According to a new report by Magisto half of companies are reallocating traditional media budget to fund social video, and 37 percent are reallocating digital media budget to video.
Marketers are increasingly moving from broadcast advertising to social content to attract consumer attention in the melee of today’s media landscape. It’s a complex migration in both the medium and the message. In an attention economy, it’s not enough to merely win attention. In order to generate results, businesses must maintain and nurture hard-won attention through genuine engagement and persistent media creation. This requirement has given rise to a new marketing metric aptly coined return on attention (ROA).
The magnitude of this shift is evident in the report which also finds that nearly half (46 percent) of marketers regard organic social engagement as the best assessment of campaign efficacy, compared to a mere 28 percent who say they still depend on advertising recall.
Attention is the real currency
“Attention has become the only real currency today and customers offering that attention expect real value in exchange,” says Oren Boiman, CEO of Magisto. “The critical nuance is that it's not just a shift in the channel, but also in the voice, cadence and structure of communication. Today, the goal isn’t stamping out a company's brand message but rather contributing to the social narrative with the goal of ‘belonging.’ Modern marketers are using social content, and video in particular, as a way of being part of a 24/7 conversation.”
The survey report, the second in Magisto’s Video Payday series, examines the details of the booming $135bn video marketing industry, where and how that money is being spent, and which video strategies are proving most effective. The heart of the report’s findings shows how companies are using social video to scale authenticity, provide value, and deliver ROA.
A new US survey, released 25 May 2016, by Magisto, one of the world's most popular smart video storytelling applications, indicates that SMBs are shifting from traditional channels to implement new, more viral digital practices...
25 May 2016
“Social is no longer a channel but rather the definition of today’s media. It’s a mode of socialising through the creation and sharing of massive amounts of content,” said Reid Genauer, CMO at Magisto. “The ultimate takeaway from this data is that businesses are quickly learning how to use video creation as a strategy to thoughtfully socialise their message as opposed to broadcasting it with brute force.”
Magisto surveyed 545 marketing decision makers in the U.S. at small, medium and large businesses from July to August 2017. To view the full report, click here