Online video traffic is predicted to make up 55 percent of all consumer internet traffic by 2016, with online video production accounting for more than one-third of all online ad spending within the next five years. And yes, according to 70 percent of marketers, video converts better than any other medium.
Essentially, the time for online video marketing is now.
If you’re creating massive productions once or twice a year, are still stuck on text-based testimonials, or are only just starting to think about updating your product pages to include explainer videos, you’re missing out big time. You’re missing out on reaching your customers, building stronger relationships, and providing them the information they need to get through more than 60 percent of the buying process on their own.
Video Content Is More Effective
Internet users are consuming more video. But does this actually beef up your funnel or benefit your bottom line?
The answer to both: a resounding yes. Video wins as a results-driven content medium, hands down. It drives marketing effectiveness in four main areas:
- Higher engagement and retention rates. We are in the midst of an attention-driven economy, in case you hadn’t noticed. The average consumer has a lower attention span than the average goldfish, which means you need to be particularly conscious of how you’re driving and maintaining audience engagement. Luckily for you, video content beats out its text-based counterparts in both attention and engagement ratings.
- Support of other content mediums. Not every video has to be Super Bowl–commercial material. Videos can also be used as promotions to improve other content assets, like email or your website. According to Forrester, adding video to an email drives two to three times more click-throughs, and comScore says that adding a video to your site can increase the chance of a front-page Google result by as much as 53 times.
- Driving greater overall conversions. People who view your videos are much more likely to become your customers. In fact, those who view product videos are 64–85 percent more likely to buy.
- Better visibility into consumption stats. With text-based content, you’re often kept in the dark as to your audience’s consumption behavior within an asset. Sure, they downloaded that eBook . . . but did they read it? Better yet, did they reread particular sections? How handy would it be to have these metrics available for content optimization, to determine what works and what doesn’t, and insights for tailored sales conversations? It’s a good thing video offers a built-in feedback loop that lets you see what viewers watched, watched more than once, and skipped.
Video Is More Accessible Than Ever
Both expectations and technology have come a long way in the last few years, making online video accessible to both consumers and producers of content. First, consumers have loosened their expectations regarding online-video production quality. And second, technology has adapted to provide less-expensive alternatives for companies looking to explore video marketing on their own.
Long gone are the days of $50,000 production budgets for a single clip—and even larger checks for securing a prime-time, 30-second spot. Let’s take a look at how online video has become more attainable in the last few years:
More and more tools that allow a non-videographer to create videos online are surfacing. Platforms like Vidyard Studio, GoAnimate, and Camtasia allow you to build your own video without a production team—or without leaving your desk, really.
However, if you’re looking to create more robust content, you’ll likely have to review custom options in-house or through an outsourced tech solution.
Many B2B organizations are starting to behave like media companies by producing video in-house. This allows you to stay nimble and release videos on a frequent basis. And no, you don’t have to be an excessively large company for this to be an option. The opposite, in fact. Eighty-nine percent of B2B organizations are producing some or all of their video content in-house.
And you can, too! Though that may sound corny, all you need for in-house production is a videographer (average salary of $71,000 in the U.S., according to Indeed.com) and a decent camera (starting around $400). Actually, you probably have a good-quality, 1080p recording device in your pocket!
The cost of outsourcing video production can range from $5,000 to upwards of $10,000 for a pretty standard, run-of-the-mill explainer video. Of course, advanced videos with higher production quality, or those with an advertising look and feel, will range anywhere from $5,000 to $60,000. On average, most budgets for a polished production—the kind that comes equipped with a full production crew—usually land somewhere between $20K and $30K.
Put pencil to paper and do a little math to compare outsourced to in-house production. More likely than not, the optimal solution will be a balance of outsourced and in-house work, for reasons above and beyond simply budget. Bring in a partner when you’re looking for a higher-quality production or something that your in-house team doesn’t have expertise in—like video infographics, for example. Finding the right balance will help you meet your audience’s demand for a consistent stream of video content and allow you to sprinkle high-quality and mixed production throughout. A solution like Vidaao can help you balance video budgets to help you scale production over time.
Hosting and Distribution
With the rise of video-hosting platforms, distribution barriers are also dwindling. You can now share videos on public networks like YouTube and Vimeo, keep them targeted toward your specific audience on your website, or even keep them private for internal use through a platform. More often than not, these platforms are offered as software-as-a-service, meaning you pay a monthly subscription fee that generally scales with the number of videos you publish.
Recently, video marketing platforms—different than hosting platforms—are on the uptick. These offer businesses the insights they need to improve their marketing efforts with video, give them opportunities to integrate with their other automated marketing tools, and turn that visibility into video ROI.
Video: Just Do It Now
The world of video-enabling technology has come a long way in the last few years, and it’s showing no signs of slowing. If you don’t get in now, you’ll likely miss the boat. And believe me, swimming upstream against hundreds of thousands of businesses who got a head start is likely to leave you gasping for air. So jump in with both feet and dedicate a portion of your upcoming content initiatives to video. Your audience will thank you!