Over the past two decades, video has erupted as a major source of content. Today, you can visit any website for immediate immersion into the world of video marketing. All you have to do is check out your TikTok For You page, your Facebook timeline, Snapchat, Facebook Live, Periscope, Instagram, and dozens of other social media apps to see why 86% of video marketers reported that video was successful in generating leads. Even news outlets have embraced video content on most of their pages.
People are naturally drawn to video because it has the ability to capture our attention quickly and share a message that’s not always easily understood through text alone. Video marketing is hugely effective for advertising; major brands like Pepsi, Geico, and McDonald’s pay influencers to promote their products to their followers. As such, video advertising has evolved to the point that companies have to make their ads more engaging so that people don’t just scroll past them. Video ads must be in front of the right people, at the right time, and with the right substance.
When it comes to video advertising, timing is everything. Pulling the trigger at the right time can result in astronomical conversions and sales, but pulling it at the wrong time just wastes time and money. If you wait too long to launch your campaign, you might even lose your audience’s interest.
When building your marketing budget for next year, remember to leave a spot at the table for video advertising. Speaking to a targeted audience and timing your content appropriately will ensure you make the most of your video marketing budget in Q1. After all, video trends change every day, so it’s essential for your tone and messaging to follow.
The Evolution of Video Marketing and Current Trends
As technology continues to evolve, video is becoming less expensive and more attainable for even the smallest businesses. In fact, companies that have the budget for video marketing are starting to incorporate 360-degree videos and virtual reality into the user experience. In short, static websites aren’t going to cut it. While images can convey specific messages, videos are even more relatable and shareable. This means people are more likely to spread your message because it resonates with them.
Video has changed dramatically, even in the past five years. TikTok and Instagram Reels have transformed the way people consume video content. Creating short, bite-sized video content on TikTok and Instagram actually allows marketers to drive higher engagement and marketing ROI. According to HubSpot, short-form video has the highest ROI of any social media marketing strategy, so prioritizing this medium will be key to marketing success as we move into the future.
Assembling a Video Marketing Budget for Q1 and Beyond
If you’ve never created a video marketing budget for your team, you might find it daunting at first. However, as video is one of the most important marketing tools for revenue generation, it’s crucial to explore its value. Here are a few steps you can take to create a sustainable and effective video marketing budget this year:
1. Lay out your business goals.
As with any marketing plan, you need to set your goals first. Be as specific as possible so you have a clear idea of what you want to achieve with your video marketing campaigns. Do you want to raise brand awareness? Do you want to boost sales? These are very distinct goals that will drive your direction and budget.
2. Define your video content.
Pinpoint the kind of video content you need with your target audience in mind. You’ll want to determine where your audience spends their time and outline the videos you need to meet them where they are. For example, you will need social media ads for people who spend lots of time on their phones or OTT ads for people who like big screens. You have to ensure your video content effectively reaches your target audience.
3. Get real with your budget.
Once you’ve defined your goals and the types of content you want to produce, it’s time to talk about your video marketing budget. When doing so, make sure it’s realistic. Video is an investment that is guaranteed to generate more conversions and sales. Know how much you’re willing to invest. Then, reach out to a video production company to get started on your video.
With the right goals, content, and budget, video marketing can be both effective and fun. Now is the time to learn video best practices to take your marketing plan to the next level.