@audreyschroder: COI = Cost Of Ignoring. This is just as, if not more important than ROI. #smwtestnlearn #SMWChicago
COI… cost of ignoring. WOW… love that one!
The tweet was referencing something said by Erich Marx (@emarxe), Nissan’s Director of Interactive & Social Media Marketing/Public Relations. And I have to say… true for social media and true for video.
It wasn’t long ago…
It’s hard to imagine today, but 10-15 years ago web designers were out there doing their best to convince companies they all needed websites. That’s laughable now. Of course businesses need a website. I’d argue that 10-15 years from now we’ll be saying the same thing about video.
Many companies have produced videos and post them at their website. They share them in email campaigns and via social media. They have a YouTube channel.
At the same time, MOST businesses have not produced any videos. Less than 24% of national brands are using online marketing videos according to Kantar Media. That is going to change.
Video ROI vs. Video COI
The cost of ignoring video’s influence is becoming too great. A video that tells a good story is a tool that helps win hearts and minds. It’s a tool more and more marketers are seeing as an essential component to their digital campaigns.
All this means many business leaders are asking the wrong question about video. They want to know the ROI when they should be asking about the COI. That’s where things are trending.
One day they’re going to wake-up and realize their competitor has a well-told About Us video at their website. Another competitor will be sending email video invitations to prospects to attend company events. Another will be sharing product launch videos via social media to get customers excited about what’s coming.
That’s probably the point when they’ll stop asking about video ROI and start asking about the COI, but by then the competition will have a huge head start.