Have a look at any recent digital marketing literature and you’ll see that content is still king, still holding fort at the centre of the marketing discipline where businesses continue to use content vehicles such as eBooks, infographics, white papers and video to reach, attract and engage new and existing customers. Video has emerged from this collection to be flaunted as the most effective weapon a business can have in its arsenal to help it realise their marketing objectives.
But do the benefits of video marketing actually outweigh the effort and expense to develop and manage these visual assets online?
IN A WORD, YES!
The research shows that video marketing is one of the most cost effective, measurable and accurate methods of targeting new business and retaining existing customers. Throw in the possibility of your video going viral and gaining millions of viewers in just a few days; there is no other type of content that can offer the same pound-for-pound payback.
We’ll not lie to you. Conceptualising, scripting, shooting, editing and seeding your video in the correct social outposts requires time, effort and money but the payoff is worth it considering, above all else, video is where the customer is at right now! Consider this:
YouTube alone has 4 billion views per day – the second largest search engine only eclipsed by its parent company Google.
Video is the communications channel of choice for consumers, accounting for 78% of global online traffic. This statistic continues to rise with CISCO predicting that it will account for 84% of traffic by 2018
• 55% globally watch videos every day
• 78% watch at least one video per week and
• 92 % of B2B executives watch online video
If these statistics aren’t enough to convince management of the immediate need to invest in video as apart of your inbound marketing needs, here are an additional 7 reasons that should give you some food for thought.
1. SEARCH ENGINES ♥ VIDEO
- Google, Bing, Yahoo and other search engines have attached a high level of importance to video in their search logarithms. Search Engine Results Pages (SERPs) are the listings of results returned by a search engine in response to a keyword survey:
- Google’s SERPs prioritize video results.
- Webpages with video are 53 times more likely to rank on the first page of search engine results.
- Video increases click-throughs to your content.
- Search engine results with associated video thumbnails have a 41% click through rate greater than that of plain text on a SERP.
- Video makes your pages Sticky
- Video increases dwell time (the length of time visitors stay on your site after being redirected there) and it reduces bounce rate (the percentage of site visitors that leave your site after visiting one page).
- Visitors who view your videos on average stay 2 minutes longer than usual and this in turn increases your search engine ranking.
- Video builds links.
- Video triples the number of domains liking to your site and Google rewards this by increasing your ranking.
2. YOUR COMPETITION IS PROBABLY ALREADY THERE
The chances are that your competitors have got the jump on you and are already employing video as a marketing tactic to increase reach, encourage conversion and/or improve customer engagement:
• 81% of senior marketing executives now use online video content in their marketing campaigns (up from 70% in 2011)
• 75% of executives watch trade related videos on business related websites at least weekly.
3. VIDEO IS AN INCREDIBLY PERSUASIVE MEDIUM.
Video is a much more persuasive form of content than its contemporaries as it offers us the opportunity to use sound and vision to engage with users on a more emotional level. Video educates, entertains and influences by eliciting emotions that result from brands connecting with our brains at a visceral level. Research has shown that over 80% consumers are more likely to make a purchase after watching an online advertisement or product demo.
4. VIDEO REDUCES BARRIERS TO ENTRY.
The introduction of video as a marketing tool has levelled the playing field, allowing market followers, challengers and niche players to compete for a larger share of the pie. The advantage will still be with those businesses with deeper pockets for the larger media purchases of course but there are now more opportunities for those brands and businesses that know how to leverage creativity in the digital space. Video production will account for 1/3 of all online advertising spend over the next 5 years.
5. VIDEO CONVERTS SITE VISITORS INTO BUYERS.
Retailers such as Amazon, Apple and Dell have stated that product video can increase the chance of purchasing by as much as 35%, television advertising can only claim a 16% chance at best.
6. VIDEO IS MEASURABLE
John Wanamaker famously said, “Half the money I spend on advertising is wasted; trouble is I don’t know which half”.
If you can’t measure the effect of your advertising, how can you manage a campaign? Video is an incredibly measurable marketing tool. There are a plethora of free analytical instrument that allow us to measure whether a particular video marketing strategy is having the desired effect, allowing us to pivot early in the campaign and make tweaks if necessary to achieve the desired results.
7. VIDEO IS SHARED EASILY AND FREQUENTLY.
The ability to share content across social media channels is a key component of its attractiveness to marketing practitioners, especially for those brands that are contemplating increasing their reach and social footprint.
More than 700 YouTube Video are shared on Twitter every minute.
So, based on this information should your business consider adopting video marketing and integrating it into your digital marketing plans? Absolutely, however before you go off throwing money at a new camera kit or hiring the first film production company you come across, have a think about some of the following questions:
• What do you actually need video to do? Can these be achieved by other means?
• What are your objectives and how will you measure success?
• What sort of format do you require – animated explainer videos, live action testimonials, product demos, corporate stories, instructional how-to video?
• What is your budget allocation for this project?
• How will you make sure your video is going to be a success?
• What should you expect from the people producing the film
If you do decide to outsource your project to a production team, a good brief will enable potential suppliers to understand your actual needs more clearly, provide a more accurate proposal, quote more precise costs as well as allowing you to start your project more quickly and get the finished product up on your website and social channels before you can say Gangnam Style!