube.

I wanna say, is it stored privately?

Jeanie not public, but private.

Uh, you would list it as unlisted is how you would put it instead of

public where everybody could see it.

If you put unlisted, then anyone with the link will be able to see the video.

So if you only provide the link to your staff, they're the only ones

that are gonna be able to have access

to it, which is fantastic because you think about when you own a

business, how many times you train somebody on how to do something.

And so how awesome is it to just say, Hey, here's the video on how to do

the front of the house Pro how to do the front of the house things.

And once you get those down, then we're gonna move you to

learning how to do X, Y, Z.

And here's the link to the videos to learn how to do that.

Here's some checklists that can go with it.

But it's so awesome because as business owners you don't have a lot of time.

Like time is your most valuable asset.

And so if you could record that training video one time.

And then let each new team member watch that video, then you're just saving

yourself that much, that a lot of time.

But they also get to really, they get to know you because

you're the one teaching, right?

So they get to, they still get to feel connected to you as their boss because

you are the one that's giving the explanation and explaining this, the

processes and how you want things done and why you want them done that way.

So, I was glad they included that statistic.

I wouldn't have necessarily have thought about that.

Yeah.

Yeah, absolutely.

It's amazing.

You know how.

Effective video is because, like you said, you're listening to

someone speak, you're understanding, you know a little bit about them.

You are understanding how they articulate, their thoughts, their comments.

You're learning about, their mannerisms and, you really can get to know

someone by watching them on YouTube.

Yeah.

Yeah.

And it's really funny because I think the other thing is, I think people who

do create content, we all understand that not everyone's meant to be your customer.

So someone comes on and they don't resonate, like somebody

doesn't resonate with us.

I mean, that's okay.

Maybe there's someone else who can help them, with video

marketing and outsourcing.

So that's fantastic.

But what'll happen is we really do feel like video brings the right people to you.

Because they, they do get to know you so well that they decide that when they

buy from you, they're almost sold a lot of times before they even talk to you.

Yeah, we have one of our clients who's a dietician and she told us a story

about that somebody had posted online that they were looking for a dietician.

And so a bunch of people commented and said, oh, I can help you, I can help you.

And she said, I can help you.

Here's a link to some of my videos.

And because of that, they selected her over everyone else because

they felt all I have from all these other people is just their words.

But here I've got, I can see her at action.

I can see what kind of tips, I can see how she teaches, what

kinds of things she teaches.

So you know that's landed her a local client.

Yeah.

Plus I think her passion for what she does and her desire to help people

truly comes through in her videos.

Yeah.

Yeah.

So I, we are been talking about so I feel like this is a great

study and we'll put the link to it.

So if you wanna check it out yourself, you're welcome to.

But this also made me think about business owners.

If YouTube is so amazing for business owners, why do they not use it?

And we get it.

I mean, it's a lot to think about, filming a video, figuring out what

your keywords should be for that video, then figuring out how to edit

the video and designing the thumbnail.

So all the things that go into video production, it can seem

like a full-time job, right?

It can feel like a whole new job for you.

And so that was one of the reasons why Jeannie and I really wanted

to focus on helping our clients.

Leverage video using YouTube and all the other social media platforms with

video, but having a marketing virtual assistant do all of those tasks.

So we're actually gonna conclude a link that talks about how you

can just spend one hour a week.

Creating great content and how a marketing virtual assistant can

do all of those other things.

I'll put that in the link.

And Jeanie and I also have an awesome program called The Marketing VA Advantage.

So if you're really serious and you're thinking about a video marketing,

I'll put a link to that as well.

The landing page for that.

And it has a an opportunity for you to book a call.

So if you feel like after hearing the statistics that like, Hey, maybe I

really should, start posting on YouTube, but I don't even know where to start.

I don't know anything about the seo.

I don't wanna learn how to edit videos.

I could edit video if my life depended on it.

Period.

So if that's kind of you and you're like thinking, oh yeah, well that's

great for people who are younger or who are tech savvy or who have

time, no, most business owners are outsourcing those types of tasks.

And it's something we're passionate about helping local businesses

and online businesses do.

So we'll put the information in the description or the

comments so you can grab it.

And Jeannie yeah.

Do you have any last thoughts before we jump over to comments?

No, I just wanna reiterate, video isn't something to fear.

We may, we know that a lot of people do fear it and like Kirsten

said, they don't know what to talk about or how to videotape it.

And in our program, we walk people through that.

We're, we have, live weekly coaching calls where if you get stuck

somewhere, you can come and talk to us about your specific business.

So we absolutely love helping our clients leverage video, which is the most

popular type of posting on any platform.

To help.

I mean, think about it.

Wouldn't it be great if people were finding you instead of you feeling

like you've always gotta go out and find people who are ideal clients?

So that's really what video can do for

your business.

So, Yeah.

And it's interesting when you talk about the idea of coming up with the

topics, I feel like I, I could be like a topic generator for most businesses.

It's so funny cause that's one of my favorite things to do is to help

people figure out like what some of their topics for their content can

be and what those keywords would be.

So yeah, we love what we do and thank you for watching this video.

We'll look forward to hopefully connecting with you.

So thank you so much everyone for being here.

We would love to hear your thoughts on some of the stats that we've talked about.

Were you surprised?

Were you not surprised?

Let us know your thoughts and we will be back again next week.

. So thanks again.

Bye.