According to Todd Hartley, CEO of WireBuzz, in his article “The Smartest Video Marketing Trends in 2017 (and Beyond!)”, “video is no longer an option for marketers – it’s a vital part of any content strategy that wants to taste success.” In fact, video marketing is already more pervasive than many people realizeand is increasing on many measures. In addition to examining video usage statistics, this article covers the power of video analytics and how they help Return on Investment (ROI), and due to these factors, examines the necessity and the payoff of creating top-quality videos
Video Marketing is Ubiquitous
A study, “The State of Video Marketing 2018”, produced annually by Wyzowl, reports that the employment of video has risen 17 percent in the last year. This trend will only increase in 2018 as two-thirdsof companies not currently using video will commence utilizing them this year. Consider these related statistics regarding businesses:
- 81 percent employ video in their marketing mix.
- 82 percent plan to increase spending on video marketing in 2018.
- 97 percent say videoviewing has increased user understanding of their product or service.
There is also video usage data from the standpoint of the consumer:
- 85 percent say they would like to view more video from companies in 2018.
- In cases where both video and text are available on the same page, 72 percentsay they would rather use video to learn about a product or service.
There are also informative video trends involving marketers taking place on social media:
- 87 percenthave published video content on YouTube.
- 68 percenthave published video content on Facebookand 34 percent have used Facebook Live.
- 41 percent have employed Instagram
- 39 percent have published video content on Twitter and38 percenton
To sum it up, video marketing is already overtaking the realm of digital marketing, and organizations which ignore it, do so to their detriment.
The Importance of Video Analytics and how it Contributes to ROI
Again, there is important data related to video ROI which businesses need to consider when laying out their marketing strategy. Organizations need to know if their video content is reaching their target audience,if consumers are reacting to them in the ways they are intended to, and if calls-to-action are effective.
Consider these stats about video use and ROI from the standpoint of marketers:
- 78 percent say video gives them a good ROI.
- 76 percent say it helped them increase sells, 76 percentsay it helped them increase traffic, and 80 percent say it increased dwell time on their website.
For consumers, 81 percent say they were swayed to purchase a product or service by watching a video.
Although the evidence strongly supports the employment of video in marketing strategy, it is less clear exactly how it that is measured. Evelyn Timson, Managing Director of Aspect Film and Video, examines different metrics in her article “10 Ways to Measure Video Marketing ROI”.
She stresses the importance of search rankingsfor finding the target audience and enhancing other key metrics. Numberof viewsis less important than play rate and watch time (insufficient watch times can be critical if call-to-actions are at the end of the video). Examining subscribers and social shares can tell you if you are reaching the right audience. Building backlinks equatesto higher search rankings and can be measured by Google Analytics. A good click-through rate will increase your odds of successful calls-to-action. Consider A/B testingtwo different videos to find the more effective one. New leads and sales relate most directly to an effective ROI.
Quality Videos Make the Difference
The difference in outcome between making a quality, professional video and creating a mediocre product cannot be overstated. In 90 seconds, a top-rate video can set a mood, demonstrate the product or service in action and show the consumer what problem it solves, and persuade them to take action on it. In doing so, it also tells the customer about the character of your company. Since video is part of the company’s content and will be judged along with the product line, take the necessary time and effort to make it exceptional!
This endeavor does not have to be expensive. Locating a good scriptwriter, editor, voice artist, and videographer, or finding a reputable boutique video production company that can accomplish all those tasks, will not kill your marketing budget. Remember that your videos will be viewed across multiple platforms including the latest smartphones. See if you can get ahead of your competition by having your video cover new ground and become a thought leader in your industry. With the right planning and effort, the effects of your top notch video can far exceed your original goals.
Because the employment of video marketing is increasing, management needs to pay very close attention to any changes or new trends emerging in the audience. Ultimately, videos must contribute to a positive ROI and that is why time, effort, and creatively must be involved in creating excellent videos and accurately measuring their results.