Video marketing is an established part of the modern marketing landscape, but too many organisations are making basic video marketing mistakes that will cost them market share and customer conversion, according to research by MWP Digital Media.
213 marketing professionals were surveyed by MWP Digital Media about the state of the video marketing industry, and their own experiences and preferences as professionals and consumers. The results found that while many organisations are seeing the benefits of video marketing, too many are still making fundamental errors.
When it comes to allocating budgets, too many businesses are failing to invest in video. Over half (53%) of respondents spend 1-25% of their marketing budgets on video, but an incredible 18% spend nothing at all on video, and 36% spend nothing at all on promotion.
These are shocking figures, considering that three quarters of marketing professionals believe that video marketing is more important than its ever been.
If 73% of businesses think that video is more important than ever, but 18% don’t spend anything on production and 36% don’t spend anything on promotion, this creates huge opportunities for those 82% and 64% of businesses who are willing to invest in video.
Those companies will see greater returns on their investments, with less competition for grabbing market share with well produced and targetted video content. 3% of those surveyed spend more than 40% of their budgets promoting video content, demonstrating that some businesses do see the benefits of prioritising video content marketing.
93% of business audiences never watch videos all the way to the end, meaning that marketers are missing valuable opportunities if they follow the traditional TV advert format and put the Call To Action (CTA) at the end.
Many businesses seem to be missing opportunities when it comes to promoting their video content. 62% of organisations don’t promote their video content via email, 32% don’t even use their own social media accounts for promotion, and 66% don’t use paid-for social media options.
Unsurprisingly, half of marketers feel that lack of budget is their greatest challenge, closely followed by lack of skills in their team, and capacity. 27% also felt that they weren’t keeping up to date with changes in technology.
For the full report on the state of the Digital Marketing Industry, download the free MWP Digital Media video marketing industry whitepaper. If you suspect your company is making video marketing mistakes and you want to make the most of video marketing, call MWP Digital Media for friendly advice: +44 (0) 845 003 8359.