Just 6% of marketers currently see themselves as innovators when it comes to online video marketing. However, almost 80% of respondents report that they are willing to increase their video advertising in 2018 to build stronger relationships with viewers, according to Innovid’s new report Where are Brand Marketers Taking Their Video Strategy in 2018?
Marketers are not very self-confident when it comes to video. Only 6% think of themselves as innovators, while 19% think they are above average and 55% say they are about average. Moreover, the majority of respondents are not adept in using customer data to maximize the effectiveness of their video assets (41% say they are average, and 38% basic).
Marketers state that they are still facing various challenges in the area of video marketing. They are being held back by such hurdles as budget constraints, lack of internal expertise, and prioritisation.
Funding is the gating factor in video advertising volume for the vast majority of marketers, though 79% of companies will be increasing their video advertising efforts in 2018, and 76% think that customer data will affect their video strategy in the coming years. Marketers are quite optimistic about the future of online video – 71% predict it will be easier to deploy it in the future.
Currently, many companies rely on external partners to assist in their video marketing efforts. 35% say they allow their agency to manage all issues relating to deployment of video assets, while 31% claim they work with a small selection of third parties when deploying video assets.
Facebook and YouTube currently dominate the overall video ad spend. Facebook has captured nearly 40%, with YouTube capturing almost 27%. Meanwhile, mobile video attracted a quarter of ad spend.
The survey also found that nearly 9 out of 10 respondents understand the value of using digital key performance indicators (KPIs) in measuring the effectiveness of an online ad campaign, as opposed to only 30% using more traditional media KPIs