Video marketing has been around for some time now, and businesses are taking notice. Most of them are now using video marketing in some form or another, and the ones who haven’t are planning to soon, according to a new survey.
In a new report released today by Vidyard Inc., Demand Metric, and Ascend2, researchers measured why B2B companies are using video marketing to reach their customers. They polled about 110 sales and marketing professionals on the B2B side, finding about 69 per cent of their respondents have already used video to market to other businesses. Thirty-one per cent have not, but they are planning to in the future, the report says.
Out of those who had used video marketing, 15 per cent said they were very successful, 67 per cent reported being somewhat successful, while 18 per cent said they hadn’t achieved success.
While it may seem that video marketing might be more of a consumer play, these respondents found using video can really help boost their company brand. About 52 per cent said one of their key objectives in using video marketing was to increase brand awareness, with 45 per cent saying they wanted to increase lead generation. Closely following that, at 42 per cent, was the objective of increasing engagement with their online audiences.
Given all of these objectives, it seems like businesses would be scrambling to get into video – however, one thing holding them back is the lack of funds. Forty-seven per cent of respondents said an obstacle to doing successful video marketing was a lack of budget, while 45 per cent said they lacked in-house resources. Another 45 per cent said they found it hard to create compelling content, 33 per cent said they didn’t have an effective strategy, and 27 per cent said they couldn’t place an ROI on their video marketing efforts.
Still, with more money going into producing good video content, that could change down the road.
About 31 per cent of respondents said they saw a significant increase in their video marketing budget over the next 12 to 18 months, while 32 per cent said there will probably be an insignificant increase. Thirty-two per cent said they expect their budget to stay the same, while five per cent said they’ll see a drop.
For more on this report, head on over here to Vidyard’s blog.