The power of video was famously established by Dr. James McQuivey of Forrester in 2008. In a study titled How Video Will Take Over the World, he wrote that “Video is worth 1.8 million words.”
When Dr McQuivey wrote his famous words, he could not have imagined how video in the coming years would displace other forms of Content Marketing. The rise of social media and the switch to mobile phones as the primary device to consume content has virtually revolutionised marketing. More and more companies are turning to Video Marketing as a key component of their Content Marketing strategy.
Video marketing can be defined as the use of videos to market or promote a company’s products or services on a digital platform which can be a blog, a website or a social media channel.
The purpose of such marketing is to engage with current and prospective customers, build brand awareness, generate and nurture leads, build a community and ultimately generate sales.
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Video marketing can take two routes. The first is direct. In this case, companies publish videos about their products, their facilities, their processes, their employees, their customer experiences etc. These videos provide valuable information to customers but they rarely go viral.
The second type of company video is crafted intelligently. Its goal is to provide an immersive experience. These videos are more fun, lighter and entertaining, and more likely to be shared. Such videos delight existing as well as prospective customers and lead to increased brand recall. The messaging and brand building is very subtle.
Advantages of Video Marketing
1.Suited for mobile phones: Data shows that videos are the most popular form of content consumed on mobile phones. They can be optimised for consumption on mobile phone screens and can be consumed on the go. This is one key reason why marketers prefer videos to inform their customers.
2. Audience engagement: Videos are a great way to tell a story. They help companies connect with their audiences easily. Messages can be communicated in one to three minutes or even less. There is less distraction.
3, Increase reach: Videos that connect with customers are the best form of earned media. Companies don’t have to promote such videos. Customers share such videos on their networks, and the reach multiplies.
4. Retain information: Studies show that videos leave a deeper imprint upon the minds of customers. They are able to retain information longer as compared to similar information shared as a text.
Disadvantages of Video Marketing
1. High production costs: It costs money to produce high quality videos. The costs go up if the company invests in equipment and manpower.
2. Time consuming: There are several steps involved in producing a video. These include writing a script, shooting the video and editing it. Each step has several sub-steps, and it takes considerable time from the point when an idea is approved to the point when the video gets the green signal to be published. This can be frustrating at times for companies that are looking for quick results.
3. Creation of engaging videos: The biggest challenge before companies is how to create a truly engaging video that will fire the imagination of their customers. Scores of videos sink without making a mark.
Kinds of videos used for marketing
A wide range of videos are produced by companies to market their products. Some of the popular forms are:
a. Brand Videos: Brand videos showcase the company’s vision and mission. They also talk about the products and services marketed by the company. The goal is to build brand awareness.
b. Product Videos: The product videos bring out the utility value. They inform the customers about the way a product works, its key features and how it will meet the needs of a customer.
c. Testimonial Videos: There is no better advertisement than happy and satisfied customers. Companies leverage these feel-good videos where customers express their happiness to create a positive image in the mind of buyers.
d. Event Videos: Event videos, especially involving celebrities, are a great way to build brand awareness. Many of these videos get shared on social media platforms increasing the reach and visibility of a company.
e. Explainer and How To Videos: Explainer videos are made to answer customer queries regarding the functioning of new products. They are like FAQs. Customers turn to them whenever they hit a roadblock. IT companies invest huge amounts, time and effort in building the How To Videos.
f. Presentation and Talk Videos: These videos capture the key points made by the CEOs or marketing heads of companies. Depending upon the stature of the speaker, the viewership of such videos runs into millions.
g. Review Videos: Product endorsements by media influencers and thought leaders go a long way in influencing the buying decisions of their followers. Companies value such videos greatly and repost them across platforms to derive full mileage.
h. Live Videos: Companies use social media platforms such as Facebook or You Tube to livestream events. Such videos enjoy huge viewership and have become an important component of the Video Marketing strategy of companies.
Key elements of Video Marketing Strategy
Like other forms of Content Marketing, much thought and effort goes into finalising the Video Marketing strategy of a company. The points that marketers keep use to finalise the strategy are:
1.Determine goals: Companies need to define the goals. What is it they want to achieve through videos?
If the objective is to help customers understand the unique features of a product and how it works then the company should produce product or explainer videos.
If the objective is to build social media community, reach and visibility then a social media campaign needs to be developed through a series of engaging videos.
If the objective is to generate leads or sell more event tickets then social media platforms are the best bet.
2. Planning: Much thought goes into this step. The companies need to decide:
a. Decide target audience: For whom is the video being made? Is it the existing customers or prospective customers? What are the demographics of this target audience? Is it a young group, a middle-aged group or an elderly group? Where does the target audience reside? What is their educational levels? Companies need to draw up buyer personas, and the messaging must be tailored to the needs and interests of this audience.
b. Select publishing platform(s): The product or explainer videos are best suited for the landing pages. Short or long-term campaigns depending upon the message are more suited for social media platforms. Here, companies need to choose the platform or platforms carefully. The selection can be based on prior knowledge. Companies can evaluate past campaigns to decide which platforms delivered the best results.
If they are running the campaign for the first time, they can post it on two or three platforms where they expect to find their target audience. The campaign data can be analysed to decide the social media platform that is delivering the best results.
c. Decide the budget: It costs money to produce high quality videos. Companies therefore need to decide the budget before the creative team gets into the act. The budget should include costs such as hiring an agency to produce the videos or setting up an in house team.
d. Set up publishing schedule: A publishing schedule needs to be drawn up. This should give dates and platforms on which videos will be published. The creative team should then ensure that the schedule is followed.
d. Promotion: Companies can adopt different strategies to promote videos. They must write a proper description that includes keywords for search engines to rank them. Such description is essential for platforms such as YouTube, which runs its own algorithm to rank videos.
In the case of platforms such as Instagram or X (formerly Twitter) hashtags play a key role in ensuring organic video promotion.
Search engine optimisation is also important for videos posted on company websites. Such description can lead to higher ranking on search engines and produce substantial organic traffic.
Companies also have the option of search marketing or social media advertising. They can run paid advertisements to bring the videos to the notice of their target audience.
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