The start of the year will be here before you know it… which means that, for small business owners, the time to brainstorm a 2020 social strategy is now.
When developing a social strategy, there is much to consider, and no one-size-fits-all answer. With that said, the enCOMPASS team has one significant recommendation that can potentially yield big results: Make social video a key part of your approach.
This is something we feel strongly about, and in this post, we’ll explain why.
Video Spending is on the Rise
Let’s start with the data. Advertising researchers project that digital video ad spending will increase by more than 20 percent in the coming year, surpassing $36 billion in the United States alone (data via eMarketer).
So where is all that money going, exactly? A variety of places, including connected TV and programmatic ad buying. Those are important avenues, but don’t sleep on social media! The eMarketer research notes that a good chunk of that video ad spending will go toward social platforms, where opportunities abound to connect with users through engaging content.
In fact, the eMarketer research projects that social video ad spending will rise to $14.89 million by 2020, representing 44 percent growth from 2019! It will then account for more than 30 percent of all video ad spending.
Video Ads and Social Media
It’s worth noting that eMarketer doesn’t categorize YouTube as a social platform for the purposes of this research, though we’d argue that Facebook and YouTube are the two biggest social platforms for posting video content. Smaller platforms, like Twitter and Snapchat, aren’t necessarily known for video, but they, too, present marketers and advertisers with some valuable opportunities. (Indeed, Twitter’s video ad revenues are poised to pass the $1 billion mark within the next couple of years.)
In fact, while YouTube and Facebook are the two most popular platforms for digital video consumption in the U.S., Snapchat and Twitter and even Instagram command wide audiences, more than any major news site.
Where Social Video is Headed
But why is social video ad spend growing by so much? Why is this such an important category for advertisers to monitor?
For an answer, look no further than to basic viewing demographics. The social platforms we listed above are the go-to destinations for watching ad-supported video, especially among sought-after audiences like Millennials and Gen Z.
And, among social media users, video content has far surpassed the popularity of photos and text. According to eMarketer, young people on social media are much more likely to log in to view video than any other kind of content; and, they are more likely to share video clips with their friends and followers, potentially amplifying a brand’s message considerably.
It’s also worth noting that video content doesn’t just entertain. It can actually influence consumer behavior. The research shows that more than three quarters of adults in the U.S., England, and Australia say they have purchased a product after seeing it featured in an online video. And among Millennials in particular, two thirds say they have engaged with a brand on social media after seeing their video somewhere.
Implications for 2020 and Beyond
The implications of the data are pretty clear. To summarize:
- Digital video is extremely popular, and more popular all the time.
- While social media platforms aren’t the only places to view digital video, they are certainly popular and consequential ones.
- Video content can influence consumer behaviors, and also provide a golden opportunity for brands to see their message amplified.
So where does this leave your business as it drafts a social media strategy in advance of 2020?
It should go without saying that we recommend putting some ad dollars into social video content. With that said, it’s important to develop your video strategy carefully and methodically, making prudent decisions about which platforms make the most sense for your video content, with regard to both your budget and your audience.
Doing so might become especially challenging as we enter 2020, and for a simple reason: It’s an election year! Already, some of the major campaigns have begun planning for ad spots on YouTube and other platforms. For small businesses, it’s going to be tougher and tougher to cut through the noise and have their video content seen, without breaking the bank.
We’re Here to Help
Here at enCOMPASS Agency, we’re prepared to help our clients develop robust social strategies heading into 2020, with video playing a key role. Our team can assist with everything from video production to ad placement, as well as advising on how you shape your approach to social media engagement.
Questions? Concerns? Ready to get started with social marketing? Reach out to the team at enCOMPASS whenever you’re ready to chat.
SHARE THIS ARTICLE: