There are many reasons why corporate video is important in the modern business landscape, and as we move further into the 2020s, this list of reasons is likely to keep growing. We have all seen the continued success of platforms such as YouTube and TikTok and Instagram’s moves to become a primarily video-based platform. These factors demonstrate the trend towards video being the primary means for brands to connect with their audiences. However, it isn’t only in advertising to customers that video is essential; it can also be a crucial part of daily operations within a business.
What is a corporate video, and why is it important?As an umbrella term, ‘corporate video’ refers to any video content that a company produces for internal or external messaging. It is (generally speaking) distinct from traditional video advertising in that it is created with a specific audience in mind and communicates information relevant to that particular audience, rather than being developed for the general public in the sole effort to convert new customers.
The purposes that corporate videos usually serve include:
- Company promotion and corporate communication, for example, to highlight a new initiative or restructure within the company.
- Investor, stakeholder, and shareholder relations, such as financial reports.
- Employee training, recruitment, instructional videos, and internal messaging.
- Client testimonials.
- Media releases that highlight corporate social responsibility, brand partnerships, or new product lines.
Corporate video can also be customer-facing, although it is generally set apart from wider marketing efforts. It is set apart because it has a more company (rather than product) focus in mind and may pertain to a more specialised audience. The video may be used for brand building as opposed to direct selling, with the longer-term goal of establishing a company positively within the public consciousness.
What is the advantage of video as a medium?
It is becoming increasingly acknowledged (especially within marketing) that video is one of the most powerful mediums companies can use. 70% of marketers reported that video produces more conversions than any other con. In comparison, videos get 1,200% more social media shares than text and images combined, and potential customers are 27 times more likely to click on a video than a banner ad. All this goes to suggest that video is an excellent way to grab and keep people’s attention, and evidence suggests that people remember 95% more of a video they’ve seen compared to 10% of a piece of text they’ve read. As 90% of the information sent to our brain is visual, and we can process visual information 60,000 times faster than written text, it makes sense that many people are more drawn to video rather than written content.
With ROI to capture and marketing spend to justify, much of the research and data on video content relates to sales. Still, the advantages of video as such an effective advertising tool also apply when the medium is used for other purposes.
Why is corporate video important in a business?
Whether training employees or seeking investment, any initiative in a business costs money, eating into potential profits and even future stability should it not be a success. Using video content can effectively communicate to different audiences with various objectives by engaging attention and sticking in peoples’ minds. To take employee training as an example, according to 2020 government figures, employers invest around £42bn in training each year, with an average spend of £1,530 per employee. Unengaging and ineffective training, therefore, represents an eye-watering waste of money to companies relying on upskilling their employees and could perpetuate issues if poorly trained employees make mistakes due to inadequate messaging.
Video can also be crucial to companies undergoing a transformation in operations or embarking on a significant project. The success of any venture relies on giving employees a rallying point and precise aim to aspire to. Communicating purposes effectively is vital for inspiring disparate departments to work together and pour their efforts into this ultimate goal. In this aim, video can be an inspiring way for a company to set out its vision.There are also a few examples of brand building that are more powerful than what can be achieved with video. Brands who partner with events (such as sporting events, festivals, or charity fundraisers) can use video to provide great behind-the-scenes insight or communicate a new direction a company may be taking. Corporate video can even tell a captivating story for potential investors, not only getting across compelling financial projections but the story of the brand as a whole.
Any company’s daily running and long-term success rely on good communication, and corporate video is an excellent means to achieve this. If you would like to learn more about the benefits of corporate video and explore our video production services, please don’t hesitate to get in touch.