If a picture is worth a thousand words, then a video is worth a million. And there is a good reason why the old English saying has been modified to reflect the reality of today’s digital world.
Digital Video is Eating into TV Ad Budgets
A recent study, this time by the Interactive Advertising Bureau, found that of the 300 brand marketers examined, two-thirds are moving budgets away from television and into online videos. The 43 percent year-over-year increase in budget spent on online video is fuelling a surge in online video content by big brands. These big brands are looking to dominate established platforms like YouTube and Vimeo, as well as other less traditional formats like Instagram and Vine, Flickr (yes, they do video, too), Vimeo and, more recently, Facebook video.
On top of these familiar names there exists a whole raft of lesser known video platforms, each with its own circle of influential amateur movie producers and socially engaged audiences. It’s likely that most of these platforms aren’t even on the average marketer’s radar but cumulatively they do stack up.
Rise of the Storytellers
So how to produce the perfect video? Well, the idea that brands need to think more like publishers and less like marketers has become all but orthodoxy with content marketers and this has been driven to a large extent by the rise of online video.One of the outcomes of the relatively sudden growth of online video has been the slow death of what Seth Godin once referred to as ‘interruption marketing’. This, in turn, has led to an extreme shift in marketing strategies towards the idea of storytelling. If you can’t put your ads in front of a captive audience, then you have to create content that your intended audience will seek out themselves, and to do this involves capitalising on video’s capacity as a story-telling medium.
Although clearly a rough analogy, the oft-cited Forrester’s research that a minute of video is worth 1.8 million words does continue to resonate with content marketers who understand the power of the moving image to capture imaginations. Unlike the written word or photos or graphics, a video has the unique power to combine sound, vision and dialogue to bring stories alive and create genuine emotional connections between the viewer and the brand; something that is now seen as crucial ingredient in building brand identity and, ultimately, brand loyalty. In the end, what makes a great marketing tool? Correct – low production costs and high ROI. Video has it all. Today you don’t need a crew to produce catchy visual content and you are the only one responsible for how long it will take to pay off and how many leads it will generate. You have free tools at your disposal, you know which types of video work best, so you have everything to run your own on-site video production company and leverage the most widely used type of content. Because truly, a video is worth a million words.