Growth of Video Marketing
Online video is currently the consumer channel of choice. As a response, companies are heavily investing in the medium. In 2013, 93% of marketers used video for online marketing, whilst 52% of marketing professionals worldwide stated that video had the best ROI. However, studies have shown that ‘professionally produced’ video outperforms ‘user generated’ video by as much as 30%, therefore the demand to produce high quality video has become a must.
As brands continue for customer’s eyeballs, corporates are becoming media producers – and they are facing many of the same problems as major broadcasters. One of the largest challenges is the requirement to share and obtain footage right across the enterprise. As such, media asset management has grown to be a major driver of profit. The ability to find content quickly and consistently can have a substantial impact on customer experience and sales conversion. However, as video production increases and the amount of raw, unedited footage similarly inflates; companies are finding it difficult to manage video content efficiently and cost-effectively.
Executives across companies (whether in R&D, marketing or customer-facing environments) want to be able to collaborate during the video creation process, or to access or repurpose existing content to maintain brand consistency. However, media asset management within many organisations, including broadcasters, remains suboptimal. Video content is often stored in silos and is inaccessible or invisible to others. This slows down methods and leads to unnecessary duplication of effort and increased costs. The issue is combined by separate departmental budgets that make the commissioning of video a detached process.
To address this, companies have invested in Media Asset Management (MAM) systems designed to provide digital libraries of media files and associated metadata for broadcast purposes. Although, many are discovering that their conventional MAM falls short of meeting key requirements. Generally, the majority of MAM-based systems are designed to handle finished media. They are, in theory at least, a ‘clean’ MAM that houses only approved, edited and ‘pristine’ video. Although, users’ increasing desire to collaborate and to archive work-in progress means that MAMs are increasingly becoming cluttered with raw footage, short shelf-life and other digital media assets.
The fast increase in video consumption is presently a huge strategic driver for enterprise corporations. Regardless of business sector, organisations need to evolve beyond their core competencies and become producers of high quality video comparable with broadcasters and media corporations. In addition, while some companies might have bolstered their ability to develop finished video, digital and mobile technology means that we are heading into a world where people need to collaborate. Presently, in spite of their best efforts, corporate teams are being critically hampered by inadequacies in their organisation’s media asset management.
Video represents a company’s best chance to interconnect with customers and differentiate brands. However, if businesses do not take control of the issue of media asset management – right from the start – operations risk being overrun by raw footage and squandering the chance of video altogether.