Video has undergone a major transformation from the ‘age of the television’ in the 1960s to what we call the ‘information age’ today. Traditional television commercials have morphed into YouTube, Snapchat, Vimeo, and even Facebook Live. Video today, has become a staple of consumers’ everyday lives.
A recent study has found out that video marketing is twice as effective as print and direct mail combined. This attractive, versatile, and extremely shareable medium is manna for the marketers of our generation. And capitalizing on it, they are!
In our recent panel discussion WATTALKS, panelists highlighted the importance of video marketing in the digital space and why it’s being hailed as the future of content.
1. Why videos will drive the future of digital content marketing?
Video is one of the most important tools in a marketer’s arsenal, thanks to its ability to engage and excite consumers better than text-based content. According to Cisco, video accounts for 69 percent of all consumer internet traffic these days. Leafing through a swathe of stats on the subject, it’s hard to find any indicator that doesn’t suggest rapid growth.
If you are still not convinced about using digital video for marketing, then the following statistics by HubSpot will help you understand its importance:
• According to James L. McQuivey, Principal Analyst at Forrester Research, the message that is conveyed in a single minute of video is as effective as word-based content, which contains 1.8 million words
• Most people spend a third of their time online watching videos
• Video will become dominant in digital advertising by 2019, claiming more than 80 percent of all web traffic
• Up to 87 percent of online marketers are currently using video content in their digital marketing strategies
• Creating videos for marketing has shown to boost click-through rates by 200 to 300 percent
• Embedding videos in landing pages has demonstrated an increase in conversion rates by up to 80 percent
• Product videos help 90 percent of customers make purchasing decisions
• 64 percent of customers are more likely to buy a product online after watching a video about it.
• Video ads now account for more than 35 percent of advertising spending online
• 59 percent of company decision makers prefer to watch a video than read an article or blog post
2. What are the different types of video formats, marketers need to know?
With online videos becoming a rage by the day, any business that fails to utilize them in their advertising strategies will lose out in the market. From 15-minute series to six-second clips, there is something to suit every brand campaign’s needs. Featured below is a list of different types of video formats marketers need to know about:
• Long form videos
Long form videos have always been used in advertising as they help build a more captivating story, thereby pulling in viewers and keeping them engaged. The depth and dimension of complex stories create a more meaningful connection to the brand. Hence, for brands that need to move beyond simple awareness, long form videos may be necessary in order to persuade the minds of consumers.
• Short form videos
These days, digital marketers are increasingly utilizing short-form videos to promote their products. As consumers become accustomed to skipping adverts after five seconds, it becomes even more crucial for them to convey their message in a limited timeframe. Benefits of short form videos in advertising are immense. The balance of story and brand in such a concise format helps hold the consumer’s attention whilst also creating a connection.
• Live videos
Live videos are making a splash in the world of advertising, and for a good reason. The immediacy as well as the ‘realness’ of live video provides an attractive outlet for brands that seeks to break down the wall between marketers and their consumers. The faster marketers can jump on this trend, the better.
• Videos in immersive formats
Several studies show that the focus of consumers is shifting from roti, kapda, makaan to roti, kapda, and escapism. Hence, videos in immersive formats such as VR and 360 will play an important role as they help blend the physical and digital worlds to create a new storytelling medium. Whilst there is an appetite for it, there’s clearly work to be done considering the amount of latest technology that one needs to harness in order to create immersive videos.
3. Things to keep in mind while making video-based content
When consumers recall a marketing video, they also remember the brand. This helps bring in more sales and leads. And, with proliferation of social media, consumers are also sharing the videos they like, which can expand a company’s online reach.
To make videos as memorable as possible, advertisers must ensure that they are in line with their brand strategy. Also, consumers should be able to instantly recognize the style and format of a brand in their videos. The context of a video is also important. Making quirky videos to convey a serious message, and vice versa can risk the image of a brand; unless specifically mentioned, this should be avoided.
4. Platforms that will be used for promoting digital videos in the future
The advent of smartphones, tablets and Internet-enabled TVs have ensured that consumers are using less of conventional computers and television sets to access digital videos. And, with VR and 360 videos making inroads in our lives, consumer preferences are also expected to change in a big way in the near future. So, which platforms should digital marketers target in the days to come? Every platform has its own unique attributes and advertisers must know which platform is being used prominently in a particular market. They should also make use of latest technology to promote digital videos, in order to connect with the consumers.
Video marketing is without a doubt the fastest-growing forms of marketing today and is predicted to be the future of content in the digital space!