Is Video Marketing a Fad?
No, it's not. And neither is the internet! It's for that reason that one of my favorite things to do is sit in coffee shops researching video marketing. No joke. Unfortunately, what I run into more often than not as I'm poking around the interwebs is a "good news vs. bad news" type article on video marketing. Generally it goes something like this:
The BAD News:
Nearly half of those companies surveyed say the lack of an effective strategy remains their most challenging video marketing obstacle.
What catches me so off-guard is that this is presented as surprising or somewhat negative to video marketing as a portion of the marketing mix. Why? Let's take a big step back and ask the right question here: why would any organization or individual ever start a marketing effort without... a strategy? You, Mr (or Mrs or Ms or whatever) Marketing Director would NEVER do that with your traditional media! You wouldn't be caught dead with your signature on the approval line of a Direct Mail campaign that hasn't been vetted... would you?
So before I give you a call to action, let me calm your brain with the data your marketing mind is craving to analyze:
- Forbes believes in video -- in fact, here are some facts from their study:
- Video is becoming a critical information source for senior executives.
- 80% of executives are watching more video online this year than last year... and that number continues to increase.
- Work-related video can drive senior executives to take action. Overall, 65% have visited a vendor’s website after watching a video. Younger executives, however, may be more fully engaged with this type of media, and appear more likely to make a purchase, call a vendor, or respond to an ad.
- Today, an average of over 100 million individuals watch video on the internet every day (Video Brewery)
- That number of digital viewers... it's expected to increase by more than 22 million viewers between now and 2017 (eMarketer)
- It's estimated that by 2017, video will account for over 69% of all consumer internet traffic (Cisco)
- 90% of online shoppers claim that they find video helpful in making buying decisions (Video Brewery)
- 52% of those consumers who watch product videos say that those videos make them more confident about purchases (Internet Retailer)
- Moz, a leader in the realm of SEO, affirms that blog posts containing video pull in TRIPLE the inbound links of posts without video (Moz)
- According to BrightCove, a hosting platform used by the likes of The NY Times, GM, and Macy's; "Now a full 7 in 10 B2B marketers create and distribute original videos online (BrightCove)
- YouTube is the second most used search engine in the world. It is beat only by it's owner, Google who HUGELY favors video content for this reason (Mushroom Networks)
- YouTube takes home $1.96 billion in net global digital ad revenues and a 20.5% share of US video ad market (eMarketer)
- Dr. James McQuivey of Forrester Research claims that the value of one minute of video is the same as 1.8 Million words (follow the good Dr on Twitter, here)
- Videos, properly submitted, are 53 times more likely to generate a first page Google ranking than traditional SEO (Search Engine Watch)
- YouTube has over 1 Billion (that's with a "B") users and, guess what, they're active! The number of hours people are watching on YouTube each month is up over 50% year over year (YouTube Statistics)
- Jeremy Scott from ReelSEO claims that videos in universal search results have a 41% higher click through rate than t heir plain text counterparts. Why? Because search engines (like Google) work really, really hard to have what they call a "mix of content displayed in search results". Basically that's just fancy talk for saying that there is a disproportionately high ranking for videos because of the push for multi-medium representation in searches (ReelSEO)
- Last year, 52% of marketing professionals around the globe credited video as the type of content with the highest ROI (Invodo)
- Much of that last point is due to the ability to target demographics, plays, click-throughs, and the ability to redistribute, repackage and repurpose the content (Brainshark)
- The average American is pounded with an estimated 5,000+ advertisements -- wait for it -- per DAY! The reason you don't remember very many is because humans retain only 20% of what we hear and 30% of what we see... but we retain 70% of what we hear and see (aka: video). That's why lots of marketers are using it! (Social Media Learning)
- 93% of respondents in the B2B Demand Generation Benchmark IndustryView study said that they prefer video over white papers, case studies, and even live demos with reps (Software Advice)
- Eloqua (now a little company called Oracle), CMO, and Software Advice are regularly publishing content (and videos) on why video is important... in fact, they compiled the data that supports that last bullet point.
- Click-through rates in email increase by 2-3 times when a video is included (CoStar)
- Online analytics are easy to access, implement, and track... and that means that online video is one of the easiest and best mediums to market with (Search Engine Watch)
A Call to Action
If you hung in there and read all of those bullet points, bravo! Want to know something crazy? That's not even beginning to scratch the surface.
What is even crazier than that is how challenging it is to convey that before you jump in to reap your harvest with video marketing, you HAVE TO come up with a game plan. And what is so ironic is that convincing people of that with video marketing is so difficult... when it is so commonplace with almost every other medium in the marketing world. What's more is that this approach to developing a video strategy is the primary thing you pay a professional video marketing company to do.
Yes, they have a great equipment. Yes, they have talented employees. Yes, they can likely provide you with more cost effective solutions than hiring full-time employees of your own. Yet at the end of the day, the key differentiator between a professional video company and an amature is that a professional will be able to advise you on how to create your video, what type of video that should be, how it should fit into your overall strategy, how many to make, what to spend on them and, yes, create the video(s), too.
So the "Call To Action"? Go find a video team that can accomplish the aforementioned and let them work their magic. They are professionals for more reasons than being able to get a pretty shot, they know which shots to get, why, and how to implement them into a cohesive strategy that elicits response. And that is worth the investment.
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About the Author
Jake LeVoir is the Director of Sales at Slate and Main. He has built a career on helping organizations grow by developing engaging video campaigns that drive consumer traffic and increase brand awareness.
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