Press Pause: How Brands Can Evaluate Digital Video Marketing Trends
As the ongoing global pandemic continues to impact established consumer behavior trends, brands must continuously evaluate their digital video marketing strategy.
Consumption of video content increased overall in 2020, with growth concentrated in the digital space. Over the last year, brands decreased spending on traditional television advertising by 15 percent, while spend across digital video marketing platforms grew by more than 11 percent. Thus, the pandemic has accelerated existing video trend lines, with digital ad spend expected to double over the next four years. 2024 will also mark a tipping point as U.S. households without cable will comprise a majority for the first time in decades.
Given the proliferation of social media platforms such as Facebook, YouTube and Instagram, brands should plan on serving up new video content at least once a week to engage their online audience. Consumers see digital video as an opportunity to converse with brands on their own terms, and brands must be prepared to navigate these interactions while adhering to established best practices and strategy.
Tips for an effective digital video marketing strategy in 2021:
- Understand your audience across each unique platform
- Develop content specific to each platform’s audience
- Generate long-form content that can be split into 10-15 second clips
- Maintain a balance between story and product; each is equally important
YouTube ranked second only to Netflix for the largest share of the online streaming audience in 2020, capturing 20 percent. This is notable, as seven out of 10 YouTube users say the platform has made them more aware of new brands, and these individuals are four times more likely to seek out information about a product on YouTube than those on other platforms. In other words, YouTube affords brands the opportunity to reach an audience that has proven to be more receptive to messaging because they are actively engaged.
This level of engagement carries over to other social media platforms as well, reinforcing the value of digital video marketing. Engagement with video content on Facebook is now 1,200 percent higher than static images and text, while time spent watching videos on Instagram has increased 80 percent over the past few years.
Even relative newcomers to the digital video marketing space offer tangible value to brands looking to expand their audience. Live-streaming platform Twitch’s popularity has exploded in recent years, with a reported 17.5 million daily users. Snapchat has also made gains, with the average user spending 30 minutes per day on the platform. Music streaming giant Spotify now serves video ads, and marketers are experimenting with sponsored content in video games.
The opportunity has never been greater for brands to use digital video content to engage their audience. As 2021 nears, take time to reevaluate your digital video marketing strategy and consider all available channels to foster new and lasting connections.
To learn more about this topic or to discuss an issue impacting your business, contact Bailey’s Vice President of Client Services, Jamie Gailewicz, at 610-818-3103 or click here to contact us via [email protected].
- eMarketer.com; Q3 2020 Digital Video Trends: COVID-19 Shakes Up the TV Upfronts
- TwitchAdvertising; Over 1,600,000 Are Watching Twitch Right Now
- AdEspresso by Hootsuite; Facebook Video Ads: The Guide Marketers Are Looking For
- AdEspresso by Hootsuite; How to Use Instagram Video Ads to Grow Your Business
- For Business Snapchat; Snapchat Ads for Every Business
- YouTube Advertising; Grow Your Business with YouTube Ads