While marketers increasingly appreciate the importance of video in their content mix and agree it produces the best conversions, a new report finds most marketers are still not effectively measuring the effectiveness of their online video efforts.
According a new report by Demand Metric, video remains extremely prevalent as a content type. Of the B2B and B2C marketing professionals surveyed, 91 per cent said video marketing content had become more important to them this year, while just eight per cent said there had been no change in importance.
“Often, the popularity of a content type can render it less effective, but this 2015 study shows that video has staying power and its importance continues to grow: it has not lost its ability to differentiate, “ said the report. “Virtually the entire marketing community acknowledges that video is still growing in importance as a type of marketing and sales content.”
Reflecting that growing importance, marketers are producing lots of videos. More than half of respondents produced between five and 50 videos annually for marketing purposes with 31 per cent producing between 11 and 50. The numbers produced were relatively unchanged from 2014, suggesting marketers have found their video sweet spot. More than half of large companies (defined by revenue) produced between 11 and 50 videos annually, while 45 per cent of medium-sized companies produced between five and 10. Smaller companies, at 35 per cent, were most likely to produce less than five.
Most marketers use their video content on their web site or on social media, with landing pages and recorded webinars well back. Explainer videos and product features were the most often produced types of videos, but customer testimonials were also popular.
Compared to other content types, 51% of respondents said video offered better conversion rates, while 23 per said it was much better and 20 per cent about the same.
“Video has proven an exceptional content type to support all stages of the buyer’s journey,” noted the report. “When a conversion occurs, it marks a pivotal point in the buyer’s journey, either from prospect to qualified prospect, or from qualified prospect to customer.”
The return on investment from online video content is growing, according to 50 per cent of respondents.
“It’s quite possible to determine the ROI for video content,” said the report. “If organizations don’t know what the ROI is, it is because they choose not to measure it, not because the data is unavailable.
Knowing ROI – and other performance metrics of video – is a function of tracking the proper metrics.”
Online Video Marketing
Ascend2 conducts a monthly research series, and its most recent Online Video Marketing Strategy survey was conducted online and had 280 respondents, who are US and international marketing, sales and business professionals representing a range of demographic roles, channels and company sizes.
According to the report, the most important objective of an effective online video marketing strategy is to increase brand awareness. Other key objectives include: Increase online engagement, improve customer education, and increase leads generated.
85% of companies that found value in use online video marketing as a strategy. The remaining 15% are struggling to achieve success with video marketing.
What are the most challenging obstacles to video marketing success? According to Ascend2, lack of an effective strategy is the most challenging obstacle to video marketing success according to 48% of those surveyed. Other challenging obstacles include: Lack of compelling content, inadequate video budget, and lack of production resources.
About half of the marketers surveyed consider customer testimonials, explainer or tutorial videos, and demonstration videos the most effective types of online video content used. However, they were also asked, “What are the most difficult types of video content to create?” Customer testimonials and project reviews/case studies topped that chart.
Online video marketing effectiveness is increasing for 87% of respondents, with 43% saying the increase is significant.
It’s the worst kept secret on the internet, but video marketing is one of the best ways for businesses to connect with customers. In virtually every situation, video marketing proves to be more powerful and engaging than written content. Despite this, so many businesses fail to give it a second look. Instead, they proceed with a head-down mentality that emphasizes ‘doing things the way they’ve always been done.’ Don’t be that business.
Valuable Reasons to Focus on Video
Your marketing strategy doesn’t have to focus solely on video to be successful – that’s impractical and unsustainable. However, you should focus on diversifying your existing content strategy by naturally incorporating video whenever and wherever you can. Here are a handful of the top reasons to consider doing so:
1. Increased ROI
If you ask businesses that currently focus on video marketing what benefit they enjoy the most, almost every company will respond with an answer that revolves around increased ROI.
2. Better Engagement
But what’s so engaging about video content? Well, it’s a combination of multiple factors. Primarily, video capitalizes on the human brain’s craving for visual stimulation. When combined with audio, that stimulation leaves a much more powerful impact on the viewer. This impression often leads the viewer to pursue a specific action in the seconds, minutes, or hours after watching.
From a marketer’s perspective, video marketing is preferred because of the flexibility it affords the creative team. There are virtually endless options when it comes to creating different types of videos and disseminating them through a variety of channels.
