Trend Report: Video Marketing
Introduction
Video marketing is the promotion and marketing of products and services using video on social and digital broadcast platforms. Like all forms of marketing, video marketing seeks to leverage the business growth benefits that come with effective communication with one’s market and customer base. However, the fact that it hinges on the audiovisual display of content disbursed and accessed through modern technological platforms is an effective way for any business to aim to educate or create awareness to the customers as reaching potential audiences. A video marketing strategy is a forward-facing approach of promotion since its values are gained from holistic engagement with audiences. Modern organizations that seek to improve aspects of brand image and recognition within highly competitive markets and meet profitability and sustainability goals find video marketing an effective technology-driven way of promoting the business entity, increasing sales, and engaging consumers.
Background on video marketing
The concept of video marketing is primarily centered on using audiovisual content to promote a product or idea to audiences. According to Mowat (2018), its application within the modern business context is themed on integrated marketing communication that utilizes channels and tools to affect a single marketing objective. While video marketing can be done through conventional broadcast channels such as television, its application within the current modern context uses digital platforms such as the internet to achieve social marketing. In turn, as conventionally utilized, video marketing is geared at creating and sustaining social activity around a video highlighting a product or brandGola, Juneja, and Rajpurohit (2020). Its theoretical application is initially based on the economic theory, which means that business value can be caused by leveraging opportunities within the business environment. Additional approaches that embody the benefits of video marketing include the consumer-culture and social perspectives that underscore the interconnected nature of consumers and their perceptions. Organizations can then utilize to improve their operational outlook in the business environment.
Trends in video marketing
Video marketing is arguably one of the most utilized strategies for product promotion and customer communication adopted by modern organizations. With emerging changes to technologies that support video quality, content, disbursement, and interactivity, video marketing will likely sustain its influence as a preferred marketing tool for both organizations and their audiences. The eMarketer (2019) website indicates an approximately 5% annual increase in the number of people who access video content such as commercials through internet sources from 2014-2018. Wyzowl (2020) suggests a growing trend in the appreciation and utility of video as a marketing tool, as shown in chart 1 (below).
Information in chart 1 (above) projected to year-end 2020, shows a continually increasing trend in the use of videos by organizations to undertake their product and brand promotion and advertising objectives. While implying support for the video marketing approach, studies have also shown an equally positive trend in appreciation for the strategy, especially for modern business in the prevailing challenging business environment. This information is featured in chart 2 (below).
Chart 2: Information on marketers’ preference for the video marketing strategy (Wyzowll, 2020).
These inferences are generated through information from companies such as Google Inc., that ascertain an approximately 66% preference for video commercials by audiences as opposed to reading about a product (Gola et al., 2020). Table 1 (below) further illustrates that customers have a generally lower preference for sources such as websites, infographic material (and images), e-books, and webinars.
| SHORT VIDEO | TEXT/WEBSITE | INFOGRAPHIC | EBOOK | WEBINAR |
| 66% | 21% | 7% | 3% | 3% |
Table 1: Information on customer preferences regarding the source of information on products or services (Wyzowl, 2020).
The trend mentioned above is fueled by implied benefits from better communication and resonance with customers regarding the information provided through video marketing. Besides, video marketing is easily adaptable to emerging communication technologies. As evidenced through projections identified from research studies, video marketing will likely feature prominently in conventional social media marketing platforms, as shown in Table 2 below.
| YouTube | ||||
| 88% | 76% | 66% | 65% | 38% |
Table 1: Information on preferences of video material from different social media platforms (Wyzowl, 2020).
Table 2 (above) shows that the preference of media platform for video marketing coincides with knowledge on video viewership within the channels and the general appreciation of communication within society. Therefore, most people will prefer to use and access video commercials instead of text or infographic material.
Conclusion
Video marketing is an innovative approach to product or brand promotion that incorporates the values of social interaction and emerging technologies within modern society. Modern organizations have embraced video marketing as an approach that aids in increasing the conversion rates in line with more substantial benefits of effective interaction and resonance with implied customers. Video marketing can also improve the efficacy of conventional marketing approaches, such as text or infographic. In turn, it can be incorporated as part of an integrated promotional plan that includes other types of marketing. In addition to different values such as cost convenience and more extensive outreach, video marketing is likely to grow within the current and forecasted years while sustaining its relevance as an essential product and brand promotion method for modern organizations.
References
eMarketer. (2020). Digital video viewers. eMarketer. Retrieved fromwww.emarketer.com/forecasts/
Gola, P., Juneja, Y., & Rajpurohit, B. (2020). Future of digital marketing in 2021. New York, NY: YNB Digital Media.
Mowat, J. (2018). Video marketing strategy: harness the power of online video to drive brand growth. New York, NY: Kogan Page.
Wyzowl. (2020). Video marketing statistics 2020: the state of video marketing. Wyzowl. Retrieved from www.wyzowl.com/video-marketing-statistics-2020/