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Thursday, May 29, 2014

Video Production Budgets 2014

Claire Brinkley & SoMedia Networks
 A new report has revealed that businesses are set to significantly increase their video spending this year as an increasing amount of organizations prioritize video marketing.
The 2014 Online Video Production Survey & Industry Trends Report, compiled by Flimp Media and the Web Video Marketing Council, surveyed 318 video production and marketing professionals to discover what video strategies they had in place for 2014.
From this report, three main themes for 2014 stood out.

Video Production Numbers Will Increase in 2014

In 2013, 40% of companies were producing between 2 and 10 videos a month and an additional 28% were producing between 11 and 50 videos. 10% were producing more than 50 videos a month – a significant output by anyone’s standards – while 9% said they created one or no videos a month.
Video production demand per month bar graph
Interestingly, 70% of those surveyed said they expected the number of videos produced by their organizations to increase up to 99% this year, with a further 15% saying they expected the number to double. Only 13% said they thought numbers would remain the same and 2% said they were expecting a decrease.

2014 Video Budgets are Expected to Rise

As the output of video increases, so will the budgets behind them. Most marketing professionals expect their budgets will increase (68%), with 8% expecting their budgets to double.
Video production budget demand for 2014 bar graph
In contrast, 24% said that they thought budgets would remain the same and 8% were forecasting a decrease.

Companies are Mainly Creating Videos for Their Websites

The large majority of video content produced in 2013 (80.8%) was created specifically to be displayed on a company’s website. Social media and networking sites were second in the priority list (69.2%) and lead generation was third (39.3%).
Video production uses for marketers graph
Following closely behind these areas was internal communications, including creating content for employee training and education (38.1%), creating videos for management communications (34.9%) and creating content for online video slide presentations (31.1%).

Video Marketing is Set to Evolve in 2014

It is clear that video marketing is growing in popularity, both with companies and consumers, and moving forward we should expect that the types of videos created by companies will not only grow (as indicated by figures above) but also evolve.
Many marketers and brands are still testing and adapting their video strategies to see what works and what doesn’t, and many haven’t properly utilized video effectively in the sales space.
As seen above, using video for generating sales leads was only a priority for 39% of those surveyed, yet more and more businesses seem to be turning to video to showcase their new products, reach wider audiences or motivate consumers down the sales path.
Naturally, as this becomes more cemented in marketing plans and organizational briefs, video marketing will grow, both in budget and in size, and 2014 looks to be the year this will happen.

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