Over the last few years, industry experts have predicted an explosion in the importance and use of video content marketing. B2B and B2C marketers all over the world are stating that video is one of the top 3 most effective social media marketing tactics* and the use of the word “Video” in an email subject line boosting open rates 19%, click-through rates by 65% and reducing unsubscribes by 26%*.
In early 2015, Storyboard Media Group conducted a survey of 200 CMOs, VPs, Directors of Marketing and people in similar decision-making roles across industries.
The goal was simple: Find out how many people were either actively taking advantage of video marketing or were planning on moving in that direction in the year ahead. We wanted to see how much of these claims were actually true.
The results of the survey were pretty surprising, but not necessarily for the reasons you might think.
When asked "How much of your 2015 content marketing plan is dedicated to video?" the highest number of respondents fell into the 20% to 40% range. It’s important to note that none of the respondents were planning to devote more than 80% of their 2015 budget to video, and there were no respondents who planned to apply none of their budget to video.
When asked “What goals are driving your video content marketing initiatives?” the vast majority of respondents indicated that they hoped to build brand strength and awareness; increase revenue and sales; reputation management; followed by an effort to explain a particular product or service.
When asked to provide more information aboutthe type of video they planned to create in 2015, explainer videos outperformed all other video types with testimonials and product reviews coming in second.
Finally, when asked how many videos were planned for their 2015 marketing budget, 81 percent of respondents stated at least four.
On the surface, these results indicate a few very important things.
For starters, it seems that even though industry experts have long maintained that video is great for increasing traffic, conversion rates, building brand awareness, strengthening engagement and more, respondents are still building their video content marketing strategies. Only 20% appear to have mature video content marketing plans that match up to the buzz.
Studies have shown that not only are people more likely to watch a video than read an article online, but that they're also growing impatient when surfing the web and video makes consuming information dramatically easier.
Respondents are definitely aware of the benefits of video marketing and how it aligns with their goals, but are taking a more measured approach. When asked what challenges keep them from using video to its full potential, the answer is clear- click here to view the full set of survey results in our infographic.
It's safe to say that the majority of marketers today understand why they should be thinking about video marketing – but many are still working on the strategy for how they should be executing it.