A new report from the Aberdeen Group looks at the adoption of video by three types of companies: best-in-class companies (the top 20% of performers), industry average companies (the middle 50%) and the laggards (the bottom 30%). The findings in the report reveal distinct differences in the way each of the groups use video.
While best-in-class businesses are only slightly more likely to use video than the industry average and laggard groups (95% vs. 92% vs. 90%), when it comes to creating original video content and analyzing video data, best-in-class companies stand apart.
The report suggests that it is this original content that helps best-in-class companies outperform their competitors, as harnessing a unique voice allows businesses to stand out from the crowd. The report does warn however, that the content must connect viewers with the broader themes of the company’s content marketing efforts.
Similarly, content development budgets are set to increase an average of 21% for the best-in-class companies, compared to just 3.8% for the laggards.Best-in-class companies also seem to dedicate more finance towards their content marketing efforts, with top companies saying they are planning to increase their current program spend by an average of 22% in the next 12 months. This was in stark contrast to the laggards, who are only looking to increase spending by 6.5%.
Another key element, and one that is often neglected, is metrics, and it seems that best-in-class companies are more likely to monitor and analyze the ROI of their video marketing efforts than lower-performing companies.
The report highlights how vital this step is, explaining that much can be learned from tracking how viewers perceive your efforts.
“The temporal nature of video adds an additional component to metrics that can be revealing.
“The percentage of completion can be used to both measure the effectiveness of the content and the interest level of the viewer. Consider incorporating this data into lead scoring.”
According to the report, top companies don’t just use video more effectively than the bottom 30% do, they convert more consumers as well.
Best-in-class companies have a 7.6% average website conversion rate, compared to only 4.5% for industry average companies and 2.6% for laggards.
Top companies also saw a 17% year-on-year growth in their marketing’s contribution to revenue last year, while laggard companies saw a 4.1% decline.
Perhaps most significant however, is that in the past 12 months, best-in-class companies increased content marketing based leads by 18%, compared to 8.7% for laggard companies.
If you’re looking to get the greatest ROI from video marketing, making a video is just a part of the equation. Make sure you develop unique content so that it connects with your consumers, and invest some time in analyzing how well you are reaching consumers. Doing so will ensure you’re on the road to success.