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How can an accurate prediction of digital video marketing help you in your business in 2020? There are a lot of things that this forecast can help you with. For instance, you could plan on how to allocate more budget for your video marketing. Figure out some ways on how to make your video marketing successful. You can even improve your strategies by exploring new options.
So, where can we find relevant information on the forecast of digital video marketing? The best option is the Cisco Visual Networking Index (VNI) Complete Forecast. This will give you relevant predictions from 2015 to 2020. Based on their forecast, the new internet users will reach over one billion. There will be a significant increase, from three billion in 2015 it will grow to around 4.1 billion by 2020.
Furthermore, the Cisco VNI forecast also reveals that 79% of the worldwide internet traffic in 2020 is from internet video. This is a huge increase from 63% in 2015. It is expected that the internet video will reach up to three trillion minutes per month by 2020, which is equivalent to approximately one million video minutes per second, and around five million years of video for each month. It is also predicted that HD and Ultra HD internet videos will comprise 82% of internet video traffic in 2020. This is a tremendous growth from 53% in 2015.
The Cisco VNI projection also projects that video will rise in quadruple between 2015 and 2020. It forecasts that 82% of internet traffic in 2020 will come from internet video traffic. There is a significant increase from 68% in 2015. By 2020, it is predicted that business internet video will comprise 66% of business internet traffic. It shows a great increase from 44% in 2015.
Also, it is worthwhile to know that during the previous year, virtual reality traffic has fourfold and it is expected that it will rise to 61-fold by 2020. This report is the result of several months of data gathering, data analysis, adequate persistence, as well as comparison with affiliated and primary data sources. So, what can we do about this? As we have mentioned at the beginning, this precise forecast for 2020 digital video marketing business can help you in accomplishing a lot of things.
Should You Increase Your Video Marketing Budget?
Nowadays, even if you are aware of the accurate forecast for the digital video marketing business, and you have spent time learning the best trends for video marketing, there is still a possibility that you can’t convince the top executives in your organization. You might ask why? Well, perhaps because it is quite confusing. You can probably avoid assuming that they are simply dumber than the dinosaurs. Rather, you can praise them for being clever and skilled executives. Most probably they are Baby Boomers who are from 51 years old to 69 years old. Since they are 20 years younger than you, then they have a different perception of the online world.
Back in 1997, people were using a dial-up modem for their internet connection which gave a speed of 14.4 kbps to 28.8 kbps. For their tasks, they were probably using a laptop with a 166 MHz processor, 1 GB of hard disk, and 8 MB of RAM. Back then, they were using a cell phone with more than 3 cm thickness so they can be easily contacted for urgent matters. Also, during that time, you can’t find the popular internet applications that we have right now. Most of the apps that they’ve relied on were PC centric. It seems that during those years, the World Wide Web was still in their early years. You can’t even stream media on the internet. Online games were nonexistent, although they can still download games to their PC. Voice was the major application being used on cell phones. Also, analog signals and rabbit ears were used for television.
One of the most popular internet browsers during the early days was Netscape. For the internet connection, internet service providers (ISPs) charge their clients by the hour but later on, they charge them with flat monthly rates. Amazon.com was first introduced as an online bookstore, however, there were no e-books that appeared during that time. Google started as a research project and yet YouTube, one of the most prevalent online video platforms, was nearly a decade away. So, even if a few members of the top executives are daring enough, there will always be others who are skeptical, prudent, or simply traditional. This means that even if allocating more funds to video marketing is a good idea, it will require a smart person who has the respect of the executives.
That is why one of the daring executives will probably ask you to create a business case in order to convince the skeptical, prudent, and traditional administrators that allocating more budget to video marketing is an excellent idea. Hence, the best way to accomplish this is to speak and think the way these senior executives speak and think so you can convince them.
Key Performance Indicators (KPIs)
Ultimately, you have to create your business case based on your goals and most importantly on those key performance indicators (KPIs) that they truly value. The four objectives and metrics that you might explore are engagement, sales, brand awareness, and lead generation.
Most video marketers believe that using impressions or views is the best way to measure brand awareness. But what if one of those skeptical, prudent, and traditional leaders will ask you how much impressions or views do you require so you can grow your brand awareness by 17%? If you are not capable of answering this question, then this is not an effective tool for measuring your KPI.
So, what are your other options? Fortunately, Google and Facebook can provide advertisers with a more reliable way of measuring KPIs. Keep in mind that the budget for advertisement is entirely different from the budget for video marketing. Although this may not be applicable to small businesses. Video marketers can learn a lot of lessons from advertisers.
Google Surveys can be used by video marketers in getting quick, dependable, and varied opinions from different users of the internet and mobile devices. This can help you in making effective decisions as well as in knowing the impact of content marketing and in keeping track of the health of your brand.