Some of the most popular forms of video content include customer testimonials, product reviews, new product previews/trailers, video blogs, news features, social media content (Snapchat, Instagram, Vine, etc.), interviews, behind-the-scenes tours, whiteboard videos, and more.
4. Ability to Reach All Demographics
It’s no surprise that video connects best with the younger demographic that’s been raised on YouTube, DVDs, and streaming services like Netflix and Hulu. However, it’s not just millennials that relate to video marketing. Unlike other forms of online content, which must be tailored to fit dozens of unique customer profiles, video marketing has a tendency to work well across the board.
Young, old, first class, middle class…you name it. Everyone connects with video. While you certainly can’t forget about customer profiles when creating video content, you also don’t have to stress over it.
Internet users of all ages will naturally flock to video when given the choice between written content and video alternatives.
Invest in Video Marketing Today
While it may feel like it, you haven’t missed out on the video marketing opportunity…yet. There’s still time to build your internet presence and reach the millions of users that watch online videos on a daily basis. Consider these points and begin formulating your strategy today!
Have you considered incorporating online video into your business marketing strategy? It’s an effective marketing tool, and one that analyst Laurie McCabe thinks small businesses should use more.
According to comScore Video Metrix, more than 184 million U.S. Internet users watched online video content in October 2011, for an average of 21.1 hours per viewer.
“We’re at a point in our culture where we increasingly like to watch things, and a small business can provide value and education to customers with online video,” says McCabe.
And it’s time to get personal. Jim Dicso, president of SundaySky, says, “The more you can personalize a video and have it be related to personal interests or issues, the more you can engage the person watching it.”
A single template can produce multiple videos that can then be personalized based on a customer’s behavior. The personalization could be anything from addressing the individual by name to providing shipping invoices, or it could feature products related to the customer’s purchase.
Finding the financial resources may still be a challenge for many small businesses, but personalized video marketing is something that Dicso believes should be part of their consideration.
But if nothing else, videos that are relevant to the web page that a user lands on would be a strong start.
Video Marketing packs some serious punch.
If you don’t have high-quality web videos to demonstrate your products or to communicate company news, you’re missing out.
Since 2009, there’s been a 33 percent increase in the use of online video marketing by media websites. Further, 80 percent of those sites use videos created by outside parties. Media sites are looking for high-definition video, especially.
Those websites are using online video to tell their stories, and externally-created videos are fine with them. If you can provide them with content that helps tell a story they’re working on, there’s a likelihood that they’ll embed your video on their story — generating hundreds or thousands of new views.
“The key takeaway for communicators is the enormous opportunity to place their unedited packages on media websites as earned media through distribution of links, embed codes, and edited packages,” the report notes.
Online-only media and newspapers are most open to using embed codes, displaying your web video as-is.
If you’re looking for media coverage, don’t stop at the press release. Today, companies have the chance to tell their own stories with web video. If those stories are well-told and talk about a timely subject, they’re more likely to be used by interested sites.
The CEO of Fliqz recently held a session on online video and how it is becoming an important tool for businesses trying to reach new customers and see significant ROI – all on a shoestring budget.
• The potential of online video for marketing, illustrated with real life examples of companies are doing it well, and not so well
• Why YouTube & other platforms aren’t the only answer when it comes to web video marketing
• The dos and don’ts of online marketing via web video
You can watch the entire web video here.
Are you interested in online video for your Calgary, Edmonton, Toronto or Vancouver business?
Contact BizBOXTV Web Video today & find out how to leverage the power of internet video for your business.
Increasing spending to reach viewers
Marketers will take a closer look at online video in 2009, according to a survey conducted in December 2008 by PermissionTV.
More than two-thirds of respondent businesses said they would focus their budgets on web video this year.
Read the entire article: http://www.emarketer.com/Article.aspx?id=1006848
It’s something the founding team at BizBOXTV has had a ‘hunch’ about for the past few years or so… and is why we chose to launch our web & online video production company in Calgary this Spring.
Now serving the video production & video marketing needs of both small businesses and large brands in Calgary, Edmonton, Toronto and Vancouver, BizBOXTV helps companies leverage the power of online video as part of their marketing and advertising campaigns.
Are you looking to explore online video marketing for your business or organization?
Contact BizBOXTV today to find out how professional web video can help Broadcast Your Brand™ to the masses.