Successful Companies Plan To Extend Video-Marketing Budgets

It’s commonly accepted that any company looking to execute an effective marketing strategy today must include online video content as a featured component. But in the ever-evolving climate that we’re in, 44 percent of companies currently successful at video marketing are citing the lack of a clear strategy as a major obstacle to their continued success. So how do marketing departments ensure that they’re on the correct course to positive progress in this arena?

To help us navigate this realm, Ascend2, in partnership with marketing analytics platform Vidyard, released an international survey of 228 business and sales professionals in a study entitled “Video Marketing Strategy Benchmarks for Success.”

Traditionally, the most important objectives of a company’s video campaign were to educate customers and increase brand awareness, as well as online engagement. Today however, increased website traffic can open further revenue streams and it’s been proven that videos improve the ability to nurture and qualify leads. There is a valuable opportunity that marketers can tap into by creating content based on this data.

An effective video marketing strategy should take into account technology planning. Content creation is of course a basic component, but the management of that content, distribution and hosting, as well as analytics reporting are all major factors to be considered. Most marketers use technology to track the success of their videos, but only 20 percent are reported to use the collected data to nurture leads.

The Ascend2 survey concludes that marketing budgets are the second most challenging obstacle in devising a strong strategy. This is likely to shift as a notable 71 percent of companies plan to increase budgets in this area either significantly or marginally, whereas only 24 percent believe their current allocation is sufficient to meet projected targets.

Content lies at the heart of a successful campaign, so what are the most effective types of videos? Product tutorials and demonstrations along with customer testimonials top the list. It’s the social proof of fellow customers that drives results once the video ends, say the companies with solid track records. Even more so, twice in fact notes the survey, than case studies or video blogs, meaning that an endorsement from a customer is more effective than speaking of your own success.

These valuable customer testimonials are also the most challenging type of content to create, as are the less effective reviews and case studies. By comparison, demonstration videos are among the easiest videos to create while also being one of the most effective, thereby offering a great opportunity for marketers to capitalize on.

Like most online media, videos exist in an ever-changing environment, which leads to the question of how the effectiveness of video marketing has altered? The answer is significantly, cites the Vidyard-assisted study, with a reported increase of 91 percent. This is attributed to marketers learning more about the power that videos offer to generate leads, and how data helps them to eventually convert those leads into loyal customers.

Resources play an important role in any marketing strategy, and utilizing them efficiently is equally important to its success. About one-fifth of companies choose to completely outsource video content creation, and less than one-tenth utilizes their in-house team exclusively. Outsourcing to experts can result in more impressive content and free up employee’s time as well as offer a fresh perspective, while in-house teams can quickly create lower-budget videos and deliver them within a short timeline. It’s because both options offer valuable strengths that 71 percent of companies combine both out-sourced and in-house talent to achieve the most effective, and therefore best, content for their brand.

Does your dealership marketing strategy place enough importance on video content? And are you effectively using the tools available to maximize the various benefits?