If we take a step back and look at the evolution of the marketing landscape over recent years, it’s clear that video marketing and other digital tactics have quickly become fundamental pillars of the contemporary marketing mix. But, why has this become the norm?
Put simply, because consumers are demanding it.
A recent Aberdeen Group study commissioned by Brightcove, assessed the return on investment (ROI) of video marketing and revealed that one quarter (24%) of consumers said video is their ‘most trusted’ source of branded content. Explaining their choice, 44% of participants reported that video was more ‘appealing’ to them, followed by more engaging (28%), authentic (29%) and shareable (10%) as additional key reasons for trusting video content over other forms of branded communication.
With digital activities growing rapidly in every sphere, consumer expectations are changing. The resulting shifts in behaviour have and will continue to disrupt existing industry value chains and economics, creating many opportunities – and risks – for marketers.
Meeting the needs of digital consumers
Today’s consumers are increasingly mobile. Now, ‘connected’ anytime and anywhere, they are bombarded with thousands of brand messages a day across every consumer end-point and device. The challenge for marketers, therefore, is to create branded content that resonates and inspires action when delivered to their target audience, rather than just adding to the noise – online video is a highly effective way to do this.
By its nature, today’s generation of mobile consumers is incredibly time-poor – they’re doing multiple things at once, and at speed – all whilst on the go. This means branded content must fit seamlessly into their busy lives, add value and take little time out of their day.
So it’s out with wordy articles and feature-length films and in with short-form video content that can be viewed anytime and on any device. The majority of brands have already clocked onto this trend – take Spotify’s recent move to expand its streaming service beyond music to incorporate video clips, for example. Our research shows that 95% of brands, like Spotify, now use video as a central part of their marketing mix and, in fact, they are more likely to invest in video marketing than any other form of digital media.
As the competition hots up however, marketers need to ensure their video is the one being watched by consumers – and the key is the ability to deliver personal, light-weight messages based on a particular location or time. If done correctly brands can drive quick clicks that take their audience to the most relevant content, in the shortest amount of time.
Marketing leaders must constantly evaluate strategies and best practices to ensure that their brand is positioned for peak success and customer engagement. As part of this process, a key consideration is knowing what type of device the consumer will use to access content.
While full length video will still be developed for use on larger devices, we will increasingly see content designed for new wearables and smaller screens. The result for video content will be more ‘snackable’ clips that direct consumers to the relevant website or product. Here, Spotify’s move into video provides a good example as users can now stream short-form content from traditionally longer-form channels like Comedy Central, ESPN, BBC and NBC.
Presenting your case for video marketing
A dramatic reduction in the cost to produce high-quality video significantly lowers the barrier to entry and is a driving force behind video’s democratisation. Until recently, filming required a high-tech camera and expensive sound equipment, but thanks to today’s ever-advancing technology these items are no longer a necessity for sophisticated video capture.
Even with these cost reductions, however, pockets of scepticism remain about whether video is worth the money and effort. Below are our top tips to get buy-in from the board and to justify the value of video content…
- Prove ROI: The best way is to start at the end – with the benefits – and to prove ROI. The stats in favour of implementing video speak for themselves. For example, companies using video require 37% fewer unique site visits to generate a marketing response or unqualified lead – and that’s not to be sniffed at.
- Invite decision-makers: As video content requires a certain level of investment, it’s important to get buy-in from the guys at the top early on in the process. Invite and involve decision-makers in the initial meetings about the value-add that video marketing will bring to your business – highlighting the benefits in terms of audience engagement and lead generation.
- Reduce risk: Once you’ve got buy-in, ensure you’re reducing the risks by starting video production in-house to keep overhead low. If you are looking for additional expertise to ensure success, freelancers and regional agencies are able to achieve professional-quality video content whilst sticking to tight content development budgets, helping cut the bottom line for the business whilst still achieving good quality content.
Harnessing the power of video
In order to keep up with today’s tech savvy consumers, marketers need to truly understand the power of video in the marketing mix. More and more, brands are starting to view video as an opportunity for engagement that sits at the heart of the marketing strategy – not just as an add-on tactic. By delivering a high-quality, relevant (both in terms of audience and medium) and engaging video experience to end-users, marketers can benefit from increased loyalty, higher brand engagement, more content sharing and higher referral rates.