Online video consumption has seen an insane amount of growth in the last couple of years. A recent report from Syndacast estimates that, by 2017, video will be responsible for 74% of all internet traffic, opening the door for advertisers to take advantage of its rapid growth.
Looks like it’s time for you to dust off that old video camera, start acting like Scorsese, and check out our 4 reasons why you need to be leveraging video advertising in 2016.
Remember the good ol’ days when PPC advertising on Google AdWords was only a nickle a click and everyone was making money? Well the dream is alive and well with Google’s YouTube ads and Facebook’s video ads. The average cost per view (CPV) on these channels will run you about $0.05 to $0.20, making them incredibly cost effective options while competition remains low.
It’s Highly Targeted
As more and more people flock to the internet for on-demand television consumption, it makes less and less sense to spend your resources on traditional TV spots. They are far more costly than similar online experiences, and it’s impossible to track important performance metrics. If you have a strong grasp on your target market, you’ll be able to leverage Google and Facebook’s data to target them effectively.
Text ads are about as boring as it gets when it comes to paid advertising, and display ads are often tuned out by consumers. David Lee, CEO of Shakr Media, said it best in his recent Entrepreneur article: “In comparison to video,
“In comparison to video, text is more difficult for the brain to process than visual content. In a video, effective storytelling with human faces, product demonstrations, and emotive language all combine to tap into our psychological hard wiring for maximum effectiveness.”
Video outreach increases engagement and will help to boost your conversion rate as a result.
Reach Audiences at Massive Scale
YouTube is the second largest search engine in the world, trailing only Google Search in total number of queries. It’s insane reach opens the door to a crazy number of eyeballs you need to be marketing to with engaging content. That said, it’s important to note that there is no “one size fits all” content solution for the billion monthly YouTube users. Take the time to understand your target audience, and invest resources in crafting compelling video content that resonates with them.
Many journalists in the ad tech space heralded 2015 as the Year of Online Video, and they were spot-on with their assessment, but that doesn’t mean you can relax in 2016. Online video advertising is moving full steam ahead, don’t miss the boat.