What’s the value of social video?
The rise of social video over the last few years is phenomenal, with 72 hours of content uploaded to YouTube every minute. So, social videos and the desire for brands to create viral videos can’t be ignored, but the key question is *what is the value of social video* and therefore how can I justify my brand’s marketing spend on it vs other options.
There’s a pretty simple articulation for the value of social video, and this is based around *trust in media* and how *trust correlates to brand favourability and purchasing intent*.
The basic point being that people trust their friends’ recommendations the most, and therefore if you create a piece of content that someone shares, then they’re more likely to think favourably about that brand – increasing purchasing intent, and ultimately leading to $$$ spent.
This basic theory is backed up by a recent Nielsen Global brand trust survey (from April ’12) which showed 92% of consumers around the world say that they trust *earned media*, such social sharing or recommendations from friends and family, above all other forms of advertising – an increase of 18% since 2007. To set the power of earned media into context, the same survey showed that only 47% of people trusted *paid media*, such as TV, magazine or newspaper, and 58% trusting *owned media*, such as company websites.
Additionally to this basic *social sharing* theory, there are other additional marketing actions and value that you can activate off the back of a social video campaign if you use a social video platform.
As by using a custom social video player you can then optimise click-through rates to brand destination sites / e-commerce sites – resulting in whatever end-goal outcome you’re looking for e.g. product engagement, sign-ups, sales. See example below . . .
From running 100′s of different campaigns through viral ad networks you can expect to see social videos generating something like a 1.3% click through rate – offering additional value beyond the uplift in increased brand favourability and purchasing intent.