A new study by online marketing firm Feed Co, in Los Angeles, reported that Over 70% of ad agency and media buying executives plan to increase their viral video marketing budgets next year, despite cutbacks in projected spending. The study queried 40 executives from major ad firms. It was conducted between August 1 and Sept. 12 (a period that includes the start of the current economic crisis). Of those who participated, 86% have produced viral videos this year, and 14% have produced between six and 10 viral videos.
Some highlights of the study include:
-“72.1% of agency executives said their clients expressed interest in viral video as a medium. Just under half (48.8%) of clients are “interested” in viral video and 23.3% are “very interested.”
-“56% of respondents reported being “pleased” with the results of a viral video campaign, while less than 3% said they were not happy.
-“Tracking and reporting remains one of the biggest obstacles with viral video. Over half of respondents (52.6%) said this is an area that needs improvement, and 21.1% said it needs “a lot of improvement.”
-“Seven in 10 respondents do not believe that viral video marketing is a standard practice, and 38.5% predict it will become so within a year.
Despite the industry’s enthusiasm for viral video, there isn’t a benchmark for measuring success of viral video campaigns. For example, 27.8% of the study’s respondents said a million or more views defined triumph, while 22.2%, said a successful video is one that was viewed 100,000, 250,000 or 500,000 times, as witnessed in campaigns such as BWM, Levi, Nike, and others.
“This is a surprise, that there is no absolute measure in the minds of these leaders for success,” said Josh Warner, president of Feed. “And yet the majority of companies are going to increase their budgets for viral. We’re definitely seeing more of these campaigns because it costs less to produce and market viral video than many other types of traditional media – and that’s attractive to marketers during an economic downturn dental marketing agency uk.”
The increase in viral video spending is directly related to emerging online video sites such as YouTube and social networking sites such as My Space and Facebook. Online marketing is still hard to measure, as the participants in the study reported. But this isn’t stopping businesses from increasing their online video marketing budgets. Companies spent $21 billion on online ads last year, per the Interactive Advertising Bureau, and analysts expect this to more than double in the next decade, especially within the small business community.
Advances in Internet technology today offer user friendly, inexpensive online services to the average business owner which are easily affordable and communicate with the average consumer in a format they prefer using, if used correctly as a marketing tool. Since Internet marketing with video is still not considered a standard marketing practice, the window of opportunity to set yourself apart is NOW. Drastic times require drastic measures. Follow the big boys for big results.
Mary Kay Miller is founder and CEO of Orthopreneur” Marketing Solutions. After 30+ years as a business and marketing coordinator for professional practices, Mary Kay has narrowed her marketing expertise to Internet web 2.0 marketing, SEO (search engine optimization) and the creation of marketing systems to save teams valuable time and effort. In order to take your practice to the next level in today’s tech savvy society, a new marketing mindset is required to communicate with their distracted, skeptical, and ADHD life styles.