In a recent strategic marketing benchmark survey report by Ascend2 about Video Marketing Strategy, they found that video marketing is rated very successful at achieving important objectives by 25% of companies and another 60% rate it somewhat successful. Of those surveyed, at least half of marketers consider customer testimonials and explainer or tutorial style videos to be the most effective.
In the past year, video has vastly been outperforming many other types of content marketing in study after study. It is among the easiest to measure and among the most engaging types of content marketers are utilizing. Still there are a few barriers that many marketers, even the successful ones, need to overcome to optimize their video marketing performance. So what are the most challenging obstacles to video marketing success? Here are four of the key reasons highlighted in the study along with my own takeaways.
48% of companies lack an effective video marketing strategy
Too many companies subscribe to the Field of Dreams mantra of “if you build it they will come” when it comes to their video marketing. Unfortunately it doesn’t work that way, like any other marketing you need a strategy and end goal. If you have no video marketing strategy, you are doomed. Between marketing and sales you should be able to tie your video marketing content to strategic initiatives fairly easily. Is it brand recognition? Is it community engagement? Maybe it’s to increase website traffic or assist with lead nurturing? Whatever the end goal is, you figure that out first. Maybe it’s a mix of several that just need to be prioritized. Then create the video content that is needed to drive to those goals.
40% of companies lack compelling content
I call BS on this one. Sorry. If you can’t think of one compelling thing about what your company is doing or what your company is making, you should be fired. If you are the CEO or owner they should stage a coup d’etat and remove you from making business decisions. If this is your answer, then you lack passion. And passion is what drives video. What makes your company unique? How do you set yourself apart from your competitors? What do you do better than every other company doing what you do? Maybe it’s the employees behind your product that truly show the passion of what you do? Capture that! If your excuse is a lack of compelling content, you need a better excuse. We’ve made videos about database auditing software sound sexy. You just need passion and maybe a good metaphor.
30% of companies have a lack of performance metrics
The biggest problem many companies make is they will throw a video up on YouTube and embed it on their website and call it a day. Business activities need to have better performance metrics tied to them to gauge their effectiveness. View counts are not a metric worth tracking. How many of those views were quality views? How many of those viewers were rewatched by a potential lead multiple times? What you need is a business video hosting solution. For many businesses something like Wistia is a great solution. It helps you see trends and shows you exactly which parts of a video specific viewers watched, skipped or rewatched. It can even integrate with marketing automation software like HubSpot, Marketo, and Pardot. If you can show ROI by tying it back to sales initiatives you’ll get way more recognition of the importance of video marketing throughout your organization. Way more than just saying how many likes or views your video had.
39% of companies have an inadequate video budget
I left this one for last, because it ties into all of the items above. If you have a skeptical boss first you need to convince him or her of what video is capable of. How do you do that? Start with some statistics of video marketing’s effectiveness and frame the discussion in terms of its return on investment (ROI). If you can pique interest with that, the next key is to put a full video marketing strategy together and have the processes in place to measure its effectiveness with performance metrics. Nothing gets a video marketing budget increased faster than showing its ROI against vital sales initiatives.
Companies with a video marketing strategy in place with a way to measure its effectiveness are finding success. 85% are finding success with video marketing. Why not you? What are the most challenging stumbling blocks in the way of your video marketing success?