Thinker and marketing influencer Seth Godin said that “Marketing is no longer about the stuff that you make, but about the stories you tell.” With the meteoric rise of video marketing, this phrase may be truer now than ever before.
Seth touches on the need for brands to connect with people on a human level with context and emotion (wink wink.) People will buy your product, but only if they buy into your brand. Storytelling remains the most powerful and engaging way to convey emotion to an audience, and video is the best way to tell stories.
Word-of-mouth is the ultimate currency, so a great product is ground zero. But how do you get a customer to try the thing first? Then, how do you retain a customer’s loyalty?
The fact is that a brand’s digital marketing goals are becoming increasingly more reliant on video. It’s not because people don’t want to read anymore. From higher CTRs, to increased engagement, to better overall conversion rates, all of the statistics point in the same direction – video is the king of all content for brands.
Some of the stats that confirm the video domination sensation:
- Syndacast predicts 74% of all internet traffic in 2017 will be video. (Source)
- Between April 2015 and November 2015, the amount of average daily video views on Facebook doubled from 4 billion per day to 8 billion. (Source)
- Sites that include video have on average an extra two-minute dwell time compared to sites that don’t. (Source)
- Using the word “video” in an email subject line boosts open rates by 19%, click-through rates by 65% and reduces unsubscribes by 26%. (Source)
- Consumer usage of View on Demand (VoD) is expected to double by 2019. (Source)
- Retailers cite 40% increases in purchases as a result of video. (Source)
- Shoppers who view video are 1.81 times more likely to purchase than non-viewers. (Source)
All of this considered, more video traffic means more noise to break through. Setting up a YouTube channel and publishing a few videos is not going to suffice. Video is a dynamic tool that should be leveraged in service of specific business objectives and understood from a web-wide perspective.
What differentiates good from great in branded video is the ability to set clear goals and measure how it’s actually fulfilling those objectives. In any client-agency engagement, the client has to know how each video is performing on any given channel from the time it’s published. For the obvious reasons, but also to be able to match those results against brand strategy, LVC, and ROI.
Unfortunately, while social analytics tools like Social Studio, Synthesio and Nuvi are ubiquitous today, we’ve scoured the interwebs for an analytics platform robust enough to measure all facets of video marketing performance (from reach to sentiment to cognition to conversions) across any web channel – and it just doesn’t exist yet.
For now, this means that tracking your videos requires a lot more ground work, preparation, and collaboration between brand and agency. Should it be an in-house team or the agency? We believe that the people responsible for tracking have to be embedded with social and community managers to know exactly how a video is being used in order to effectively measure ROI.
Otherwise, the internet is a big place, and your content could get lost… along with your marketing budget.