The Evolution Of Video Marketing And How It’s Going To Affect Your Business
The digital landscape is constantly producing new opportunities to reach and engage with audiences and consumers, and video is the fastest growing medium within this. Video has turned into one of the most effective marketing tools for businesses, with 52% of marketing professionals stating that it produces the best ROI (syndacast).
Today, we see video everywhere. It is constantly impacting our lives as consumers, although it didn’t start out that way. Marketers have been advertising with video for almost 70 years, with the first ever commercial actually being traced back to a baseball game billboard in New York in 1941 for a brand called Bulova.
After this, video marketing began to grow. The tactics grew and so did budgets. With the launch of MTV in 1981, it popularized and mainstreamed big budget music videos. This gave way to a new form of video marketing, using expression, music, experimental camera techniques and more. MTV opened the door to marketers using more creativity in their advertisements, showing that creativity and marketing can work hand in hand.
After this we saw ads take a turn; more creativity, individuality, and expression was put into advertisements. One of the most popular commercials in history happened at this time, Apple’s 1984 Super Bowl commercial. This ad not only revolutionized the use of commercials in the Super Bowl but also ad creation in general. Apple made their commercial into an art form with clever cinematography and a powerful message.
As technology advanced so did video; near the end of the 1990’s video was evolving for the digital age (the internet). Brands began adapting to the digital landscape hoping to grow their brand with the increase in internet users. With the launch of YouTube in 2005 brands had a whole other platform to grow their video marketing initiatives on. Brands like Nike took advantage of this by being the first ever brand to reach one million views on a YouTube video.
There has been plenty of innovation within the video marketing sphere and it isn’t slowing down. We’ve stretched from roughly a $9 budget with Bulova (Mashable) to the most expensive Chanel ad, costing the fashion house $42 million.
With the continuing shift of marketing from traditional forms to digital, many brands are choosing to spend less on each individual piece of content. Instead of spending millions of dollars on a single TV commercial or ad buy, they are creating multiple digital assets and publishing them across various platforms.
Now that brands are creating multiple videos instead of one large hero spot, they have the flexibility to use them along different points of the customer journey. While video was traditionally used only for brand awareness, we are now seeing marketers creating videos specifically for stages further down the funnel, all the way to conversion and even post-sale.
And with the advanced analytics and targeting that marketers now have at their disposal, we are able to create videos that are even more specific – even down to the customer persona.
We created a campaign with our clients Deltek, that provides an overview video and then breaks down into specific videos for each of their customer personas.
But where is video going? With how fast technology is innovating it’s difficult to predict what’s going to happen in the next 5 years, even the next 2 years. One thing we can say is that the rise of personalized video will be a large component of video marketing. Personalization has the ability to empower your customers as well as catching new leads. The average retention rate for personalized videos is 35% higher than for non-personalized video (vidyard). In a saturated market it’s easy to get lost among other brands but if you have the ability to personalize your content to each user, it’s much more simple to capture your audience.
Want to know more about video marketing and how to get started? Check out these articles!
- 12 Game-Changing Stats on the Power of Personalization
- 5 Video Marketing Trends That Will Revolutionize Your Content Strategy
- How To Personalize Your Video Content