Where’s the most popular place to buy online video advertising space? Why, YouTube, of course! It’s common sense seeing it’s the world’s second largest search engine and intimately married to the world’s largest search engine. But paid online video advertising might not be as popular as you think with those same video marketers.
In the 2013 Online Video Marketing Survey and Business Trends Report by flimp media, ReelSEO and the Web Video Marketing Council, which had around 600 respondents, YouTube and Google ranked as the most often cited place for purchasing paid video advertisements. However, social media promotion was a close second with 61.2%. But those numbers are based on just 206 respondents answering the question. Perhaps the respondents had got tired of answering the questions?
They’re Not All That Into You, In-Stream Advertising
More interestingly, only half of that 72.3% were buying in-stream video advertising, meaning that the other half was opting for video overlay banners or adjacent advertising space. It almost seems like there’s a massive disconnect between video marketers and paid video advertising. Considering America’s obsession with video entertainment in general, movies, TV, YouTube cat videos, it seems the most likely place to find and reach the masses would be with video ads. Yet online video marketers, at least the ones who answered the survey, aren’t all that interested in using actual video to advertise a brand, product or company.
Now remember, the breakdown of respondents was 52% working for B2B companies, 23% working for B2C companies, 21% for agencies and 4% for nonprofit organizations. Add that to this statistic from the survey:
Eighty four percent of respondents indicated they were either the decision maker (51%) or are part of the decision making team (33%). Only four percent of respondents said they do not take part in the decision making process. Fully 56% of survey takers described their role as an owner or senior management and 21% checked VP/Director/Manager level.
Paid Video Advertising
According to the survey results, less than one-third of them have invested or plan to invest in paid online video advertising, anywhere. It’s reported as 38% of the 479 that answered the question but for the full 600, it drops to 30.7%. So it seems that, at least in the video marketing world, they either don’t have the budget, or the desire to pay for video ad placement when it’s actually video that they want to place. In fact, almost 30% said they have no plans to invest in paid video advertising anytime soon.
I think it goes back to another statistic that I wrote about recently from the same report, 94.1% of respondents (472 who answered) use YouTube for business video sharing, 51.1% use Vimeo, both of which, are free. Well, Vimeo can be used freely and has some paid upgrades, but commercial video should only be uploaded on a Vimeo Pro account (according to the site), which is $199 a year.
So, if video marketers are, obviously, using video for marketing, why aren’t they then taking smaller clips of those videos and using them to drive traffic to those videos, YouTube channels, company websites and eCommerce with a call-to-action? It seems a logical next step. Perhaps, when they formulate their budgets, they include things like the creation of the video and some small amount for promoting the video on Facebook, time and resources for video SEO but forget to think about the expanded possibilities like using portions of the videos to drive traffic to their online presence or to begin generating traffic overall?
Is it the “if we build it, they will come,” mentally? Don’t forget, that quote comes from a film called Field of Dreams, in this context it’s more like, you’re dreaming if you think just creating something will generate traffic. But does it? If one looks at Red Bull’s online video marketing efforts, just the fact that they build it has resulted in the masses arriving to view it. Their video marketing strategy has put them in the #1 spot for branded content.
That’s a Wrap
It’s a perplexing puzzle and I look forward to more feedback on it in comments. The thing about surveys is that not everyone answers all the questions and you, quite often, don’t get any further insight into why people answered the way they did. So at first glance the numbers look weird, especially when it’s video marketers and video advertising as in this case. We use movie trailers and previews to drive traffic to theaters, we use sneak peeks and video adverts to generate TV show audiences, but we don’t use video ads to generate traffic for branded content online? Weird.
Download the 2013 Video Marketing Trends Survey Report
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