Embrace the Awesome Opportunity of Video Marketing
People like it when the pictures move. It doesn’t get much simpler than that. And when you understand the awesome power of video marketing, you can understand why that simple concept can have such a momentous impact on your audience engagement.
Growing video consumption
It would be easy to describe video marketing in the grand terms of some exciting frontier, the brave new edge of emerging digital marketing. That would be madness though. Video marketing isn’t a frontier; it’s the everyday reality today.
Global video advertising spend grew 23% year-on-year to reach a total value of US$27.2 billion in 2017. That spend is framed by a global backdrop where viewers in 2017 committed an estimated 47.4 minutes per day viewing online video.
It’s not just the spending that highlights the monumental rise of video content. Analysts Cisco estimate that IP video traffic will account for 82% of all consumer internet traffic by 2021, up from 73% in 2016. Undoubtedly a large share of that will be led by streaming services such as Netflix, but it underlines the overall trend towards rising consumption of online video by an audience of over 4+ billion internet users and growing.
Driving this rise in video consumption and video marketing is a genuine desire by consumers to explore this content style. A 2018 HubSpot research report reveals video content is the preferred content for global consumers, with 54% noting it as their preferred content format, compared to 46% for emails and 41% for social videos. The HubSpot research suffers somewhat from its attempts to make sweeping global generalisations from a study base of just 3,100 respondents, but comparative reports show similar trends – people really do like to see those pictures move.
One dollar to a billion with video marketing
It doesn’t take fancy graphics, a high-tech Hollywood blockbuster concept or big-name actors to create a powerful video. You just need a great concept, with a clear marketing message, and a delivery that will stand out with your target audience.
In 2011, an ambitious company called Dollar Shave Club launched in the U.S. At the forefront of the company offer was an eye-catching 2012 video delivering chuckle-worthy excitement for their emerging new brand, revealing a simple concept that can deliver a big impact for customers.
That gloriously cheeky promotional video saw Dollar Shave Club receive over 12,000 orders in just 48 hours, the start of a meteoric rise towards high growth business opportunity. The culmination of that simple brand message and powerful marketing efforts meant that in 2016, Dollar Shave Club was purchased by multinational giant Unilever for US$1 billion.
The YouTube story
Dollar Shave Club’s admirable trajectory towards billion dollar value began with a cheeky video, but it’s the uniquely powerful platform that it was launched on which was equally responsible for its ascent to the stars. The truth is, if we’re looking for the power of a video marketing story, there’s perhaps no better example to explore than YouTube. The statistics on YouTube alone are staggering.
- Over one billion global users
- Over one billion hours of video watched daily
- 88 national variations
- 76 languages covering 95% of the internet population
YouTube isn’t just the world’s largest video hosting platform, it’s arguably the world’s second largest search engine. The YouTube advertising pitch claims that over 1.5 billion users are logged in and visiting YouTube each month, with advertising by small and medium sized enterprises doubling over the last two years. Is it any wonder that businesses are keen to explore the opportunity of video advertising? But how does that look in Malaysia?
Malaysia’s video marketing story
If you’re a brand, or a smart creative agency in Malaysia, video marketing has an even more powerful story to tell. A survey by TNS and Google showed that Malaysians spend twice as much time per YouTube session on mobile than the global average.
- 82% of connected consumers in Malaysia watch online video content daily
- 55% of Malaysians surveyed preferred YouTube content to television
- Half of senior citizens (55-64) are active YouTube viewers
One of the traditional bottlenecks for video marketing has been the limitations of connection speeds for video streaming. The We Are Social Digital in 2018 in Southeast Asia report shows how that concern is now a thing of the past.
- 15 megabytes per second – average internet speed via fixed connections
- 96 megabytes per second – average internet speed via mobile connections
The report also shows the huge popularity of YouTube in Malaysia, as the second most visited website by its netizens, beaten only by Google. YouTube receives over 105 million visits by Malaysians each month. Starting to see the power of that video marketing argument now?
Video marketing is an exciting and unmissable opportunity to amplify your brand story. It’s not one defined by a how-to-template or a set path to success, but a creative opportunity to craft a powerful message that fits your unique brand audience. If you’re not there yet, it’s most certainly time you joined the video content party.