There is plenty of excitement right now with people talking, blogging, estimating and projecting about the power of online video. Everyone from the kid next door with the video camera uploading content to YouTube, to Presidential candidates, to big shot marketers seems to want in on the Web video action. In a recent report Tubemogul highlighted the impact potential of video asking:
“…when was the last time that a paid search listing or banner ad raised your blood pressure or induced you to forward something to a friend?”
They definitely have a point.
Yet online video raises as many hurdles as it does cheers of elation. Marketers are in search of plausible ways to produce the myriad iterations necessary for the geographic, demographic, and use-based targeting that Web video makes ultimately inevitable and increasingly challenging. Will all the excitement and hype translate into increased budgeting for online video and other social media?
Although speculative answers abound, the most successful form and ultimate direction online video will take remains an unknown. Coremetrics’ second annual Face of the New Marketer survey illustrates that social media marketing tools—including user generated videos and product reviews—are becoming integral to online marketing. A disconnect remains however between the desirability of social marketing and the budget allocated to it; 78% of respondents see social media marketing as a way to gain competitive edge, but only 7.75% of total online marketing spend is devoted to it. John Squire, SVP product strategy, GM marketing services at Coremetrics explains:
“marketers are aware of the impact that social media marketing can have on their overall program, but view it as uncharted territory, not worthy of their budget.”
One of the biggest challenges facing marketers wanting to adopt online video is lack of tools and expertise. Video production costs are hard to stomach—it is a new medium that has some marketers questioning whether returns will justify the cost. One possible answer lies in an increased blurring of the lines between user generated content, commissioned ads and user reviews. Online Video Insider entry Video Ads For People Without TV points to consumer generated content campaigns run through managed brand communities as at least a partial solution to the problems of cost and video proficiency.
When it comes to distribution and targeting, companies must often choose between reach and quality of content. The Online Video Insider post: The Next Video Ad Innovation: Automation of Ad Assembly contends:
“The need to innovate automation tools in the video ad editing space is driven by demand for video ads from every property on the Internet, yet few have discovered how to tackle the problem of mass adoption.”
Some companies are already onto this. If companies opt to automate production of online videos to save on cost and time, will their content still effectively engage consumers? At the moment this looks to be a trade off of artistry and quality for targeting and relevance. If, however, creators accept that they must build their “video templates” around editing techniques that the technology handles well, perhaps such automation could solve for cost and scalability without losing all creativity and viewer engagement.
In their report, “Web Video Marketing – Best Practices”, Tubemogul states that the strength of online video as a marketing medium stems from its engagement potential, SEO value, and measurement opportunities. In its report Tubemogul argues that 50% of creating a great viral video—which is really the ultimate success story for online video—is about content and production. The goal, as they put it, “is to create something remarkable, literally, something that causes people to remark – and in doing so to effectively convey your message.”
In order to grow online video needs conquer issues of cost and scalability while somehow remaining remarkable. How can Web video maintain creativity, specificity and influence while scaling to impact a greater swath of people? Since hoping your videos will “go viral” is not a complete distribution strategy—particularly if companies opt for template videos—video SEO must begin to play a much larger role. As videos flood the Web, getting people to find and watch your videos will only become more challenging though increasingly significant for raising brand awareness and content monetization.
