February 2nd, 2015
Gartner is bullish on video. In fact, the analyst company predicts large companies will stream more than 16 hours of video per worker, per month — by next year. Forrester Research is enthusiastic, too. In fact, an oft-quoted statistic that Forrester analyst James McQuivey made way back in 2008 suggests one minute of video is worth 1.8 million words.
As marketers, that latter number is real food for thought. What do you think is easier: getting a customer to read a million words or watch a one minute video?
Video marketing isn’t new — it’s been a part of consumer life since the earliest television commercials were released. However, how that video is used as a marketing tool has drastically changed with the onset of social media and digital marketing, research shows. Today, marketers not only make videos to promote products, but also offer instructional videos. And some hold video chats with company officials or customer service representatives, all in the name of better customer experience.
Some 3 billion videos are played on YouTube every day and 100 hours of content are uploaded every minute. If you keep an HDMI cable stashed in your office drawer to connect your laptop to a big screen, then you’re probably hooked — and understand the ease, convenience and value of video.
As McQuivey stated in his report, "Alexander Graham Bell famously doubted that the phone would be useful in the home except for calling doctors to emergencies. He was very wrong, failing to recognize that a technology that facilitates our human drive to communicate will spread rapidly. The phone did, as did email. Now it’s video’s turn because if a picture is worth a thousand words, then a minute of video is worth 1.8 million words."
But still, we had to ask. Is video marketing here to stay or a passing fad?