The amount of money marketers plan to spend on digital video advertising is set to increase by 25 per cent over the next 12 months, figures from Casale Media Research have found. This would equate to 23.8 per cent of firms’ total online advertising budgets over the next year, based on the survey of over 150 media buyers, planners and managers.
Video advertising continued its incredible growth in 2011 and currently accounts for 10% of all online display advertising. Expenditure on online video doubled year on year to £109 million (£54 million in 2010). The format has grown more than eight-fold since 2008, when video spend was £12 million.
It’s an indication that video production is seen as an increasingly important part of the marketing mix, and yet it remains one that most small businesses and SMEs remain resistant to. Even a change in the way Google ranks web content – giving increased prominence to online video – has not yet persuaded smaller businesses to become part of this massive advertising growth.
Reasons to switch use video production in your marketing mix
Why are so many smaller firms reluctant to use video production as part of the marketing mix? The first reason is a lack of understanding about cost. Making promotional film was formerly expensive but changes in technology and increased competition from internet video marketing companies has meant prices have fallen into the mid £000s rather than £0000s for a good quality video. Used properly, the video will also have a much longer life than traditional print marketing or advertising.
A second reason might be that they regard video as not suitable for them. Either they don’t think their range of products and services would make for good video, or they believe their target audience would not view it. They are certainly wrong on their first assumption. If you offer good products or services to the market you can make interesting video that sells their benefits in an informative way.
Additionally, all sectors of the market are expecting to see video as part of their web experience. Naturally, a younger audience has grown up on video but an older market also wants clear details without going through masses of text or copy. And videos will tell the market much more about the brand and company than any amount of copy can.
The final reason for some businesses refusal to use video production is perhaps a feeling that it is strictly for the big boys. In fact the reverse is true. Those Google algorithm changes have actually made it easier for a company to get to the top of their rankings by the clever use of video – just do some random Google searches on some typical long tail search terms and see what results come up.
Whilst small businesses remain to be convinced, it is a great time to build that competitive advantage with some great video production as a substantial part of your marketing mix.
Remember to watch this space as we will be releasing a range of online video marketing blogs over the coming months. Our readers can also find our Pro Web Video Facebook page at www.facebook.com/ProWebVideoOnline. For all the latest goings on, you can keep up-to-date with Pro Web Video on Twitter https://twitter.com/AlexisProWeb. And we also now have an Pro Web Video YouTube page live at http://www.youtube.com/ProWebVideoOnline.
