Using video to promote your product or brand online is becoming increasingly important.
Video advertising as opposed to traditional print advertising is cost effective, once your video is produced and uploaded to the web, that single video can be:
- Posted on your website
- Shared on social media sites such as Facebook, Twitter, LinkedIn
- Sent to present or prospective clients via email newsletters
- Video is search engine friendly
- Uploading a video to Youtube exposes your product or brand not only to an Irish audience, but to 800 million monthly users worldwide
- Sharing a video on social media sites such as Facebook and Twitter is free
- Including video in your digital marketing campaign can increase sales by up to 50%
According to a report by PwC and IAB Ireland, the only segment of the Irish market set again for double digit growth over the period (2012-2016) will be internet advertising, at 15.4% CAGR. In 2011, the Irish internet advertising market was valued at US$187 million (based on the annual study of the industry conducted by PwC on behalf of IAB Ireland), and this is predicted to grow to US$383 million in 2016. This will position internet advertising as the largest advertising channel in Ireland, representing almost 30% of the total 2016 advertising market.
The following are the UK IAB’s digital advertising spend figures, which include online, mobile and tablets, showing details of the full year 2012.
- Video up 46% to £160m; social media up 24% to £328m.
- Mobile spend crosses half billion £ mark; now accounting for 10% of digital spend.
- Digital advertising up £607m; mobile driving over half this growth.
- FMCG overtakes Finance as biggest digital display advertiser.
This tracking study, dating back to 1997, represents the official industry figures and acts as the barometer for the health of the market.
With the advent of Google TV and Ireland’s move towards the new digital age, the internet will no longer be something we view solely on computers - TV will be the viewing station of the not too distant future. This change will see a huge shift from text based websites to online video.
This trend can already be seen in the UK with internet traffic to video websites up 40.7% over the past year, while in the US online video is predicted to surpass broadcast TV by 2020.
Most brand websites already feature online video. Findings from “Online Video & Media Industry” indicate that nearly 85% of brand managers surveyed currently use online video for marketing products or services while 75% of those not using video plan to do so in the next 12 months.
According to PwC Ireland’s ‘Entertainment and Media Outlook’ report, “Over the next five years digital technologies will progressively increase their impact across all segments of entertainment and media (E&M) as digital transformation continues to expand and escalate. The uncertain economic background has done nothing to slow the ever advancing digital transformation or the rapid consumer uptake of new media experiences. With internet advertising showing growth of 12.2% in 2010 and 16.3% compounded annually over the five year forecast.”
The reality is that 85% of the population are online on a regular basis, either for work or for personal use and with so much information available on the web, demand is growing for instant communication. Given the option, people prefer both the personal quality a video provides and the ease with which it can be viewed. A one minute video introduces the person, the product and the business and may be all that’s necessary for a viewer to become a client or customer.
Case study: Gaelchultúr Irish Language College, Dublin.
In 2009, Gaelchultúr began commissioning video content for use on their e-learning website, to be used alongside audio and text-based course material. Furthermore, video podcasts were produced following tutor-led classroom-based activities that can then be viewed by an expanding overseas audience or those who wish to study in their own time. User feedback has been overwhelmingly positive regarding the use of video and is saving many hours of teaching time by having video teaching materials available on demand.
It appears that the commercial digital divide in Ireland will be brought about by those presenting high quality video content versus those who try to make do without. The key to effectively engaging with the digital audience will be the growing market of media production houses and the search engine gurus directing hoards of visitors to see your video content.
Article written by Ruth Tuite – Online media specialist with MediaConnect.ie