So, how does it work? First, you have to choose your target audience, then enter your question, afterward, you can see the results flooding in just a few hours. The cost is $0.30 for a Google Survey with one question and $3 for Google Surveys with two or more questions. Every respondent must answer all the questions that are provided on the Google Surveys. With regards to choosing your target audience, you have a lot of options. For instance, you could choose men and women who are between 25 and 34 years old, students, or Android smartphone users who are using Google Opinion Rewards app.
The next step is to enter a maximum of ten questions at a time. There are also different types of question formats that you can choose from. For instance, questions that have two choices or questions that require a single answer or multiple answers. Sometimes these answers are accompanied by images. Other question formats include a rating scale that can be accompanied by an image or some text as well as an open-ended that comes with an image or a numeric figure. There are also questions that come with a menu together with a picture or side-by-side pictures.
Ultimately, you can guarantee that you are getting genuine answers from genuine people. Your questions will be displayed on entertainment sites, news sites, and other sites as well as in Google’s mobile app. When people answer your questions, they will be rewarded with some credits for Google Play or will be given access to premium content.
By using Google Surveys, you can accurately determine the gender, age, as well as the origin of your respondents using their IP address and browsing history. With regard to mobile users, they can reply to demographic questions instantly. This means that you will have a certain representative for every group of people without the need to ask some demographic questions.
Before making your new video marketing strategy, it is important that you should conduct Google Surveys first. This can help you figure out your benchmark, then afterward, you can initiate some follow-up surveys every four months. If the executives in your organization want to concentrate on brand awareness for a year, then you should adjust your metrics based on their decisions. This is the correct method of measuring brand awareness.
How To Measure Your Video Engagement Smartly?
So, what is the best way of measuring video engagement? Aside from social media sharing, there are much better ways of measuring video engagement such as communication, intensification, and praise. According to the Digital Marketing Evangelist for Google, Avinash Kaush, these are the best ways of measuring KPIs for the sales funnel since it shows the intent of the users. Video content is a much better way of measuring actual active engagement from users.
Furthermore, what is the better way of measuring lead generation? When it comes to measuring micro-conversions, Google Analytics is the best option. These are the activities that most users will engage themselves with before making any purchasing decisions.
There are various types of micro-conversions that are used on websites. Hence, most likely, you can install two or three goals.
A Goal For The Number of Pages Created
When creating pages, you need to set a threshold. Most likely, this will depend on the type of your site as well as your concept about extensive browsing. You need to ask yourself how many pages will be browsed by your potential customers before they will decide to make a purchase.
A Goal For Email Signup
It is a must that you should create a “Thank you for signing up” page. For this goal page, you need to set a value and use this value for computing the Average Session Value. In order to figure out your value, you need to assess the number of users that became customers. For instance, if 10% of the users who signed up for email made a purchase, and $50 is the amount of your average transaction, then you will get a value of $5 since 10% of $50 is $5. This value will become your email signup goal.
A Goal For PDF Download
Every download should be considered as a Google Analytics event. In order to accomplish this, you must edit the code on your site and insert an onClick event to the download link. By doing this, the onClick event will send a Google Analytics event every time a user will download the PDF. Afterward, you should make an event goal which comprises the Google Analytics event based on the download link.
How To Measure Sales?
One of the best ways of measuring sales is through completed purchases. Generally, the job of the marketers is to generate leads and it is the duty of the sales department to close the deal. That is why, most often, it is the sales department who gets all the credits whenever sales are generated. On the other hand, marketers will concentrate more on sales lead quality and higher conversion rates. Unfortunately, when the leads that they’ve generated will convert, then all the credits will go to the sales department. On the contrary, if these leads fail to convert, then it will be the marketers who will be blamed for it.
How Would You Define The Link Between Marketing And Sales?
The relationship between marketing and sales differs from one organization to another. Usually, this involves some office politics. However, there is a way of earning some credits for a KPI that is more significant than sales. This is the Return on Marketing Investment or ROMI. The metrics for ROMI is not the same as the Return on Investment or ROI.
With ROI, the money is invested in plants and inventories, also known as capital expenditure. Meanwhile, ROMI refers to the expenses for the current period, also referred to as operational expenditure. So, how do you compute ROMI. The Return on Marketing Investment or ROMI is the incremental revenue multiplied by the contribution margin minus the marketing spending. The result will be divided by marketing spending. Most often, marketing spending will be considered as justifiable provided that the result of ROMI is positive.
For instance, if your incremental revenue is $240,000 and your marketing spending is $48,000 with a contribution margin of 60%, then the value of your ROMI will be $2. 60% of $240,000 is $144,000 deducted by $48,000, the result is $96,000, divided by $48,000, you will get $2. This means that for every dollar spent on your new video marketing, you can get an extra $2 on your profit. It seems that this is a better way of measuring sales rather than depending on completed purchases.
Does it seem complicated at all? Well, perhaps this is the reason why the executives in your organization seem to be dumber than dinosaurs. But are they really are? If you really want to convince them, then you have to learn how to think as they do. At the same time, you must also learn how to speak the way they speak. This can help in improving your career and increasing the possibility that they will put more funds into video marketing.