How to talk to your boss about lifting your departments video budget for 2023!
As a marketing or communications professional, you already know the power of video and you have come to appreciate the importance of having a fully realised, costed, dedicated, realistic video content budget that meets your brand and your audiences need for great effective video content.
But like a lot of marketing and communications professionals in your field and in others you might potentially be finding that making the case to your company’s decisions makers can be a little more tricky, especially given the global economic forecasts for 2023.
When you try to build a realistic annual video marketing budget, higher-ups might grimace at the amount allocated or say something one of the following things:
"Budgets are tight. We’ll focus more on video next year."
"Can't we do this cheaper with another solution?"
"If my kid can make great video on his phone... Why can't you get someone from marketing to do the same on theirs?"
Well...
Unfortunately, as anyone who serious about building an audience through video knows...
Next year is too late...
The world moves too fast.
Your potential customers want easy to view, easy to remember video content right now, and, if you don’t give it to them, they’ll happily go and find a video that probably meets their needs on one of your competitors’ sites or social media channels.
Cheaper video as with any other product or service you buy doesn't necessarily mean it will do what you want, or need, or meet your specific objectives... It will be cheap though.
And sure his kid might make great video on his phone... But he isn't making video for a brand or a specific audience and there are no KPI's on the success rate of his content... You could get someone junior in marketing to make your videos but when they fail to achieve what you want, who do you blame?
So what to do?
To help you make the case for an increase to your proposed video marketing budget, here are a handful of compelling facts and statistics you may want to pick and choose from when putting together your pitch to your boss or your team.
Why is video marketing still effective?
Almost 93% of brands say they got new customers due to the videos posted on their social media accounts.?
Nearly 61% of companies say that video content is a major part of their marketing plan.?
In fact, as of 2022, an average person is predicted to spend 100 minutes per day watching online videos. (Invideo)
86% of marketing professionals use video as a marketing tool.
The vast majority, 74%, say that videos have better numbers regarding ROI than simple static images.?
As reported by Hubspot, 83% of video marketers claimed that they had generated leads with the help of video content.
According to Brightcove, the video gives a 157%?organic traffic increase from search engine results pages;
As for video statistics in 2022, studying it timely & regularly will be a great way to grow your marketing network and customer base, not just now, but also in the future.
The ROI of video marketing
And what about video advertising statistics’ effect on ROI you ask?
Well... According to Biteable, around 68% of marketers claim a return on the investment of a video is better than from one of Google Ads. Moreover, YouTube is claimed to have a better ROI for video content than Facebook or Instagram.
HubSpot also discovered that more than half (52%) of marketers say that video is the type of content with the best ROI.
Tubular Insights give us the stats of 73% of B2B companies that claim video content had a positive impact on their ROI numbers.
Video Platforms
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Video content performs well on different social media platforms, and marketers know that for sure.
That is why videos are one of the most used types of content in social media marketing.
78% of people watch videos online each week, and 55% watch videos every day. (50 Wheel)
YouTube currently has a fascinating number of 2+ billion users.
It can be roughly described as almost ? of the Internet.
Instagram has continued its push to be a video site of relevance and has grown in importance throughout the pandemic.
Video generates more engagement?than any other content type on Instagram. (Mention)
About?25%?of Instagram advertisements consist of a single video.
Facebook Watch has around?140 million?users in the daily audience, and they usually spend 26 minutes watching videos daily.
Almost?75% of brands?use video ads on Facebook.
Your Competitors
If you choose not to be doing more with video in your marketing budget, you’re ceding an important battleground to your competition.
How much time have you spent looking at what they are doing with video?
And while you are considering that...
Consider how much of their video you are not seeing because its not being delivered via public channels?
Also think about how they might be using video internally with their teams.
Then just spend thirty seconds considering that the average website visitor spends?88% more time on sites?with video than on sites without.
Imagine your ideal customer is considering your brand and two others.
Now imagine that your competitors are using lots of smart, measurable, effective video content that reaches their audience flawlessly at various points across the visual content ecosystem — and that you are using maybe a fifth of what they are and far, far less effectively...
Now ask your boss and your team:
Are you comfortable with a prospect spending 88% more time on the competition’s owned, paid and earned media, engaging with their content and learning more about their products, solutions or services??
I wouldn't think so...
Time To Maximise Your Video Marketing Budget!
Once you, your leadership team and your marketing team are on the same page and your increased video marketing budgets gains approval, it’s time to execute!
So it is time to start thinking strategically about video.
How can you maximise your ROI to get enable your department to create more video, more often and more effectively?
Probably a good time to call in the experts.
To arrange a free consultation on how?APV?can help please visit our?website?or contact our Executive Producer?Thomas J Elliott - 艾湯姆?to book a meeting today!
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