Is video the “it” thing for 2009? You tell me.
I am a big fan of companies including video in their marketing mix (I wrote about it here and over at Search Engine Guide) and I don’t mean the overly produced and edited corporate kind. I mean the whip out the video camera and go to town type of video (okay, maybe with some slight edits). Why? Because I think they put a human face on a corporation…something that is sorely lacking these days.
Recently I was contacted by Tim Hurley, Managing Director at BluePoint Venture Marketing (Note: Tim used to worked for Porter Novelli who was my agency of record at a previous job) to let me know that his client, PermissionTV, just released some findings on where video will fall in the marketing mix spectrum in 2009.
Typically I am skeptical when it comes to PR agencies doing surveys like this for clients because, well, I have done them myself and know they can be…let’s just say slightly skewed. But this survey (complete with details), looks interesting and given that it’s a prediction trend for 2009, we should be able to see if the survey pans out. That said I am more curious to see if you are experiencing the same thing with your clients or within your marketing departments.
Here’s the high-level overview (details here) as I received it from Tim:
PermissionTV surveyed more than 400 senior-level advertising, marketing and media executives-from media companies, Fortune 1000 and small and medium enterprises representing several verticals like financial services, telcos and manufacturers, as well as agencies. The survey findings show that online video will remain a primary focus for digital marketing budgets in 2009-and will be more widely used than search and social media** and will be least affected by marketing budget cuts.
The survey examined the following:
- What stages companies are currently in online video initiatives vs. future plans
- A comparison of online video investments vs. search and social media
- Percentage of companies that expect to implement online video next year
- How online video will enhance customer engagement
- 2009 digital marketing investment trends – what areas are likely to be cut, increased or maintained
- Traditional advertising agency vs. digital/interactive advertising agency
**It’s interesting to me that corporations and agencies think they can use videos for branding/promotion efforts and expect that they will go viral (WOM) or that they will be embraced without being social (i.e. engaging their community). This reconfirms for me that companies still might not understand the benefits of social media and developing a community (prior to diving into and using these tools) and that they will continue to use social media tools to do one-way traditional marketing. Am I wrong with this assumption? I hope so.
Your thoughts?
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Beth – Personally, I think that it’s been the “it” thing in 2008, and 2009 might see a maturation in how to effectively use online video. BTW, a friend of mine is the VP of a start up that’s attempting to crowd-source online video ads. You might want to take a look at them: http://xlntads.com/
As this kind of video becomes easier to implement, I think we’ll see more brands using it, but I don’t think it’s a sure bet that we’ll see more brands using it ‘correctly’. The 41% of the respondents that think video will have a direct impact on their conversion rate is a good indication of that. And the 40% who are sinking resources into viral (read: magic bullet) video.
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I really hope not because it is already getting annoying. So many people are over using it and lot of us just like to read something over listening to something.
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Hi Beth
I do think video will play a greater role in 2009 (although I’m not sure if it will be ‘it’.
One point I’d like to add here about social.viral videos, and social pressence in general, is this: companies are going to invest far more focus on their products/services as their primary marketing focus.
21st century evolved out of the ability, given limited channels: marketing learned to game the system. Alsas, that was a transitional period. The web changed the system (or it will soon).
Vidro will be an increasingly imprtant component of overall marketing strategies. But the highest ROI will come from good old fashioned elbow grease. Clients might not want to hear that, but they need to, don’t they?
Phil
I’m encouraged by the burgeoning realization by many marketing and communications consultants that podcasting (audio/video) offers a more cost-effective approach to reaching narrowly targeted audiences.
A new IPSOS study reported by Marketing Charts website suggests what we’ve known for some time, people are more willing to watch longer-form video, or listen to longer form audio. Gone are the days when clients would demand a three minute podcast because they thought that was long enough. Customers and prospects need highly detailed content, especially when it’s a B2B podcast. You can afford to provide very in-depth programming to highly select audiences. They will appreciate it.
Links:
http://www.marketingcharts.com/television/longer-form-streaming-video-grows-consumers-willing-to-pay-7250/?utm_campaign=newsletter&utm_source=mc&utm_medium=textlink
http://www.ipsos-na.com/news/pressrelease.cfm?id=4215
You’re right, traditional thinking will use online video in a traditional broadcast way. But I think eventually competition from sites that really listen and converse will drive even the traditionalists to change. It took a while for quantum physics to catch-on (the old school actually had to die off) but eventually it did.
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I totally agree. Capturing the spirit of those working within an otherwise-faceless company can be both empowering to the people and enlightening to the viewers.
OK total cheap plug here but I did this recently with some of the staff of Sony Music talking about their favorite albums from our catalog. The goal was to empower the music geeks at Sony to display their passion and put some faces to the ‘faceless’ organization.
You can view on MyPlay.
Thanks for this post, Beth!
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Well, looks like there might just be a thumbs up for video. Personally, I can only sit through 5 minutes of video when it’s a) VERY informative or 2) entertaining
@SteveLubetkin, you bring up an interesting point about the niche aspect. I think most companies are looking for the next great viral video instead of something that might be of higher quality for less people.
Thanks, Beth. I continue to be surprised by folks who are so obsessed with “going viral” on YouTube that they don’t even know how confiscatory YouTube’s terms of service actually are. The point of podcasting or vidcasting ought to be to deliver communications through this alternate channel that target audiences actually want, not what you think they want, or what you think is funny or cute. Play it straight and customers will reward you for being honest and transparent.
Interesting Beth. I know in my industry video continues to grow. Being able to show a tour of an apartment home vs. static photos can make a huge difference in the eyes of a customer. Even the 360* tours that were popular at one time are no longer what customers are looking for. Each industry must determine how video can best impact their business. In some ways it may be in just promoting a product, while in others it may be more of a social platform to interact with customers. Either way, video will continue to grow in 2009 good or bad.
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Beth,
I agree – online video should be a major aspect of many brands’ marketing efforts. Problem is, they haven’t figured out how to use it. They either try and follow a traditional TV model, create content and bolt messaging around it (BudTV) or spend all their time trying to make something viral that may or may not actually sell anything.
I had hoped, an even said as much in Ad Age, that 2008 was going to be the year companies figured it out. Now I’m hoping it will be 2009.
There is a solution – companies just need to be willing to step out on a little ledge and try something different.
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