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Assessing the Value of Video Marketing in Your Strategy

November 14, 2016 by Maria Ford

If you’ve had a pitch from a marketing agency recently, chances are good that video was a part of their recommendations to you. The statistics about online video viewing and popularity are impressive, and it’s an easy “hook” to make a company feel that it’s missing out on all that online video activity.

video-marketing-statistics-infographic_thumbThe Video Marketing Pitch

Usually, the video marketing “pitch” goes something like this:

Facts!

  • Everyday, 100M internet users view a video online
  • 1/3 of all online activity is spent watching video
  • YouTube is the number-2 search engine in the world
  • People now spend more time with digital video than with social media

Therefore, you need to produce lead-generation/marketing videos.

The goal of this pitch is to make you anxious, to create a sense of urgency that you’re not doing enough online.

188380The Truth

The pitch is based on solid evidence, but the conclusion (in my opinion) should be more nuanced:

Food for thought:

  • Everyday, 100M internet users view a video online
  • 1/3 of all online activity is spent watching video
  • YouTube is the number-2 search engine in the world
  • People now spend more time with digital video than with social media

Therefore, you need to get educated about the role video marketing can – or should – play in your marketing mix.

mediakix The Relevant Truth

As a marketer who works primarily with companies in non-consumer industries, I’m very interested in understanding if and how consumer-driven trends (like video, like social media) could be advantageous to my clients’ goals. We need to dig deeper into those impressive statistics to analyze if all that video-watching is something we can actually tap into – and to what degree.

Who and What

One of the important questions that I think needs to be asked about video marketing as a tool is this: who is watching what types of video content?

Insivia recently reported that the most popular types of online video content are comedy (39%), news (33%), and music (31%).

According to eMarketer’s research, “Millennials are the most active video viewers of any US age group, and according to research from TiVo, this demographic primarily watches TV shows.” Content producers are responding: “Viewer attention is in high demand, and there appears to be one secret to capturing it: longform original content. That’s the stuff of Netflix, Hulu, and Amazon Prime.”

So, those impressive numbers must be tempered – no, YOUR COMPANY is not missing out on 100M hits a day because you don’t have video. But what might you actually be missing out on?

According to mediakix, product reviews, how-to videos, and vlogs are the top 3 most-watched content types on YouTube. The mediakix infographic will probably inspire lots of ideas for types of videos you could create to promote your brand, product, or service – but be sure to read beyond the infographic’s headlines and look at the small print! For example, you might get excited about vlogs and think, “Great! We’ll get our CEO to do a weekly vlog and we’ll broadcast it on YouTube and our social media channels!” But the vlogs that are popular are ‘video diaries’ of dynamic personalities who are (or who become) influencers on social media. It takes a particular type of personality, content, topicality, and frequency to make a vlog successful. Impossible? No. But is it a fit for you, your brand, and your organization?

Risk & Reward

Creating videos that will actually be viewed and get results isn’t as simple as setting up an iPhone in your boardroom and talking away. Some vloggers and pop-culture influencers may get away with hand-held, off-the-cuff video … but is your brand popular enough, edgy enough, influential enough to do the same? And, what image do you want to project to your viewers?

Good quality video marketing production requires planning, scripting, excellent acting/delivery, and attention to lighting and sound quality. Potential rewards do await. Consider:

  • Including video in an e-mail increases click-through rates by 200%-300%; including video on a landing page increases conversions by 80%
  • Including a video on your homepage can increase conversion rates by 20% or more, according to ReelSEO
  • After watching a video, 64% of users are more likely to buy a product online
  • 50% of executives request more information after seeing a product or service video

(The above data is just a snapshot of 50 data points compiled by Insivia and neatly summarized in this hubspot infographic).

ALSO consider the risks of investing in high-quality video production and failing at it:

  • According to Visible Measures, 20% of viewers will click away from a video in 10 seconds or fewer
  • According to VINDICO, 80% of online video ads are abandoned within the first half of the ad
  • According to Google, 4 out of 5 users will click away if the video stalls while loading

So What’s Your Strategy?

Online video is the latest trend in media, and it affects all of us in some way. On a personal level, it’s changing how we consume information and entertainment. On a professional level, it’s changing the way we review products and services and conduct due diligence research. On a business and branding level, video marketing is a new way of reaching target audiences, capturing attention, and generating leads.

When you look “under the hood” of those big numbers about online video consumption, what do you see that could be beneficial to your business? How can you reap the rewards while managing the risks?

The opportunities that I see as most potentially beneficial to Kaszas Marketing’s clients are:

For Thought Leaders

  • If you’re already blogging, consider vlogging in addition (text-based content is still consumed, makes it easier to produce other marketing materials and campaigns, and is great for search engine optimization)
  • Create (and share) a YouTube channel that also includes playlists of video content you’ve curated from others, in addition to your own

For Professional Services

  • Improve the client experience by creating familiarity with your professionals and your offices through video introductions and tours
  • Educate clients and prospects with short, helpful videos that answer frequently asked questions or debunk popular myths that you often deal with when talking to them

For Products

  • Create video product “tours”, demos, and tear-downs
  • Enlist satisfied customers to create their own video reviews
  • Get videos of customers using your products to do really cool things

Sources

Contently, The Explosive Growth of Online Video, in 5 Charts – summary of eMarketer’s Q2 2015 report on the State of Video

eMarketer, What Types of Video Content Do Millennials Watch?

Hubspot, 31 Video Marketing Statistics to Inform Your Strategy

Insivia, 50 Must-Know Stats About Video Marketing 2016

Mediakix, The Most Popular Types of YouTube Videos

 

 

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