Producing quality video content is expensive. While video is a key element for brand communications, it represents a much higher level of investment in terms of planning, production, and promotion relative to the more familiar web or print narrative formats.
In the past, B2B brands tended to focus on direct marketing tactics better suited to print or narrative digital. The video format, familiar to B2C companies from a long history of TV advertising and the more recent rise of digital video, is a bigger part of B2C DNA than it is for enterprise B2B firms. But this is changing.
A recent post by John Egan makes it clear that spending on B2B video is on the upswing. He cites a study by Vidyard and Demand Metric that shows 63 percent of B2B marketers said their spending on online videos would rise in the next year.
Here are some of the key data points on the rise of B2B video:
- 45 percent of B2B marketers listed lead generation as the second most important video marketing objective for the upcoming year.
- 67 percent of B2B marketers rated video marketing efforts as “somewhat successful.”
- Nearly half of the survey participants said three factors — lack of budget, resources and compelling content — are on par with each other as obstacles in achieving success in video marketing.
- Of the B2B professionals participating in this study, 69 percent said they’d used video for B2B marketing.
In many ways the cost of video production makes it easier to break through with quality video content. It is often easier to get paid and organic reach and visibility with a video than with an equally in-depth piece of narrative content. The effort required to do video well limits the number of competing content pieces for a given theme.