Video used to be a luxury medium, only available to businesses and organizations with deep pockets. The costs of equipment, studio and air time priced many right out of the game.

But with costs of high-quality video equipment driven down significantly and the explosive growth of online video ((see “Online Video: Driving the Internet” below), more and more businesses and organizations can—and should— harness this powerful communications tool.

Safe to say that a fair amount of businesses have delved into the world of video at some point, perhaps for a company introduction or overview for executives to use at presentations, or a polished promotional video with a rigid script and innocuous background music.

But the potential of video to be used for a myriad of internal and external communications has never been greater or more affordable. One company that is known for pushing forward to integrate video into their corporate strategy is the global network of auditing and financial consulting firms, Deloitte Touch Tohmatsu (DTT). Karen Frankola, Deloitte’s director of internal communications and creative services states that, “If you’re not using video on your intranet, internet or on sites like YouTube, you’re missing opportunities to reach people.” In the article “How Deloitte built video into the corporate strategy,” Frankola writes about the impact of short, authentic, unscripted videos that can be affordably produced in house (and even provides a checklist of equipment necessary to get up and running).

Regardless of your communications focus, internal, external or both, video has proven its worth as a key communications tool that corporations large and small cannot afford to pass up.  Need to get your employees excited about a new initiative? Enlist a few managers or well-known employees to participate in a two-minute video and watch it spread throughout the company. Or harness video to communicate your company’s goals for the upcoming year to both internal and external audiences, and note how many more people remember the goals. Video changes the game; it’s exciting and it’s growing fast.