The data is in and one thing is undeniably clear: people love to watch videos online. Each month, the amount of video content seen online grows, and analysts expect the trend to continue through 2016. And ss the amount of online video grows, so does the amount of online video ads.
While marketers tend to be pretty savvy with the latest media, not everyone is convinced on digital video advertisements. They worry that online videos are too expensive, too difficult, and that their company is too small to get noticed. Unfortunately, these people are often the ones making the final decisions on ad spend. Many higher-level stakeholders just don't believe in the abilities of online video, or just don't see ROI to justify the cost.
So what do you do if you're a marketer that knows how much a brand could benefit from a strategic set of digital videos, but just can't get the green light? The Magnet Labs are here to help. We've come up with some of the most compelling arguments to convince your boss how important it is to invest in digital video marketing.
1. Ad Competitorem ' Appeal To The Competition
If your main competitor is using video while you are not, chances are good your brand is getting dominated in the digital world. This seems like a no-brainer for the digitally inclined, but how do you get a stubborn CMO to agree? Well showing is better than telling; so make your argument stronger by showing him or her some undeniable facts and hard data.
Start by doing your homework on your chief competitors' video efforts. Look for key performance indicators (KPIs) that show, quantitatively, how successful video has been for the competition. How many views do their videos have, and how quickly did those views accumulate? How many subscribers does their YouTube channel have? How many comments, Likes, and shares do their videos have? This last question is perhaps most important'you want to know how engaged people are with a competing brand and it's content. This is engagement that your company is missing out on.
To get even more detailed, you can use premium services like Radian 6 to do an in-depth analysis of the media exposure a brand is earning. Radian 6 can show how much a brand is dominating the online conversation about any given topic, such as your industry or services. You can then compare these results to your own to see just how much people are talking about the competition instead of your brand.
You also want to do a qualitative analysis of your competitors' videos to show exactly what your brand can do better. Take note of the competition's editorial decisions, production value, and technological implementation. Are they consistent from video to video? This will tell you a great deal about why your competition is successful or not, and will help you explain how your videos will be better.
2. Ad Successus ' Show How Online Video Has Led To Success For Others
Another way to make the case for online video is by appealing to just how successful they have been for brands.
For starters, online advertising overtook print for the first time in 2011 and is now second only to TV ads. According to ByteCaster, 69 percent of Internet users watch online videos, and 66 percent have watched an online video ad. Of those people, 40 percent said they visited a website mentioned in the ad, and 15 percent requested product information.
In 2011, a total of 8.3 billion video ads were delivered, and they reached about 51 percent of the population. That number is growing at an exponential rate. The most recent data from comScore shows that 9.6 billion video ads were delivered in July 2012 alone. A recent report by Cisco predicts that by 2016, online video traffic will account for 55 percent of all commercial traffic on the Internet. Does your CMO really want to miss out on all of that potential business?
Well, in case he or she needs further proof, it's great to show some success stories, especially if you can find one from your industry vertical. Work for a small appliance company? Just consider the success of BlendTec, which saw a 700 percent increase in sales entirely thanks to the 'Will It Blend?' series on YouTube. Do a little research, and you should easily be able to find a case study of online video boosting the sales of company in an industry similar to your own.
A few other business statistics to support the use of digital video:
- Websites that display videos see an increase of 30 percent in conversation rates.
- SEO optimized videos are about 50 percent more likely to turn up on the first page of a search engine result.
- Videos are easily shared via email and social networks, and Facebook ranks video posts higher on users' newsfeeds than any other content.
3. Ad Efficens' Show How Successful Online Video Ads Are
One common argument against online video is that it simply isn't as effective as traditional forms of advertising. It's true that TV ads still reach more people than online videos, but are they necessarily better?
Online videos actually have a better ROI, at 81 percent, than any other form of advertising. Unlike television ads, they can be shared amongst friends and viewed at any time of day. Streaming video sites like Hulu boast superior completion rates on their video ads, and now only charge advertisers if the video is watched in its entirety. Finally, studies have shown online video ads to be more favorable, memorable and enjoyable. Newer technologies allow them to be targeted at specific audiences based on location and interests, helping them to quickly become more relevant.
Studies show that people find online video ads more favorable, memorable, and enjoyable than TV ads.
Videos are also shown to be much more effective than other forms of online advertising. Not only can digital videos be shared and commented on, they have a click-through rate that is 27.4 times that of standard banner ads and 12 times that of rich media ads.
Still focusing on directories and newspaper ads? YouTube is the world's largest video directory. Additionally, and not many people know this, YouTube is the world's second largest search engine. Anyone searching for your brand's product, services, or information can find it and engage instantly. Videos are infinitely more entertaining than a printed ad, and when was the last time you shared a newspaper ad with a friend? Over 700 YouTube videos are shared on Twitter each minute.
4. Ad Propositum ' Set Clear Benchmarks To Evaluate ROI, and a Plan Reach Them
Perhaps the biggest objection that high-level stakeholders have with digital video is that it's much harder to define ROI. You can only use the terms 'thought leadership,' and 'brand awareness' so many times.
Like with our first point about competitive analysis, do your homework to define specific benchmarks that are relevant to your brand. How many people would have to watch your video in order for it to be considered successful, and how does this compare with how many people you're currently reaching? How much of the social conversation about your industry do you want to dominate?
Having these all clearly laid out will make it easier for your CMO to understand how to evaluate ROI. With a specific, clearly defined, and actionable plan of how to achieve you goals, you will be much more prepared to win your boss over to the idea of using ad spend for online videos.
Have you convinced your boss and are now ready to create some awesome video content? Let us know in the comments and connect with us on Twitter, Facebook, Google+, and LinkedIn.
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