Fasig-Tipton Leverages Online Video for Competitive Advantage
PROBLEM: Fasig-Tipton, a 114-year-old horse auction company, wanted to provide prospective buyers of thoroughbred horses with accurate video representations of available horses so they could make informed investment decisions.
SOLUTION: Hired a third-party video platform provider to simplify the process of uploading, organizing and delivering quality videos online.
RESULTS: Since launching video on its website, Fasig-Tipton has been able to engage its international customer base more efficiently and cost effectively.
Founded in 1898 by William B. Fasig and Edward A. Tipton, Fasig-Tipton is North America's oldest thoroughbred horse auction company. Initially, Fasig-Tipton sold high-class road and carriage horses in addition to thoroughbred and standardbred racing stock. Fasig-Tipton is located in the epicenter of thoroughbred racing and breeding, Lexington, Ky.
Purchasing a racing or breeding thoroughbred is a significant investment, and there are many horses of varying ages available throughout the year. With 13 auctions each year in five dispersed locations, Fasig-Tipton's commission-based business relies on its ability to connect buyers with horses. Many of these buyers are from overseas.
To this end, the company has employed video to not only provide prospective buyers with visual information on available horses, but to stream its auctions for those who are unable to attend in person. Fasig-Tipton relies on Limelight Networks for all of its online video needs.
For some businesses, online video is a "nice to have." For Fasig-Tipton's geographically dispersed customer base that relies on video to view merchandise and participate in auctions, it's a necessity. In fact, video has become an essential part of the thoroughbred auction business.
"When your audience is judging the motion of a horse, and is prepared to spend upwards of a million dollars on it, you must be able to deliver extremely high quality, dependable video," noted Max Hodge, Fasig-Tipton's director of client services.
When a prospect evaluates a horse, they look at pedigrees (the sire, dam and siblings) and the animal's physical traits. Is it well-balanced? Are there any flaws that could prevent it from becoming a top-notch racing horse? Is it predisposed to injury? Providing video of a horse running on a track or even walking in a stable provides a vital piece of visual data for buyers.