According to an Enterprise Web Communications Survey conducted by Interactive Media Strategies, one-third of all corporations polled said they produced at least one video per week. Two-thirds of the firms surveyed plan to increase their video production budget in 2012-2013 and the number of companies with online video budgets of $500,000 or more increased by 20 percent since the 2012 survey.
Larger companies have been using YouTube for marketing and they increased their video budget spend in the last two years because they see the return on investment!
That said, when you start a business, it’s unimaginable to set aside half a million dollars in video budget for one year! Does this mean that smaller companies and start-ups cannot use the power of video in their business?
Not at all, larger companies have a lot of room to maneuver when it comes to establishing their companies as the leaders because they have a much larger yearly advertising budget, but for entrepreneurs with limited video resources & budgets, YouTube can be an invaluable marketing solution in establishing them as THE market leader.
YouTube is right now considered as the MOST powerful marketing tool because of the sheer reach one well-produced video can have. No other social media platform offers its “virability” or longevity.
Tweets and Facebook updates are an essential part of your marketing mix, but let’s face it, both have a very short shelf life. It’s true you can get a solid week out of your Facebook Fan Page updates, but nothing compares to the fact that videos published on YouTube years ago are still driving traffic for a group of savvy marketers.
Over the past two years, YouTube has semi-quietly become the world’s #2 search engine behind Google. The good news for you is that 99.99% of people (including your competitors) still don’t look at YouTube as a search engine. They look at it as a place to share videos of cute cats and adorable kids, to become a celebrity, or to try and launch the next viral hit. All fine endeavors indeed, but 99.92% of people fail at understanding that well-produced videos on YouTube can seriously boost your business!
Why YouTube & Why Now?
There are too many mind-blogging stats about YouTube to share them all, but a few do stand out in demonstrating the Godzilla-like power of this video-sharing platform:
- According to Reuters, as of January 2012, YouTube now gets 4 billion video views EACH DAY (and counting)! The number is staggering when you consider that in May 2011, YouTube was still counting a generous 3 billion daily video views. To put things into perspective, in 2006, YouTube was getting a reasonable100 million daily videos and the company now has its sight on 5 billion daily video views within the next few months.
- Among those 4 billion daily views, YouTube revealed to Reuters that 3 billion videos streamed each week are monetized (aka they are generating revenues for both YouTube and the video producer)!
- According to YouTube, roughly 60 hours of video is now uploaded to YouTube every minute, compared with the 48 hours of video uploaded per minute in May.
- The company estimates that every second ONE HOUR of video is uploaded to YouTube.
- More video content is uploaded to YouTube in a 60-day period than the three major U.S. television networks (ABC, NBC and CBS) created in the last 60 years!!!
- YouTube videos can be automatically translated in over 50 languages.
Misconceptions About YouTube Marketing
Most professionals and entrepreneurs haven’t fully tapped into the incredible marketing opportunity that YouTube offers because of a few misconceptions:
- Many marketers still see YouTube as a platform to watch videos of cute cats, funny kids, teenagers doing crazy skateboard tricks and want-to-be rock stars trying to get record deals.
- The average age of users would also surprise quite a few marketers. According to an August 2010 Nielsen Netview survey of U.S. viewers, 46% of YouTube viewers are aged 35-64. If you add the 65+ crowd, you’re looking at 55% of YouTube viewers being over 35!
- A Forbes Insights study conducted among more than 300 mostly C-level executives (aka highest-level executives such as CEOs, CTOs, COOs and CFOs) at the end of 2010 found that online video content is becoming a critical information source.
A few eye-opening findings included:
- 75% of executives watch work-related videos on business-related websites at least weekly.
- More than 50% of the executive surveyed revealed they watch YouTube videos at least weekly.
- 65% of them have taken action after watching videos.
- More than 50% of senior executives share videos with colleagues at least weekly and receive work-related videos as often.
These numbers clearly demonstrate that it’s most likely that YOUR audience is on YouTube right now!
Why Aren’t More Entrepreneurs Using YouTube for Marketing?
There are a few reasons why more people aren’t using YouTube for marketing, but I’ll sum it up to four of the major ones:
1. Ignorance and (well) ignorance.
It’s unfortunate, but most professionals and entrepreneurs have either been completely ignoring YouTube as a viable marketing platform to reach out and connect with their ideal clients or they’ve been practicing what I like to refer to as the “dump and run” method.
This well strategized marketing method consists of producing one lonely video, uploading it onto YouTube and praying that it will go viral! As you can imagine, it’s unlikely that one random video will do much in establishing you as THE expert.
It’s not called YouTube “marketing” for nothing! Those who have tuned into the power of video know that it takes consistent and strategic work in order to take a series of videos and turn them into a never-ending flow of targeted traffic.
2. Video is too technical, right?
That used to be the case. A few years ago, you almost had to have an engineering degree to figure all you needed to know about video, but with the advancement of technology, most of the equipment you’ll be using is extremely simple. I went from taking an entire day to produce and upload one video onto YouTube in 2008 to being able to produce & upload multiple videos in a matter of minutes!
3. I cannot imagine being in front of the camera.
I’m not going to lie, for the introverts, video and the honest comments on YouTube can bruise egos. But if you stick with it, you’ll get more comfortable and you’ll become a natural in no time. When it comes to those negative and sometimes nasty YouTube comments – you’ll toughen up in time and take it all with a grain of salt!
4. It’s like public speaking, right?
This is a big one for many. I’d be delusional if I said that you could pull off a masterpiece like “The Artist” (aka a 2011 Oscar winning silent movie) with your YouTube videos, because it won’t happen. You’ll have to express yourself and you might even have to make a fool out of yourself, but when done right, you’ll have created the type of unshakable bound with your audience that will translate into building that loyal community that will really help to support your business.
Whether you’re an aspiring stay-at-home parent or just an eager entrepreneur with an idea you want to pursue, CorpNet can make it possible for you to start a business with free resources, powerful tools and easy-to-follow guidance on how to incorporate a business, S-Corp or other appropriate business structure, while handling the necessary business filings.