Although video marketing has exploded in recent years (according to Hubspot, 85% of businesses use video as a marketing tool), there are still many common misconceptions out there that prevent brands from adopting this medium. This reluctance to use video stems from a fear of the unknown. Video may seem expensive, difficult to track or time consuming, but none of these myths may actually be the case.
We’re here to debunk those myths and to encourage all businesses — whether you’re a small business or a large corporation — to elevate your brand to the fullest with video content.
Myth 1: Video Marketing is Expensive
This is one of the most common myths about video marketing. In actuality, over half of companies spend less than 10% of their marketing budget on video, according to The Heinz Marketing Report: Using B2B Video to Drive Results. In other words, you can produce engaging, high-quality videos for only a small portion of your marketing budget.
One way to make videos cost-effective is by repurposing and recycling video content. Video sharing is not one and done. The same video can be shared on multiple different platforms, such as social media pages, video hosting sites, embedded in email newsletters, or on PowerPoint presentations. It can also be shared again in the future but repurposed with slightly different verbiage and messaging.
Another way to minimize video costs is to produce videos that are shorter in duration. Shorter videos are more popular on the internet due to decreasing consumer attention spans, but shorter videos are also more affordable when you’re working with third-party video producers or agencies. It’s a win-win.
Keep in mind that although video production does cost more than any other content medium, it’s often the most effective. With video, what you pay for is what you get. Video costs are correlated with crew experience, editing skills, professionality and capability of editing software, quality of equipment, and time commitment. All these elements work together to produce high-quality videos, which correlate with your brand value.
To further breakdown the costs that go into video production, read our blog here.
Myth 2: My Marketing Video Must Go Viral
Sure, it’s nice to have your video go viral and enjoy the views and exposure that come along with it, but that’s not a true measure of success with video marketing.
Although views do matter to an extent because it means your video is being seen, what truly matters is the conversions and actions that the video causes. Being seen by the right people is better than being seen by a huge number of people who couldn’t care less about what you have to offer. Quality over quantity.
How many people clicked on your video’s Call To Action (CTA)? How many visited your website, subscribed to your newsletter, filled out a form, or made a purchase after watching your video? How many people engaged in conversation within the video’s comments, or shared the video to their own network? These are the metrics that really matter.
Myth 3: Video is Difficult to Track
Although video tracking is still an emerging and improving tool, there are technological solutions out there that make video tracking easier. With free video hosting platforms like YouTube, you can track views, time spent watching, retention rate, click-through rate, and engagements. When videos are incorporated with Customer Relationship Management (CRM) systems, it’s even easier. If a viewer only watched 25% of your video, you can send them a different one. If a viewer repeated a product video several times, that might be a qualified lead for your sales team to take on.
To learn more in-depth about video analytics and how they can be used to measure ROI and success, view our blog here.
Myth 4: My Industry Doesn’t Use Video
This really means that the industry doesn’t use video yet. Remember that demand for video is driven by people in the industries, not the industry itself. Videos are effective in both B2B and B2C industries because both have humans, who are the ones consuming video. If that still doesn’t have you sold, look at some statistics. According to Invisia, 55% of people watch videos every day. And, according to Buffer, 500 million hours of video are watched every day on YouTube alone (not even considering other video sharing sites or social media platforms). Be honest, you’ve probably watched at least one video online today!
If your industry truly has not adopted video yet, look at it as a great opportunity to set yourself apart from your competition and to think outside the box. Ask yourself, “what would my customers like to see or know?” and “how can I use video to show them that?”
Here are some industries who have seen video marketing boom in recent years, that you can take inspiration from:
- Manufacturing: In a very crowded, technical, and “faceless” industry, video is used to set manufacturing firms apart, emphasize product value, and connect with customers on a personal level.
- Finance: It’s so important for financial institutions to build a sense of trust and confidence in their customers, as banking and finances are risky and a sensitive subject. Videos can be used to teach customers how to make deposits and setup payments, keep customers up-to-date with market news, or simply help customers get to know the banking institution better and feel more at ease.
- Real Estate: In a highly saturated market, realtors are now turning to video to help stand out. Videos are being used to give virtual tours of properties (especially useful in the age of COVID-19) or educate young millennial buyers on how to secure mortgages (who now make up the largest market segment of homebuyers).
- Healthcare: Health is a complicated industry, so care providers are using video to help patients and loved ones through decisions that will impact their lives, like how to select the right insurance plans. Some doctors and hospitals are also using video to talk about common procedures or preventative measures one can take during flu season or when travelling.
- E-commerce: Online shopping is a rapidly-growing industry in today’s digital age, and video is a great way for sellers to help their products shine. Retailer, Zappos, uses product videos to give 360-degree views on their new shoes. Amazon sellers can upload videos of their products to stand out in a crowded marketplace, and buyers can leave video reviews for potential buyers.
- Travel and Hospitality: Videos help make the process of choosing travel accommodations much easier. Videos give travelers a better look at what the hotel, dining and travel experience is really like prior to booking. Stunning, eye-catching visuals of a beach sunset or behind the scenes clips of a top restaurant chef is much more powerful than the traditional written review.
It’s time to stop putting it off. There’s a reason why video marketing has gained so much popularity in the past few years to become one of the most widely used forms of marketing today. Don’t believe the myths. The time has come for you to start exploring the exciting world of video marketing – and Jillian Irene Lee & Associates is here to help you take that first step. Have a great video idea to get started? Let’s Talk.