“A picture is worth a thousand words” – this timeless saying is truer today than ever. With the exponential growth of data exchange in both private and business sectors, consumers increasingly seek maximum information with minimal effort. It’s no surprise, then, that videos, which tell stories at approximately 24 frames per second, have emerged as one of the most effective tools for brands to engage with their audiences.
Rather than speculate on the value of video, Brightcove partnered with the Aberdeen Group to study the return on investment (ROI) of video marketing. The findings confirm what many marketers already suspect: video is a cost-effective and impactful marketing tool. Below are some of the key insights.
BENEFITS OF VIDEO
The global average conversion rate for companies using video content is 4.8%, compared to just 2.9% for those that don’t. This means companies leveraging video need 37% fewer unique website visitors to generate the same number of leads. For example, a website without video requires 137,000 visitors to produce as many leads as a video-enabled site with just 100,000 visitors. The numbers speak for themselves.
WHY VIDEO MATTERS NOW
Video as a communication channel is not a new concept. However, the landscape has shifted as technological advancements have dramatically reduced the cost of producing high-quality videos. No longer do you need high-tech cameras and expensive equipment to create engaging content. Freelancers and small agencies can now produce professional videos on relatively modest budgets, democratizing the medium and making it more accessible to businesses of all sizes.
EASIER ROI CALCULATION
As with all marketing investments, tracking and measuring success is essential. Video marketing is no exception, and it offers unique metrics that make calculating ROI simpler. Here’s how video provides actionable insights.
- Time-based metrics: Video has a time element, enabling brands to measure how often and how long videos are watched. If viewers watch a video through to the end, it’s a clear indicator of success. If they drop off midway, the video likely needs improvement.
- Cross-channel reach: Video can be shared across multiple channels and its performance tracked on each platform. This versatility makes video a valuable asset. To maximize its effectiveness, brands must ensure their video content works seamlessly on PCs, smartphones, and tablets.
INVESTMENT VS ROI
Although video content creation often requires more time and upfront investment than other digital marketing assets, it delivers results that are easier to measure and evaluate. According to the Aberdeen study, top-performing companies—those in the top 20% of their industries—utilize video content 95% of the time. These companies prioritize video marketing over other forms of digital media, recognizing its superior ROI potential.
With increasing pressure on marketers to demonstrate the value of their efforts, video proves its worth by driving higher conversion rates. The diverse range of available channels also creates opportunities to engage with customers across different demographics. A successful strategy considers these varied communication channels and tailors video content accordingly.
GETTING STARTED: KEY TIPS
- Convince decision-makers: Video creation requires an investment, so it’s essential to get leadership buy-in early. Use the compelling data from the study to highlight the advantages of video marketing for customer retention and lead generation.
- Optimize for multiple devices: Consumers engage with brands on a variety of devices, including laptops, tablets, and smartphones. Ensure your web content is optimized for all screen sizes, considering how the viewing experience differs across devices.
- Leverage a video management solution: Use tools like Brightcove Marketing Studio to enhance video quality and simplify workflows. There’s no point in creating perfect content if your audience can’t access or enjoy it seamlessly.
With video marketing proving its ability to engage, convert, and retain customers, now is the time to prioritize video as a core part of your marketing strategy. Start small, measure your results, and refine your approach for maximum impact. Video’s potential is limitless, and the benefits are well worth the investment.
