Emergence of online marketing
Before the end of world war two, the radio was an essential household commodity. Individuals and families would listen to the radio for entertainment, news and be bombarded with commercials from businesses making the audience aware of their products and/or services.
During post world war two the television was introduced to homes and quickly took over the functions of the radio as it gave individuals and families around the world the ability to visually watch entertainment, news and commercials. Businesses would spend vast amount of money to gain TV slots for their commercials, especially for TV slots during prime time hours.
Although businesses still pay big sums for TV slots today, however, the dominance of the TV for marketing has begun to slowly lose its grip as the leading medium for marketing. Today we are looking at a shift from TV marketing to online video marketing, but will video marketing be a new fad or dominate the marketing world for the next few decades as the TV did?
Research from the European Interactive Advertising Association (EIAA) has shown 16-24 year olds in Europe are now accessing the internet more than television while those aged over 55 (silver surfers) especially women are also using the internet more than watching television. No wonder why businesses now are spending more time advertising their brand over the internet.
But why video marketing?
According to YouTube, YouTube have over a billion subscribers and views of video content on their website each day, that’s hundreds of million hours of video content being viewed around the world each day. With such a huge audience no surprise businesses are using YouTube as a marketing strategy for increasing brand awareness.
But it isn’t just YouTube that has converted businesses to video marketing, there are many benefits which video content can offer you:
What made the TV such a popular option for businesses was the visual appeal it had for viewers whilst today the video content online can further push the boundary of visuals which TV commercials couldn’t do, from 360 degree videos to interactive video content. It allows the brain to consume the message portrayed by the video to viewer much easier compared to text, audio or a standard one-minute TV commercial.
According to a study by Animoto, 96% of us prefer reviewing products before purchase using video to aid our decision. Which is why many online retailers such as ASOS have implemented video catwalks on product pages to allow customers to view the clothing of interest on a live model. While 58% of us trust websites which over video reviews of products. Essentially videos can result in more traffic to your site and increase conversions.
Can video marketing be all good?
With the positives of video marketing highlighted it would be easy to believe video marketing couldn’t have any draw backs with its huge audiences, cheaper production and easy access for viewers. With everything on the internet, you must be aware of the drawbacks.
Retaining your audience for your video content can be difficult, if a viewer views your video once, what will bring them back to watch it again or other videos? Only fresh exciting content which appeals to that viewer could result in them coming back. Today it has become difficult to retain viewership for smaller businesses. Take sports retailer Nike for example, they have the means to spend millions on video productions from visuals, video directors and actors/athletes to create exciting content for their viewers. While a smaller business wouldn’t have the finance to do this, they will need to think outside the box to create video content which stands out.
According to the Guardian, video content will account for 69% of all traffic on the internet by 2017, while The Forrester Marketing group found video content utilised by businesses via email contributed to an increase between 200 – 300% click through rate. These are numbers the business world wouldn’t ignore however we have seen before exciting, successful strategies can be overused and become stale after some years.
It must also be noted that viewership’s for TV shows such as Games of Thrones or even world sport events such as the Olympics or Champions League finals however are so high, TV commercials can still bring audiences of millions to billions of viewers.
Time will tell if video marketing will be another fad or a revolutionary marketing technique, for now however, video marketing has proven it is here to stay.