That is according to Innovid, an online video marketing platform, which worked with Brand Innovators to question 140 “marketing decision-makers at top brands” about their expectations for next year.
While the great majority plan to increase their video advertising activity, currently just 6% describe their organisations as innovators in video and they believe they are being held back by three main hurdles – budget, lack of in-house expertise and prioritisation.
Specific problems include marketers being uninformed about the costs associated with deploying customised video ads. For example, 45% of respondents don’t believe that creative can be customised into hundreds of variants for less than $20,000.
And a general lack of knowledge about the capabilities that current video advertising technologies provide has led to a situation where interactive TV ads are currently underused.
Meanwhile, reinforcing the finding that many brands feel they lack adequate in-house video marketing expertise, the survey found around a third (35%) rely entirely on agencies to deploy their video assets.
Elsewhere, the survey established that Facebook and YouTube dominate overall video adspend, while OTT video platforms account for 9% of video adspend.
“Many marketers seem to be coming down hard on their own video marketing efforts, but it is also clear that there is so much untapped potential and optimism about video marketing and its impact on consumers to be harnessed in the year to come,” said Beth-Ann Eason, President of Innovid.
Marc Sternberg, Co-founder of Brand Innovators, agreed that marketers are beginning to show greater optimism about the possibilities of video.
“The results also demonstrate the optimism of marketers and the huge potential that video marketing has to really explode in the next couple years,” he said.
Sourced from Innovid, Brand Innovators; additional content by WARC staff