If a picture’s worth a thousand words and the average video frame rate is 24 fps, then a 30-second pre-roll ad conjures up exactly 720,000 words’ worth of literary impact. (I’d like to pause here and take a moment thank my high school geometry teacher, Mr. Eklof, for instilling in me the importance of the transitive property.) Given that foolproof logic and calculation, it’s no surprise that video is currently the world’s fastest-growing advertising medium.
In a sense, it always has been. Since television was commercialized in the 1940s, TV ad spend has dominated advertising budgets. Now that video has migrated from the second screen to the third, fourth, and beyond, one adage remains true: there’s just no denying the marketing power of sight, sound, and motion. As CEO and Founder of Likeable Local, Dave Kerpen wrote in Inc., “Whether in advertising, television, education, health, or a plethora of other industries, online video is transforming our lives and our world at an exponential rate.”
This year, American advertisers will spend an estimated $7.77 Billion on online video advertising, according to eMarketer. While it’s true that a majority of that spend comes from national brands with large budgets, the market for local video advertising is steadily expanding. As production costs sink and methods for effective distribution become more accessible, small businesses around the world are benefitting from the undeniable power of local video.
Social Media Increases Brand Awareness
One of the best places for a small business to test the video waters is social media. On the whole, social media is a fast, cheap, and far-reaching tool that is perfectly suited for engaging customers and building brand awareness through video. As video consumption continues to rise (specifically on mobile devices), social platforms are adapting and evolving to keep up with increasing demand. This has created a huge opportunity for small business owners.
Both Facebook and Twitter have recently introduced autoplay options on their respective user timelines, illustrating their commitment to a seamless video integration. This feature has played a major part in Facebook’s rise as a legitimate player in the video hosting space. According to Fortune, Facebook hit 4 billion video views per day in April, matching viewership estimates for industry titan, YouTube. The autoplay feature is great news for small business owners, who can easily utilize Facebook and Twitter video to promote their products and services - whether through organic means or paid advertising.
Facebook-owned Instagram is also making moves in the video advertising space. The platform, which boasts over 400M users, recently opened the doors for local businesses to buy targeted video inventory, providing an affordable way for growing companies to engage prospective clients in a very native way.
Programmatic Pinpoints the Right Audience
To go above and beyond the call of social media, many local companies are turning to programmatic to pump up their marketing efforts. Programmatic video allows small businesses to reach a niche audience by targeting users who fit their ideal profile, leveraging data like demographics, behavior, purchase habits, and location. As Dave Kerpen said, “Data has the ability to turn us into better marketers. In fact, some of the best in the business are those who use and leverage data to improve their initiatives.”
Programmatic campaigns are also measurable in terms of view-throughs and clicks, which gives advertisers actionable insight into how well their campaigns are working, as well as how they can be optimized to improve results.
For local shops, the best part of programmatic is its affordability. A small business can pay per thousand targeted impressions to develop a campaign that fits their needs. On top of that, platforms like Yashi allow advertisers to customize their geotargeting criteria down to a precise latitude and longitude. Local companies can pinpoint their brick-and-mortar location and customize a radius around it, then serve ads to people who reside within that geofence. With the additional option to target on mobile, it’s the best way to reach prospects exactly where they live, work, and play.
It’s an exciting time to be a local business! There are, of course, challenges associated with video marketing, but the opportunities to capitalize on consumer insight are abundant. As technology continues to level the playing field for small businesses, the companies who rise up to clear these hurdles are the one that will make an impact
If you’re interested in continuing this conversation or finding out more about local video advertising, check out the Local Video Summit in NYC on October 16th. The one-day event will feature a can’t-miss keynote interview with Likeable Local Founder and CEO, Dave Kerpen, as well as panels and networking opportunities with industry experts. Check out www.localvideo.com for more information, and use the code LIKEABLE at check out for 25% off your ticket.