With the onset of Covid-19, consumer behaviors have drastically changed, leading to a new video advertising trend. Nowadays, people have access to streaming services, tablets, and smartphones. Hence, cable TV video advertising is perhaps no longer the king.
According to Deloitte, 80% of the general public is paying for a video streaming service. This specific metric is up by 73% when compared to the pre-Covid times. Furthermore, 78% of consumers watch a video at least once a week, and 55% watch videos on a daily basis.
The thing that you need to pay attention to is the mobile phones, which are now faster and have bigger screens. This leads to a more conducive video advertising environment. Consequently, this opens up for businesses to serve personalized and customized video advertising to their audience like never before in history. According to the survey, the viewers retain up to 95% of the message if served with the video ads.
The Coming Curve
According to Statista’s definition of video advertising, it’s an ad format within app-based or web-based video players. With such a definition, this includes ads that are shown after, during, or before a video streaming. It also includes an image or text-based ads that show up during the video.
For example, you watch a YouTube video. The ads you saw before the video and the banner-like overlays during the video are considered video advertising.
Making use of ad spending as a metric, it’s likely that video advertising will continue to grow in the near future. In terms of video advertising spending in the United States, the numbers saw a considerable increase from $8.92B in 2017 to $10.8B in 2019. Furthermore, the number is expected to grow by $12.6B by 2024.
There’s one likely reason for the growth. In 2017, the market spent around $8.9B, of which 35% is spent on mobile advertising, and the rest went to the desktop. It’s predicted that by 2024, mobile will account for 73% of the total ad spending. The likely reason is due to the rollout of many mobile technologies, which includes 5G technology. Naturally, better technology means more usage.
Social media sites also have changed the field. Most videos are presented horizontally. However, most people scroll through social media sites in a vertical fashion. Hence, you must also adapt and produce ads that are best seen vertically.
Tips for The Coming New Wave
If you want to use video advertising, you must adapt to the times. Otherwise, you could just be flushing the marketing budget down the drain.
Like any plan poised for success, the first step is to create a detailed plan of what your video ads will accomplish. You should have a comprehensive answer to questions like:
- Who is the target audience?
- What’s your goal for interacting with them?
- Is the video ad meant for closing a sale, converting leads, or attracting new visitors?
Next, use the kind of video ad that is perfect for the job. For example, demonstrative videos are excellent for showcasing your service or product. A branding video is meant for sharing the company’s vision or mission. Explainer videos work best if you want to educate your customers on how the product or service works. Also, whatever the kind of video you use, ensure that it’s measurable, actionable, and conversational.
Once you have the details, the next step is creating the video. You can either do it in-house or use the help of professionals.
The final step is pushing your video out to the world. Share the video ads through social media sites or other means. And, don’t forget to track the performance. It’s crucial that you monitor the conversion rates, click-through rates, reach, and views. These metrics can help you by knowing what to adjust so your next video ad will perform better.
A video engages the audience via motion, sound, and sight. And, it’s unleashed to the general public as no one had imagined in history. The golden age of online videos may be just right around the corner. As the world becomes more and more digital, video ads will likely continue to carve their rightful place as we all move into the future.
How Masterpix Design Can Help?
If you want to create a memorable video and reach a wider audience, Masterpix design can help you to identify better opportunities. The future of video and animation content is boundless. Give your viewers what they want: a sense of motion.