Video in the Digital Marketplace
Among the hundreds of news feeds, blogs, buzzwords and articles I see weekly, I tripped across two that were of particular interest to me. First is that digitl video spending has increased 114% since 2014, to a staggering $114 billion.
Technology and market research company Forrester forecasts digital media spending will increase to $118b by 2021, but it projects this spending will slow overall as marketers emphasize brand experiences over volume-based advertising strategies and budgets are reallocated to reflect this trend.
That’s according to Forrester’s latest US Digital Marketing Forecast.
Second, that Facebook is boosting rankings of longer videos.
“As we continue to understand how our community consumes video, we’ve realized that we should therefore weight percent completion more heavily the longer a video is, to avoid penalizing longer videos.”
Having arrived in advertising and digital media through a film/video production track I’ve spent a lot of my pitch time and energies convincing (or not) my clients of the superb ROI of video production. After Cost of Production, the biggest obstacle to the close has been “Who’s gonna see it?”. The answer to that of course was, and still is, a complex issue, but often the answer was not strong enough to convince Mr. Big to part with a large chunk of change. Mostly thanks to Google and sister You Tube, Obstacle #2 has become easier to address, and that’s only going to get better with Facebook’s commitment to longer videos. The key, for guys like me, is to create something people want to watch, and as Facebook points out in the above quote, watch to completion. Back to Google, and all the other search engines. If you want to see, say a fly fishing adventure trip to Patagonia, search it out. If that’s the way you spend some of your computer time, that subject has already searched you out. And if it’s entertaining, informative and reasonably well produced, you’re gonna watch it. And the brands associated with the production are going to benefit.
To that big bug-a-boo about Cost of Production: As you follow the logic behind the interest and commitment of longer videos, you’ll see that the metrics involve seeing the video through to completion, who clicks up to full screen and who engages sound or not. This is where the quality of both the content and the production play into the equation. This is not like a movie theatre experience where you are committed to the full show…on the web, failure is a single click away. This is why so many of us watch the Super Bowl for the commercials; they’re damn good stories well-presented that create their own buzz and live long after the confetti is swept away.