The term viral video refers to video clip content that gains widespread popularity through the process of Internet sharing, typically through blogs and other media-sharing websites. Viral video marketing is no longer the new kid on the block. In light of the success of viral videos sponsored by big brand names like Levi's' "Backflip Into Jeans," Gatorade's "Ball Girl,” and Nike's “Kobe Jumps Over Car,” advertisers and agencies are evaluating the value of adding viral video to their online marketing mix. Faced with a tough economic climate, marketers are hurriedly seeking new methods to reach web audiences in the most cost-effective manner. Viral video - which is generally less expensive to produce and market than traditional advertising - is now getting its industry close-up.
Among the highlights:
‣ Brands and agencies are both aware of and interested in viral video. Eight in ten marketing and advertising professionals are "very familiar" with viral video, and just under half of agency clients (48.8%) are "interested" in viral video, with 23.3% expressing high levels of interest.
‣ Viral video campaigns are likely to produce desirable results. The majority of respondents (56%) reported being "pleased" with the results of a viral video campaign. Less than 3% say they have been displeased.
‣ Marketers still have not established a benchmark for success. Some 27.8% say a video must get more than one million views to be considered a success, but 22.2% would say so if it was viewed 100,000 times, 250,000 times, or 500,000 times.
‣ Advertisers are seeking more accountability. Approximately 95% of those surveyed indicated the need for improvement in the area of tracking and reporting effectiveness of campaigns.
‣ Exponential views and brand engagement are greatest benefit. More than nine out of ten (92.3%) marketers labeled “exponential views” as the leading benefit to viral video marketing, followed closely with 87.2% choosing "brand engagement." Online reach and the brand seen as “forward thinking” were also rated as highly positive factors.
‣ Budgets for viral video will stay strong. Ad budgets for 2009 are under pressure, but those designated for viral video marketing are growing. A substantial 70% of agencies reported an intent to in-crease their budgets in the category.
According to agency executives, some 72.1% of their clients expressed interest in using viral video as an integral part of their marketing campaigns, with just under half (48.8%) "interested" and about one-quarter (23.3%) "very interested." 27.9%. Not a single agency executive reported a complete lack of interest in incorporating viral video in their marketing strategy. However, as one respondent pointed out viral video marketing is still viewed as supplemental to TV, radio, and print advertising.
There is a myth that online video production and promotion is dominated by a few key players. But findings show that viral video marketing is actually used - albeit lightly - across a wide spectrum of brands and agencies. So far this year, 30.2% of respondents have made one or two videos, 18.6% have made 3-5, and 14% produced between 6 and 10. This means that almost half (48.8%) of those who have used viral videos are still in the early stages with the medium. About one-quarter of those surveyed said that they have produced more than 11 viral videos in the first eight months of 2008.
About one-third of the respondents that have produced viral videos this year (comprising of 86% of all respondents) stated that they were, overall, pleased with the results of their viral marketing campaigns, and about one-quarter were "very pleased."2.3% 14.0%
Within agencies and media buying firms, there seems to be no fixed department for allocating spends to market the produced videos. Responsibility is evenly split between the digital/interactive department and account management, with nearly 30%. Media departments handle viral video marketing spend for 11.8% of agencies. According to survey results, production departments do not allocate funds to market videos they have created. |
