If you’ve been even remotely active online the last few months, you wouldn’t have missed the ‘video’ wave that is sweeping through the internet. Whether it’s your online community, water-cooler conversations, or Facebook posts, everyone wants a slice of the video marketing action, and building an online presence with video seems to be on everybody’s agenda.
The challenge in identifying the right audience
Video advertising has become an integral part of marketing strategy, but did you know that video marketers often miss out on targeting the right audience? The rapid growth of mobile search together with a tendency for instant gratification creates an urgent need to meet the right information in a short duration. According to the YouTube Creator Playbook, the following information can create a specific message for your video audience and help you bridge this gap.
So how do you really know if video advertising is worth all the hype surrounding it? Should you really dip your feet in video advertising for the long term? Read on to find out 9 reasons why video is there for the long haul.
Social Media as an Integral Component of Video Advertising
With more video mediums like Blab & Periscope gaining popularity, the first movers in this space are facing tough competition. This is playing into the hands of marketers and consumers. There are multiple channels to reach your customers and even more flexibility for the customer to pick and choose to see your message.
Vital Statistics Facebook has seen a 50% increase in video views from May to July 2014 Vine helps you focus on a particular niche for a lesser span of time Instagram video gives you 15 seconds per clip + the option to apply unique filters
Video Advertising Reach
Volkswagen with 155 million views for three of its videos is a classic example of the popularity of videos among consumers. Having the right message and presenting it in an engaging manner helps strike the right balance between promoting your brand and also satisfying the customer curiosity about your brand. As per Forrester Research, a minute of video is worth 1.8 million words of text. Considering the high recall power and varying strong pull of audio and video mix in video marketing, there is a greater chance that people will remember it even after 30 days, unlike, say, print advertising.
Mobile Video Ad Spending Increases in 2015
From $720 million in 2013 to $1.5 billion in 2015, the video market continues to grow rapidly. It remains a strong area to invest in, considering there is a higher chance that your millennial customers are looking at video as their go-to medium to educate and inform. The last three quarters of 2015 saw a 30% increase in ad spending. Adding to this is the portability, durability, comfort, convenience, and low cost of data, all of which make for a smooth search process for the user to find their information. Another advantage of mobile video advertisement is the ability to convert to full screen viewing that is strategically placed before or during the video, making it part of the viewing experience without being intrusive.
Higher Google Ranking through Video
Like written content, videos also include keywords that help users find the video. However, there are other video metrics which can help video clips rank higher than written content, including: User Engagement: longer the viewing time, greater is the user engagement. Greater user interaction via comments Social Shares Higher Subscription Rate More mentions Higher percentage of ‘watch later’ occurrences Google released a real-time option for this year’s Super Bowl which allowed brands to insert video ads across YouTube as well as 2 million partner sites to strategically be a part of the game’s defining moments. Interactive video advertising Interactive video includes options to give the user the choice to view what he wishes to. It is an excellent way to help the user engage in a meaningful manner. As a recent example, Coldplay released an interactive video which gives the viewer a real-time choice to pick the way one views the video.
Consumers are Receptive to Video Advertising like Never Before
Consumers are more receptive to video when they are linked to the consumer’s interests or brands rather than their web history. As such, there is high occurrence of interaction when the consumer is open to share their information rather than getting stalked by brands and forced to view videos. This leads to general dislike of the brand. On the other hand, giving too much power to the consumer is also a drawback for many companies. An apt example is that of Coca-Cola getting trolled with negative feedback when launching a brand campaign called ‘Taste the Feeling’.
Video is more appealing to the user than TV and Print
Unlike TV and print which are for the masses, you can create multiple versions for far less cost and with a higher reach. In fact, did you know that the use of video as a primary medium of information has shot up by 16% in the last 4 years, and that this number is only going to go up in the next decade? Average viewing time and viewership frequency determine how well a video clip has performed vis-à-vis the competition and the different ways in which it can customized for the audience. Video platforms like You Tube, Vine, Instagram, Blab, Periscope each deliver different formats of video, demonstrating that there is a huge market for every type of video format.
Video is directly related to purchase decisions
Video plays a critical role in every step of the purchase process by the consumer. From initial awareness to checkout, consumers invest in learning more about the product before making a purchase. 58% trust companies that produce video content 42% of consumers want to see more product description videos 57% consumers want videos on electronics 39% watch videos of restaurants 70% watch videos while watching TV 83% want videos to be of 5 minutes or less that are funny but logical and a 360 degree view of the product. Once you have the consumer data ready, preparing a proper video marketing strategy is vital to execute it well.
Growth of Video versus Text
Video has risen more rapidly than written text for a number of reasons Easy viewing in a shorter span of time Gets to the point without having to go through the entire content like in a text-based piece Connects with the consumers at multiple levels that taps into the emotional needs of the consumer Helps different people adapt to their own learning styles with auditory and visual elements in a single experience Interactive video also provides the feel of being a part of video as it plays
The Future of Video Advertising
Video marketing is a step in the right direction as far as marketing is concerned. An example of this is Magisto, a smart video storytelling application that has introduced a new technology called Smart Storyboard TM that impacts production value, defines screen selection, & polishes the message without having to perform video editing and production. This will not only help reduce the time spent on creating high quality videos, but also assists small businesses in changing their perspective with regards to a lot of work involved in developing a video advertisement.
In conclusion, video advertising is a powerful tool that is here to stay. With the rise of social media, mobile video ad spending, higher Google ranking through video, and the direct impact on consumer purchase decisions, video marketing is a crucial aspect of any marketing strategy. As technology continues to evolve, the future of video advertising looks bright, offering endless possibilities for businesses to connect with their audience in a meaningful and engaging way.