Internet marketing strategies are often constrained by your ability to measure return on investment. Has your pay-per-click campaign generated the number of leads you forecasted? Were they high-quality prospects who went on to become buyers? Whether or not your marketing budget keeps getting financial backing from the C-suite truly depends on not only being able to answer these questions but also providing solid data.
This issue is far more widespread than you might assume. For instance, 71 percent of marketers fell short of delivering clear ROI reporting in 2013 (1). Businesses survive on creating a strong revenue stream. If you're not able to demonstrate the value of your marketing campaign, you'll be in a difficult position in asking for a larger piece of the pie, let alone a consistent figure. Proving your ROI is even more critical when you're attempting to use a new channel, such as video, in a relatively unfamiliar context: B2B marketing
Videos have played a strong role in the development of Internet marketing. Businesses have come a long way since cat-themed videos went viral and brought greater notoriety to companies using novelty and humor to gain customers' attention. Increasingly, buyers rely on video marketing as resources to get a clearer understanding of what a company does, especially in highly niche or technical industries. In fact, 70 percent of marketers have integrated video into their online strategies, and 63 percent of B2B-focused individuals have increased the amount of money they're spending on the marketing tool (2).
Marketers are likely finding the confidence and support to invest more in video because they're able to prove its impact to business decision-makers. For instance, 43 percent of video marketers can track and analyze this type of content across various outputs, including blogs, social networks and their homepages (1).
A need to find balance
Most B2B marketers use video for lead generation purposes, as well as increasing brand awareness and engaging customers. At the same time, just 19 percent of businesses use video to increase their conversion rates, while integrating this dynamic content on a landing page can create an 80 percent rise in this metric (2).
With the numerous positive outcomes of a sound video marketing strategy, the main obstacle businesses face is production costs. The price tag associated with making this content is often out of the question for many marketers, especially when conducted in-house. As a result, many companies look for outside help and expertise to develop engaging videos.
1. Video Marketers Prove ROI Better Than Text-Based Marketers
2. The State of B2B Video Marketing: Demand Metric and Vidyard Present Benchmarks Report