The ROI of Video Marketing for Business
Today’s marketing climate is one of constant change and pivoting. We can do all forms of traditional marketing with billboard, magazines, email, and ads as well as all the new-ish ways such as facebook/instagram ads, youtube ads, ad-words, and the list goes on. As a marketing manager or executive inside a company the pressure to responsibly use your allocated marketing money, the expectation of staying “relevant”, and the confidence needed to present new ideas and trends for ad spend is mounting. While there is no guarantee or “silver bullet” in marketing (when has there ever been?) people demand more and more certainty in the outcome of their marketing dollars spent. While the outcome of marketing efforts are dominated by a untold number of factors the means by which we tell our companies and products stories can be using with statistical historical data that, thank God, gives us some solid footing on strategy. Isn’t that all something we can get excited about?! First let’s sit down and do some research on video content stats to see if it’s even worth our time and money.
When we think of selling product and services to both preexisting customers and reaching new ones we must strategize the most effective "HOW" to reach them before we think of WHERE. Our stories are powerful and emotional and truly drive us to make decisions if you have spent any time studying behavioral psychology. Copy, photos, video, which is the best means in which to do this? According to Buzzsumo http://bit.ly/fbookandvideo video gets 59% MORE engagement than any other form of content. (As long as it’s in the most watched time length suggestions). I would suggest that’s more than just a slight advantage when it comes to reaching more people and being competitive in your market. Think of all the effort or extra ad spend you will have to do match those kinds of results with other mediums?
Organic reach is a highly sought after metric due to not only the higher credibility from friends sharing info with friends but also because it’s FOR FREE! According to research for linked that can be found here http://bit.ly/linkedinvideosharing video is 20x more likely to be shared than other kinds of content!
I do believe we have established that video is currently, right now, a fantastic option of telling brand story and reaching customer both paid and organically but how does video play out say 3 years from now in importance? Hubspot released stats last year that 54% of people want to see MORE video content from brands and businesses.
In addition to that Wyzowl reported that 74% of people would rather watch a video than text to learn about a product or service. Pair these two statistics together and you have a very promising future of not only customer desire increasing for video but their interaction with it and by extension, your brand. A little hidden gem with this increase of video watching is increased time on your website! Can I hear a cheer of excitement out of all your SEO people?!
Magisto reported that the average business will spend $20,000 dollars on video production. Maybe you are a larger businesses and that’s what your company spends on just coffee beans for the year or maybe you are a smaller company where that seems like an intimidating or hilariously large number. As with all marketing efforts both STARTING and being CONSISTENT are winning combinations. After all if you begin making the right moves with video marketing the money will eventually come allowing for more budget especially as the management above you become more confident of the results you are producing.
As a marketing agency we are so excited to hear these stats because it just confirms to us that our choice to help businesses achieve their goals with a tool that we are passionate about (video production) is effective and will only continue to be more and more impactful for hitting business's goals with their content marketing.
