For some small and medium sized businesses, video marketing can seem like an overwhelming investment not worth the money, time, or resources required. Other businesses view it as altogether unnecessary or unachievable within their current advertising budget. But the most successful, fastest growing brands and businesses see video content for what it truly is in today’s highly competitive and increasingly digital marketplace: a necessity.
Video marketing is and has been the fastest growing form of advertising for businesses of all sorts and sizes in the digital age for two main reasons: it works and it is now more easily achievable than ever before. Unfortunately, misgivings and inaccuracies regarding the public perceptions of video marketing, many of which stem from the so called Golden Age of Advertising, still persist today.
In today’s blog, we’ll break down 5 Video Marketing Myths and attempt to explain how they came to be and why they are inaccurate.
Myth #1: Only Large Companies Invest in Video Marketing
It may seem unfair to compare the marketing strategies of smaller businesses to bigger brands, as it stands to reason that larger companies will inevitably have larger advertising budgets. However, the idea that only companies who are highly successful can invest in video marketing is a false stigma that has spilled over from the pre-digital age of advertising.
In fact, the inverse would be a far more accurate statement; only companies who invest in video marketing can be highly successful. While this statement may sound damning, however, it is far from it. Video marketing is an opportunity for small to medium sized businesses to grow and connect with a larger audience.
Additionally, producing video content has never been easier (or cheaper) than it is currently, which brings us to our next myth…
Myth #2: Video Production is Always Expensive
When you summon to mind the gigantic production budgets boasted by Hollywood blockbusters, it’s not hard to see why the general consensus is that any and all forms of film and video production must be similarly expensive. This is simply not true.
First off, while huge brands do pour millions into their video marketing efforts, most of this money is spent on distribution as opposed to the actual productions. Even still, a majority of what is spent directly on production costs comes from hiring huge teams of top tier professionals, including the occasional A-list celebrity cameo – not because they need to, mind you, but because they can.
When you strip away these exorbitant expenses and look at the opposite end of the spectrum, at how cheaply some filmmakers produce indistinguishably high-quality work, you start to see that production costs are actually extremely flexible.
Thanks to technological advancements and rising interest in film and digital video production among young professionals, video marketing on a smaller scale (and smaller budgets) is now more feasible than ever before. There is no shortage of up-and-coming videographers who are willing to work cheap, accustomed to micro-budget productions, have their own equipment and are looking for any chance at all to prove their talents.
Independent DIY productions are also totally plausible and likely much easier than you think, which obviously cuts down on production costs even further. The more you are willing and able to do on your own, from providing shooting locations and talent to writing your own material and turning on the camera yourself, the more money you will save on production.
Professional grade production equipment and software is also cheaper and more available to non-professionals nowadays. In fact, most people walk around all day with 4K-capable camera phones, and most laptops are capable of supporting the latest pro editing software.
Myth #3: Video Marketing Means Making TV Commercials
When you hear the term video marketing, chances are you immediately associate said term with commercials. This is another myth that has carried over from a bygone era in advertising when TV commercials and product placements in shows and movies really were the only form of video marketing. This is no longer the case, however.
Over the past few decades, the dawn of the Internet Age, along with the subsequent rise of social media, has provided businesses and consumers with tons of new platforms on which to share and watch videos, including YouTube, Facebook, customized company websites and so many more. These avenues of distribution are obviously far cheaper than air time, not to mention the fact that trends in audience viewing habits are skewing more towards the former as well.
In addition to new video marketing outlets other than television, there is also an array of different forms and types of filmed content (other than the traditional commercial format) that are great for marketing purposes.
Some alternative forms of content include vlogs and/or vlog-style promotions, special announcements, instructional videos, reviews, confessionals, special events, comedy skits, pranks, personal or company projects, informational videos, interviews with employees and/or customers, etc., etc. These types of videos are typically far less polished than a straight-forward commercial would be, and are therefore far cheaper, easier and less time-consuming to produce than commercials.
Myth #4: Print Advertisements Are Just As Effective
Print advertisements may seem like a safer investment when compared to video marketing, especially seeing as how print ads are comparatively cheaper and less complicated to produce and distribute. And, after all, seeing as how they both have similar goals, they must produce similar results, right? Wrong.
In reality, how consumers interact with video ads as opposed to print ads is differs vastly in almost every way, with the overwhelming advantage leaning in favor of video ads no matter how you look at it. The statistics behind these differences demonstrate just how advantageous video marketing really is when compared to print.
According to a 2017 study by Forbes, consumers are 95% more likely to remember content including information and calls to action when they are in a video, as opposed to a 10% recall rate for text and image based content. Digital marketing expert James McQuivey estimates that a single minute of video content is worth the equivalent of 1.8 million printed words. Additionally, 90% of consumers have stated that they consult videos before making a purchase, and studies have shown that embedding introductory/informational videos onto website landing pages helps to increase conversions by 80%.
According to studies done by Small Biz Trends, four times the number of consumers prefer watching a video about a product or service as opposed to reading about it, and video content garners twelve times more shares on social media than text and images combined.
Myth #5: Video Marketing’s Only Purpose Is Generating Sales
Boosting sales, at the end of the day, is the main and most obvious purpose of video marketing as a means to an end. Like any good marketing strategy, it is great for generating leads and convincing consumers to buy any given product or service. In fact, nearly 90% of all video marketers reported being satisfied with their video content’s ROI, indicating just how well video content performs from a financial perspective (Forbes).
However, while video marketing will almost definitely boost your sales, this is by no means the only thing it is good for when it comes to helping your brand or business. Just as video marketing includes but isn’t limited to making TV commercials, it also includes but isn’t limited to strictly ad-driven content.
Video marketing is also great for connecting with customers and establishing their trust in your brand or business, raising awareness or informing your audience with product demos, announcements, how-to videos and other instructional content, keeping you relevant online, boosting your SEO, strengthening consumer perception of your public image and many more.
All of these things will help to improve, strengthen and grow your brand or business. And while they may not feature direct calls to action for consumers to purchase whatever your selling, these types of videos can do just as much to generate leads and boost sales, just with a little more subtlety. In fact, ad-savvy consumers tend to appreciate a more nuanced approach when it comes to video marketing. Keep in mind that viewers are much more likely to view your content in its entirety when they are getting something out of it, such as information or entertainment, as opposed to content aimed solely at trying to sell them something.
Truth #1: Get Started Now!
There you have it, folks. We’ve debunked the most common video marketing myths and hopefully eliminated any excuses you may have for not pursuing it in the future. The bottom line is that video marketing can and will substantially improve your brand or business in more ways than one. If you haven’t started marketing with video content, now is the time to start. If you already started making video content, it can never hurt to make more. The more video content you put out the better.
Whether you want to start, improve or increase your video marketing efforts, Apsos Media is here to help you make it happen. Our dedicated and multifaceted content creation specialists will handle every step of the production process from generating ideas, storyboarding and videography to editing, uploading and distributing professional quality video content – all at a fraction of the price of big production companies.
Check out our content creation page to get started now!
Thanks for reading this week’s article, and be sure to check out our past and future posts for even more digital marketing wisdom!