Online content marketing is a great equalizer because many kinds of content cost little to develop. Both a small business and a huge corporation can put up a blog post without spending a lot of capital. Because the content-creation barrier is low, a lot of online content gets generated. Its quality and usefulness varies widely; nevertheless, a lot of “stuff” gets put online.
Mark Schaefer, owner of Schaefer Marketing Solutions and popular marketing blogger, argues that content marketing may be unsustainable for many different companies. With available content doubling every 9 to 24 months, he argues that customers are experiencing “content shock.” Because of video’s effectiveness as a marketing tool, a company that hires someone to produce event video and other kinds of video content may actually spend less than a company working on “free” content production. In a world reeling from content shock, video continues to connect businesses with customers. Video works because it’s engaging, informative and, best of all, it’s easy to digest.
How Could Video Production Cost Less Than Free Content?
Imagine that you’re running a small Japanese startup. You have an amazing product, but you need to put your idea in front of prospective customers. Your first instinct may be to focus on low-cost text-based content marketing strategies. For example, if your time is worth $100 per hour, and you spend five hours per week writing blog posts, then you’re spending $500 to provide content for your customers.
While you are producing your blog posts, your competitors all over the globe are also writing blog posts. The existing customer base can only read a limited number of blog posts, so you might increase your production to make your company stand out. If you spend 20 hours per week blogging, then you spend $2,000 putting content in front of your customers. Unfortunately, as the supply of blog posts grows larger and demand remains static, each blog post that you create generates a lower return on investment.
Imagine spending the $2,000 toward a high-quality video production for your company. It could be a long-form video explaining your product that can be posted on your website or used at an event, like a conference. It could also be a short video that’s highly sharable on social networks. An oft-quoted statistic from Forrester Research says that one minute of video has the same value as 1.8 million words. If you spend one hour writing and editing a 500-word blog post, then you’ll spend 3,600 hours generating 1.8 million words. In other words, you’ll spend $360,000 for the value you’d get from a single minute of video.
Just How Good Is Video?
Take a look at these statistics to understand the power of video marketing:
- 75 percent: The percentage of customers that have engaged with an online video ad during a calendar month.
- 58 percent: The percentage of customers who have clicked a video ad, visited the advertising company’s website or made a purchase.
- 88.3 percent: The completion rate for customers watching a 30-second mobile video.
- 65 percent. The increase in click-through rate that a company generates just by adding the word “video” to a marketing e-mail’s subject line.
- 80 percent. The percentage of Internet users who remember videos that they watch.
- 80 percent. The percentage of online visitors that will watch a video; only 20 percent of visitors will read content in its entirety.
What to Do Next
Ask yourself where you interact with your customers and which types of video would serve them best. If your customers are mostly B2B, then you might hire a production company to create an event video or a video profile of your product. You could then present that video at conferences or sales meetings. You could also produce videos to post on your e-commerce website, knowing that customers are more likely to purchase a product after they watch a product video. Additionally, you could work on creating GIFs for Tumblr or short YouTube videos for viral sharing. At the end of the day, if one picture is worth 1,000 words, and one minute of video is worth 1.8 million words, then all of those free words you’re currently generating may not be free after all.