You Are Not Alone!
In early 2015, Storyboard Media Group conducted a survey of 300 CMOs, VPs, Directors of Marketing and people in similar decision-making roles across industries. One of the things we wanted to know was “What challenges do you face in creating video marketing content?”
An astounding 62.8% of respondents said that finding space in the budget for creating video content is the number one obstacle they deal with. But given their answers to other questions on the survey, this doesn't mean companies don't see the value in video marketing. In fact, it's quite the opposite - they can clearly identify how video lines up with certain goals that they have – goals such as building brand awareness, promoting products and services, and creating testimonials.
Show Me The Money!
The issue with budget is twofold: people with small budgets in general are unlikely to devote the lion's share of that money to video. And video is sharing space with other types of content marketing like print campaigns, white papers and paid ads. These budgets are already strained as it is.
So Many Options, So Little Time!
The second biggest obstacle that respondents identified was the difficulty in finding qualified vendors. We live in an age where professional-level video equipment is incredibly affordable, which is great. However, anyone with such a camera now considers themselves to be a video content production company, which can make it difficult to find a vendor that really knows what you're after and how to achieve it through video production.
Good Investment, or Money Pit?
We learned that being able to justify money spent on video was another major challenge for respondents. Measuring video ROI is still somewhat of an unknown particularly because it's so new conceptually. When you release a video out into Cyber Space it can be challenging to figure out exactly how much that piece is really benefiting your organization in simple terms of dollars and cents. It isn't something that should be holding marketers back, however. It just means it's even more important to make sure that your money is being spent wisely by following some proven rules for measuring video marketing ROI.
None of these challenges, or any of the others listed in the full survey, should deter marketers from producing quality video marketing content. Online video has become, arguably, the quickest and most effective way to succeed in today's modern marketing environment. Each of the challenges identified are real, but they can be overcome. Whether it's learning what tactics to use in measuring ROI or understanding the role of video in marketing budgets, simplfying your video marketing strategy is key to moving your marketing forward.