As a marketing technology, online video is less than a decade old. In fact, the first YouTube video was posted only in 2005. And it’s taken time for the technology needed to deliver video marketing campaigns to mature. It’s also taken time to figure out a brand new marketing channel.
In the past, marketing strategies and objectives for video mostly involved number of views, number of comments, general brand awareness, and education of customers. But in the last year or so, some marketers are beginning to understand the real power of video to directly improve overall marketing objectives, though they still face many obstacles.
In a study by Ascend2 (for Vidyard), they found more marketers are looking to increase video usage and to use them more effectively. In an article on Reelseo.com, Greg Jarboe discusses the study and how video is changing, “Now, video can also increase website traffic, leads generated, and sales revenue, but fewer marketers are focusing on these objectives for video. This provides marketers with a strong opportunity to use video consumption data to help qualify leads and nurture leads with content based on this data.”
Obstacles to video marketing
The Ascend2 study found 44% of marketers say they lack an effective video marketing strategy. Strategy issues arise because it’s still relatively new, metrics have been mushy, there’s a general lack of buy in, and due to a failure to integrate with the rest of marketing and sales. Online video is a new channel, but it isn’t something separate from the rest of marketing. By treating it just like other marketing, focusing in on firm metrics that are easier to track, you’ll be able to better determine ROI and make better decisions going forward.
One commenter on the Reelseo article pointed out that marketers who come to him for video production often don’t have clear goals set, and therefore can’t have a clear strategy. If you can define your goals for the video marketing campaign, and for each individual video then you’re much more likely to make it fit into your overall strategy.
The second reason marketers struggle with video marketing is the lack of a budget. Around 41% reported this as an issue in the study. Video probably has a higher average cost than other types of content, but it doesn’t require a huge budget. At least is doesn’t have to. About a year ago I wrote a blog post series focused on small businesses and creating video content on a budget. In part 3, I share several videos made from iPhones that look amazing and also performed very well. Low tech doesn’t mean bad video. Just take a look for yourself.
Video doesn’t have to be an expensive, major production. It just needs to be planned and executed well, which can be done on any budget. But if you’re still thinking you need more money in your budget, consider the statistic that 91% of the respondents to the survey say they see effectiveness of video marketing increasing. Over half of them say they see it increasing significantly. That’s data you can take whomever is holding your purse strings.
Having just said you don’t need a big budget, here’s why you might want to consider it anyway. The biggest indication of how video marketing is growing up is the 71% of respondents say they are increasing their budgets. To stay competitive, you might just need more video in the coming years. But it could be a win-win situation. Those who planned on increasing their budget already had “successful video marketing strategies.” So if you increase your budget to stay competitive, you might also find that you become one of those successful video marketers. The results of effective video, and the metrics to prove their effectiveness will justify your budget.
There’s a lot left to say and to learn about video marketing as it evolves. Stay tuned to our blog in 2016 to stay up to date on best practices, tips, and news for video marketing and streaming. Happy New Year!