Remember way back in the day when office desks were cluttered with paper files, notepads, and Rolodexes instead of computers, mobile devices and VoIP phone systems? For those of you too young to remember, think Mad Men (minus the booze and cigarettes). Back then, the position of a Chief Technology Officer (CTO) or Chief Information Officer (CIO) hadn't even been conceptualized! The most technological thing in an office was a typewriter or *gasp* a copy machine. But when the technological revolution started changing the workplace landscape, CTOs and CIOs were brought in to help organizations navigate their adoption of vital things like computers, the internet, and network infrastructures. Essentially, video is doing the same thing. It’s completely changing the way businesses communicate with consumers and employees, and at some point in the not-so-far-away future, you’ll need a professional in place to help you adapt.
Video’s Impact on Business
Video is the most preferred vehicle for communication. Don’t believe us? Google the stats. Or take a look at any one of our previous articles that discuss (with reputable citation) the efficacy of video communications. We’ll leave these right here for you:
If video is the way in which audiences prefer to communicate and interact with brands, then brands MUST rethink their marketing and communications approach. But the validity of this stance goes beyond brand relationships. Video is actually causing something much more remarkable to happen, and it affects every size business in every industry.
Organizations who do video well are far out-pacing organizations who don’t do video at all.
Why? Because video produces more conversions than any other type of content. In fact, businesses that use video grow their company revenue 49% faster than businesses that don’t. Furthermore:
Companies who use video see 41% more web traffic from search compared to companies who don’t use video.
62% of consumers are more likely to form a negative opinion of a brand who does video poorly.
Landing page videos can increase conversion rates by as much as 80%
And homepage videos can increase conversion rates by an additional 20%
Why a CVO?
Video isn’t a one time deal. Like any other form of content marketing, it requires consistency, thorough market research, strategic thinking, and deep-level insights. The other aspect of video that many teams lack is distribution expertise. Creating a quality video isn’t good enough. Your organization must also know how to advertise and market their videos to effectively reach audiences and boost ROI.
Collectively, video marketing is a highly specialized full-time job, which is why many organizations are wisely choosing to partner with a video marketing agency. Eventually, they may also benefit from having an in-house representative with the mindset, skill set and wherewithal to facilitate this partnership. We aren’t saying that you should go out today and find yourself a CVO. But we are providing you with a very likely prediction. As video continues to gain traction, the need for relevant leadership will be pivotal.Although having a CVO would be ideal, we understand that some of our marketing peeps are still trying to get their organizations on board with the concept of video marketing. Check out this blog for your plan of action.
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