Is Video Marketing Effective A Look At The Numbers
Video marketing is now one of the latest digital and business trends that is dominating the internet today. At present, it is estimated to account for at least half of the total internet traffic. Moreover, by 2018, the video marketing-related traffic is expected to rise by 79%.
Thus, given the an estimated 93% of the marketers resort to video marketing for their promotional needs, online marketing, and communication, apparently, a lot of people do think that it is the most optimum means of achieving their business goals.
However, one cannot be sure that video marketing is 100% effective. In fact, some people would doubt if it really serves the marketing purpose of various industries. Moreover, though a lot of people utilize video marketing, it seems that they do not employ any well-planned strategy when creating their videos, as shown by a research. From the said research, several conclusions have been made:
In the said research, 78% of the participant agreed that a video is an important tool in successful marketing. However, more than half of the participants failed to measure the ROI of the videos they used for their campaigns. In addition, more than 75% did not have a clear idea on how their ROI can be measured quantitatively, indicating that even though the marketers invited in the study used video marketing, they could not prove its efficiency through their ROIs and specific quantitative data.
In this period, it seems that everything is now done based on science or the scientific method. And the business industry does not go very far behind. Thus, it is strange when business just jump right at using videos for their marketing purposes. Moreover, it becomes weirder since the 61% of the participants in the study were intending to increase their usage of video marketing.
In the past years, more and more people have gained access to watching videos at a very low price. Possibly, companies are using this trend to their advantage because it seems that most of their competitors are also doing it. Some other reasons are that industry experts claim about the effectiveness of video marketing or that companies are hoping that luck would side with them.
A lot of people seem to use video marketing as a business tactic without necessarily validating its success and regard to the amount of money that will be spent. Taking a look a bit closely, such actions may seem absurd. Thus, for some who have already associated these issues with video marketing, their question is why such process has become so popular that people are now almost doing it blindly.
In the research, the participants claimed that they resorted to video marketing based on their instincts, and they had a positive feeling about it. About 80% said that they had come to understand their product or service more through their videos, whereas 55% thought that using a video increased the traffic to their websites. Meanwhile, 57% had faith on the capacity of video marketing in increasing conversion rates, and 30% assumed that video marketing may be capable of reducing support queries.
Based on its characters, video marketing may really have the potential to meet the marketing needs of various industries and businesses. However, the world is now in an every progressing state, and innovations are being made everyday. With such changes, it is only logical to assess whether video marketing is still valid for promoting products and services.
With regard to the issues mentioned above, people can use the following tips to maximize their use of video marketing for business purposes.
ESTABLISH YOUR GOALS
Clear goals are the primary reasons why a video should be used in marketing. These goals should be SMART (specific, measurable, actionable, realistic, and timely). With such characteristics evaluating the ROI of a video becomes easier, and tools for creating the necessary content to reach the goal of the video can be determined. In some cases, video marketers focus on improving the user understanding and increasing the time in a website or lead generation.
Whatever the reasons are, the goals for creating a video for marketing should be clear and specific. The goals can also be used in setting up the parameters for assessing the success of video marketing.
MEASURE AND ASSESS THE RESULTS
The effectiveness of video marketing is influenced by how much of the goals have been achieved. For subjective goals, including understanding of the product or service offered, one of the tools that can be used for assessment is market research. The research can be done in an informal manner, wherein the customers are asked regarding the video and their thoughts about it. The customers should also be asked whether they gained additional insights into a product or whether modifications should be made with the video.
Other factors, including the time spent on a website, impact on conversion, and other measurable variables, can be easily evaluated. On-page and UX analytics programs can be used to assess such factors.
For examples, tools, such as Google Analytics, Crazy Egg, and ClickTale, can be used in visualizing the users’ experience through heat maps and video recordings of the sessions of the users. Website managers or owners can determine whether their visitors are watching the video and whether there are any changes in the conversion rates after the people have watched the footage.
Though marketers seems to greatly favor the use of video marketing for their businesses, results from the mentioned study indicate that a lot of people really do not have a clear idea on how it can be effectively utilized. Thus, it is important a specific model for tracking and improving the ROI of campaigns should be constructed for the marketers who are onto video marketing. The tips mentioned can greatly help in serving this purpose.
Hopefully, more data can be obtained regarding the effectiveness of video marketing, and the changes concerning the video industry should also be recognized. In addition, some people are now working gathering more information about video marketing from different perspectives. Basically, they aim at understanding how a video used in marketing resonates with the consumers. With any luck, promising results and additional information will be available for the marketers in the near future.