Video advertising is the fastest growing format... and it’s easy to see why
As the World Wide Web celebrates 25 years – hard to believe I know – we can thankfully only reminisce about dial up speeds and dropped connections. Our world of fibre optics – let alone 3G and 4G connectivity – have transformed how people consume digital media. It means that content which take up high volumes of bandwidth, such as video, have become accessible, reliable and available on any device.
IAB stats released today reveal just how important video is to the wider digital landscape; so far 2014 has seen a 196% rise in mobile video adspend – by far the fastest growing digital ad format.
Online video now accounts for 20% of all digital display advertising and mobile advertising. eMarketer predicts mobile video adspend to more than quadruple by 2018 and account for nearly 50% share of video adspend in general. That’s huge!
We’re not even talking about consumer adoption, which is just brand buying power in the video ad format. Nielsen’s Digital Consumer Report 2014 shows the start of the demise of live TV and desktop connectivity and the rise of smartphone and tablet use as the norm. If you drill down even further and look at how the digital native generation is adopting video – with 26% of 18 – 34 year olds living in a broadband only house compared to just 9% from a traditional TV household.
Whereby video used to be a luxury with many B2B brands, seeking comfort in more traditional areas of marketing – it’s fast becoming a necessity. Video is one of the quickest and easiest ways for businesses to deliver concise, clear and branded messages directly to their customers. It can be through a website, video ad campaigns or on a stand-alone video channel.
What do you think? Does B2B video advertising hold the same power as B2C? Or should B2B stick to video as an explanatory tool?
I’m of the opinion that video can straddle multiple objectives and be a key element of the marketing mix – whether that’s as a how-to guide for complicated products or a humorous advert as Jess has mentioned previously...what’s for certain is that video is the way forward and it should be a vital element of any B2B strategy for the future.
Sophie Mackenzie - Account Director