Even though the buzz about the effectiveness of online video has continued to increase, the number of companies taking advantage of the opportunities that online video provides is still not as big as I would expect. From what I’ve experience this past year, the main reason seems to be the cost. While Twitter and Facebook can be entered into with little to no cost, online video has a price of admission no matter how you go about creating the content. For instance, the cost could be the price of the camera you buy to do it yourself, or it could be the cost of hiring a production company to create a professional video for you.
Even for those “do it yourself” types who already happen to own a camera, there is still the cost of the time that must be invested to create your video. I have heard from many people who chose to record their own video, but got stuck in the complexities of the editing process and needed help figuring out how to finish it. I also received many calls this year from companies that chose the cheapest route possible for creating a video and were not satisfied with their end result.
As you plan for your company’s 2013 online video strategy, whether you intend to do it yourself or hire a production company, the following three noteworthy trends from 2012 are worth considering.
Noteworthy Trend #1: Product Video. The challenge of online sales is that customers have to trust the photos that are on the site to get a sense of what they are purchasing. Video can take your product one step further, giving it dimension and providing potential customers an idea of how the product looks and performs in the real world. Online retailers like Amazon, as well as brick-and-mortar retailers with an online presence, continue to add video to their websites to enhance user experience and increase sales. Savvy online retailers know the importance of embedding their videos into the product pages; embedded videos receive a higher view rate than videos that are a link or an icon.
Noteworthy Trend #2: Content Video. While deployment of content videos is on the rise, the cost involved in producing content videos creates a large hurdle for many companies. Goviral.com has developed a list of Top 100 brands in social video. It is important to note that these 100 companies are not necessarily the companies with the most content; however, they have focused on quality content that is loyal to the brand message and reaches their target audience. (Notice that Red Bull is number one on the list.) What I love about this is it challenges brands to be creative and move beyond the poor flip cam videos we have seen in the past.
Noteworthy Trend #3: Long-Form Video. Long-form video has been gaining in popularity, though there remains some debate as to what actually constitutes long-form content. The widely accepted view, and one I share, is that any video over ten minutes can be considered long-form content. Long-form video is best suited for advertising, and it plays well into YouTube’s new way of ranking videos by the amount of time spent watching the video. What does this mean for companies? Since longer video is best suited for advertising, it is an opportunity to get your company in front of more targeted viewers. Just remember, this isn’t a license to create long, boring content. If anything, it is a call to action to be strategic in the way you advertise and the way you create content.
What is your company’s 2013 online video strategy?