Marketers To Spend More On Viral Video In 2009
The majority (70%) of ad agency and media buying executives plan to increase budgets for viral video marketing in 2009, according to online marketing firm Feed Company.
Even with the industry’s support for viral video, the benchmark for viral video success remains unclear.
A number of respondents said a viral video was a success if it was viewed 100,000 times, 250,000 times, or 500,000 times. The strategy of creating and distributing viral video sponsored by advertisers to users on video sites and blogs is increasing in popularity after a number of videos from major brands were on YouTube such as Gatorade’s "Ball Girl," and Nike "Kobe Jumps Over Car."
Agency executives indicated the major benefit of viral video is receiving "exponential views," followed by brand engagement, and online reach.
"In the past, fear of ceding control to consumers during the marketing process made advertisers hesitant to create and release brand-themed video online," said Miguel Gonzalez, VP, creative director of Draftfcb Chicago.
"But the parade of content that has ‘gone viral’ shows that the results are worth the effort, even when the outcome is hard to predict."
Ad agencies are looking to improve on how viral video campaigns are tracked and executed with 95 percent of respondents wanting greater accountability from vendors responsible for tracking campaign effectiveness, and more than half say there is a need for better execution of strategies.
"The survey shows that agencies recognize the value of viral video for their clients even as they call for improvements," said Josh Warner, president of Feed Company.
"We’re definitely seeing more of these campaigns because it costs less to produce and market viral video than many other types of traditional media – and that’s attractive to marketers during an economic downturn."