What is your idea about video marketing? How is it impacting digital marketing?
Video Marketing is the single most under utilized platform in digital marketing. And it could very well be the most powerful. Sight, sound, motion, emotion with a clickable link! I believe that in many ways it is more powerful than TV.
In the US, I believe that the rapid growth of video consumption stems from the fact that we are inherently lazy. People would rather have someone read them a story, rather than having to read it themselves. I spent five years at the local FOX TV station. When I started, our average time on site was in the 2 to 3 minute range - average for all other media websites. We started adding videos to the site and the time on site started rising. Soon we were experiencing an 8 minute time on site. The more video content we added, the higher the time on site. When reporters complained they couldn’t get their stories “on air” we told them we would publish every story they developed online. This accomplished several things. Now junior reporters could develop their digital portfolio. The more they posted, the better the stories. Reporting skills rapidly improved. And consumers responded by staying on our website longer. Twice our web site averaged a time on site of more than 20 minutes and ranked among the top 25 media sites in the country for time on site - a FOX station in Toledo, OH - market 73 in size in the country.
Video marketing has the ability to target specific sales prospects based on behavior and demographics and this targeting ability is stronger online than on TV. And the online call to action response is more immediate than with TV. Granted with dual screen behavior, the TV response is getting closer to the native online response, but you still have to try and follow the message on the TV and try to catch up on the mobile device. “What was that URL again?” Online you simply click on the video to learn more.
One mistake I see marketers make is the idea that “I have a TV commercial, I’ll just throw it online!” I believe this weakens the consumer response. You don’t see advertisers taking a print ad and throwing it up on a billboard. Advertisers recognize that it would not work. The mediums are different. Billboards are designed for large images and eight words of copy.
On TV, the cost of creative development is minimal compared to the cost of airing the TV commercial. While shooting the commercial, think ahead and ask, “How can I use this message online?” Plan on shooting additional footage specifically designed to be used online.
There are things you can do online that simply do not work on TV. One is immediate connectivity to your website. On air you can say, “Visit me at www.yourname.com” and hope they remember the URL. Online you can say “Click on my face now and save 20%”. The prospect is already online and you can provide an actionable link that immediately takes them to the correct page on your website. You cannot do that with TV.
One of the current trends that is impacting video marketing is the lack of quality, available inventory. This inventory restriction is affecting rates. I spoke to a colleague last night who was complaining that his rates for video pre-roll went from $15 CPM to $25 CPM overnight. I have seen campaigns running at a $35 to $50 CPM. As more video content is developed, we will see a gradual reduction in the price for video advertising.
I also see a growing use of long form video on websites, especially on splash/landing pages. It is very difficult to actually talk to every prospect. Video is great way to introduce your products and services to this audience and highlight the advantages of your offer.
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