Video Content And How It Can Propel Your Business: Time To Step Into The Future
As we all know, having a successful business heavily correlates to great marketing and being able to stay relevant.
If your business can’t stay up with the current trends of your industry, market, and overall world – then you are doomed to fail. It’s every part of your marketing agency’s job to keep you up on the evolving technologies, new developments, industry standards, and in-tune with your target audience. Being straightforward, you need to understand your audience and develop ways to capitalize on the shifts in market trends you see happening – before they happen. If not, you might as well pass on the torch to your competitors who are better suited to adapt – because they are the ones who will become victorious.
We’re here to tell you that the market has already shifted towards the favor of video content. With video now being the most valuable content type there is – content marketing wise and advertising wise. Before we jump in let this settle in, adults on average already spend 5.5 hours a day viewing video content, so why not hit them with the exact thing they are already viewing? You see where we’re going with this? You have to adapt to consumer trends in order to win.
Video Marketing – Now The Biggest Ad Format And Most Consumed Content Type
Numerous studies and research has shown that video is what your consumers are CRAVING. In fact, it’s already what they spend most of their time watching and what their memory recalls the most. Consumers absorb 95% of the information conveyed in a video and have stated to remember more of what they saw in a video last month compared to just the 10% they remember reading from last week.
With this being said, video is able to visually demonstrate how a new product or service functions. What makes video so effective? We as humans trust what we can see, more so than what someone can tell us or what we have read.
of information in a video is absorbed
Video’s Rise To The Top Of The Content Food Chain
Just throwing some stats out there to aid in video’s testament:
In this new digital era with the internet readily at our fingertips, 57% of the time spent online is spent on mobile. Most of which, your consumers spend watching on-the-go entertainment – content they can absorb while on the move. Which all leads to the increase in video consumption.
Why? Simply put, people are drawn to videos for the ability to visually understand specific topics and products. Additionally, people gravitate towards online video as a form of entertainment used to pass the time. Where TV once reigned, online video content has now usurped the thrown as it is more versatile – being able to go with us when on the move.
On the company side of things, video allows your consumers to engage with your product and receive a better understanding of it similar to how they would if they were face to face with your product – viewing it from all angles and understanding its inner workings. Consumers who view a video in the consideration stages are 1.81 times more likely to make a purchase than “non-viewers”. As 90% of consumers reported that product videos helped them make final purchasing decisions. Video also allows you draw in and keep hold of your audience. Where as they would be spending time watching entertainment from another content creator, they can now spend it with your company, getting to know you and what your product or service is all about (if done right. Thats where marketing tactics, and strategy planning come into play).
of consumers said product videos helped them make a purchase
Video’s Rise To The Top Ad Format
Video’s grasp on the industry has developed to the point where it has become the primary ad format for the display network. Beating out the very embodiment of the display network, banner ads.
In terms of mediums, digital ad spend has drastically overcome TV ad placement.
Current forecasts project digital advertising to reach $107 Billion during 2018 in the U.S, while TV dwindles down to $69.87 Billion in the U.S – which is TV’s biggest market by revenue .
Tv Advertising (in Billions)
Digital Advertising (in Billions)
Tv Advertising (in Billions)
Digital Advertising (in Billions)
Tv advertisement expectations for 2018 vs Digital advertisement expectations for 2018 – Source: Forbes
Digital’s growth can be attested to the blooming of it’s leading force – social media. Although relevance of platforms vary by age group (Generation Z – Instagram, millennials and baby boomers – Twitter, and Generation X – Facebook) it still stands that 2.8 Billion of adults have social media accounts and 80% of adults, when online, spend their time on social channels.
As a testament to video’s expedited growth alone:
Within the last year video (up 46%) along with content and native ads (up 14% collectively) have driven all of the display network’s growth while other ad format investment has either remained stagnant or diminished.
On terms of digital ad spend, over the last year video and native / in-feed (not be confused with in-stream) video ads have steadily grown accounting for over 77% (83 Billion) of all U.S digital ad spend (on contrast, global digital ad spend is expected to hit $273.29 Billion).
Mobile ad spend growth:
Mobile ad spend is expected reach $121.1 Billion globally by the end of 2018. Nearly half of the total digital ad spend ($273.29) and for good reasons as previously mentioned – 57% of time spent online is done through mobile.
Video Will Account For 82% Of All Web Traffic By 2020
Let’s Put This In Terms Of Your Business…
You’re competitors are already planning to jump on video advertisement as 60% of marketers and business owners said they plan on increasing funding for video marketing. As of right now 87% of marketers are already using video content in their marketing strategies. So if you’re not on it yet then you’re late to the game and could possibly be handing over your audience wrapped in a golden sheet to your competitors.
Back On Terms Of Advertising
The rise of social media and consumption of video content / on-the-go content has directly given rise to the adoption of video ads. Which marketers have turned to in order to fill the need of this consumer trend – which is watching more videos and consuming on-the-go content.
With the birth of any new market trend there also comes new obstacles to face.
In this case, it is the clear opposition that consumers have for ads that disrupt their normal viewing habits and put a block on the desired content; which is exactly what in-stream videos do.
As a method to overcoming this hurdle, here at Scyterra, we have steadily used video ad formats for our clients that are better suited for success in this new era – only using in-stream when data shows it is beneficial for a specific campaign and only after-which tailored content for the format has been created and of course coupled with highly detailed targeting.
Such formats are:
Media buys and native ads – which easily mesh with the publisher’s normal content (or web page) as if the “advertisement” was a part of the regularly scheduled and expected content from the consumer’s favorite content creator.
Out-of-stream (out-stream) videos – which easily align with the topic of the pages being viewed, in-turn adding value and more clarity to the discussed topic.
and Self published social media video ads – which exposes your brand to your exact target audience and filling the gap that consumers desire for on-the-go content. All while seamlessly integrating with their newsfeeds, capturing the attention of cold audiences, making them familiar with your brand, and turning that cold audience into a warm audience. As well as, securing sales and creating a loyal fanbase.
Here are the results of a social media brand awareness campaign we recently ran for one our clients showing the success of these non disruptive formats and giving reason for the fact that over the last year video and native / in-feed (not be confused with in-stream) video ads have grown accounting for over 28% of all digital ad spend. Coupled with our detailed targeting capabilities we’re able to achieve cost effective ad spend every time; in this case being $0.005 per result. Allowing us to use our client’s allocated marketing budget efficiently, no matter how large or small.
You can’t catch a fish without bait. Let your content be your bait.
Follow up with this post where we use a scenario to show you how to actually use video content to help your business succeed