Data science and marketing technology company, 4C, have recently released a survey conducted by Forrester Consulting which found that 80% of marketers recognise the growing importance of video marketing.
The Mature Your Video Marketing to Drive Business Value thought leadership paper (TLP) delves into the growing importance of taking an insights-driven, video-centric approach to advertising and media buying as it relates to successful marketing efforts.
Specific findings include:
Marketers should be purposeful with how they use customer and marketing insights to improve marketing efforts, specifically with media buying.
Marketers need a clear insights strategy, which includes greater cross-channel data visibility and improved analytics capabilities.
The majority of marketers recognize the importance of investing in better self-service advertising technology, improving cross-channel attribution, and optimizing use of video.
Nearly 80% of marketers surveyed recognize video (including TV, digital video, social video, and over-the-top (OTT) video) as an increasingly important medium.
Mature video-marketers see better returns on advertising spend, conversion, and brand advocacy than their less mature peers.
According to the study, 75% of marketers agree that video is evolving from a mass-reach medium to one that enables targeted reach to more precise audiences. Accordingly, 77% state that providing consumers with more targeted video content is a very important marketing initiative for their organization. And 70% of marketers agree that effective use of video can boost business performance in other channels.
However, marketers face distinct challenges when it comes to being insights driven with cross-channel video marketing. 59% of marketers struggle with marketing and audience data stuck in silos. 66% aren’t flexible enough with creative or budget to quickly adjust campaigns based on insights. And 65% of marketers lack centralized technology to deploy campaigns across multiple channels.
Ultimately, the study recommends that marketers evolve their approach by diagnosing their current state, planning for how people consume media, and benchmarking budgets. Marketers who take an insights-driven, cross-channel, and video-centric approach see positive business outcomes from their advertising.
"Success for brands is dependent on the ability to understand customers across every touchpoint and immediately activate insights through holistic marketing and targeted media," said Aaron Goldman, Chief Marketing Officer of 4C. “We think this research shows that there are challenges that need to be addressed for marketers to be more insights driven, which can be alleviated through deeper investments in self-service, cross-channel video advertising platforms."