VPI are market leaders in video production for market research. We are still getting responses in from what is our third survey on how the industry are using Video in their Market Research and Insight work. Read up on some of the key statistics we’ve learned from our industry research below.
#1 Over half our responses think that 30% or more of their Research and Insight could be presented back to the business with greater Impact and Engagement. Our industry is worth an estimated £3 billion in the UK alone. So are we saying that 30% of it gets put in a folder on a shared drive somewhere never to see an audience again? Put in another way this is £1 billion of Insight that is not delivered to a business with the intent of making an impact? Why, as an industry are we not putting more time and budget aside to delivering information for business action?
#2 We all know and anticipate the rise of user-generated video in how we capture consumer information. But how many of us are often disappointed with the quality of it? It often never quite shows or says what we want it to. The promise is better than reality. The demand for Quality Video output remains strong… even though we are all testing the water for user-generated video. People still want good quality video output whether it be for debriefs, internal, or sales conferences, or internal, or external communications. Given, we care more about high quality when our video is going external, but our responses still show that quality in debriefs is important too. VPI provide respondents with training on how to film for this style of project to ensure quality of output.
#3 There is a clear role for both user-generated video, professionally filmed interviews, and a method somewhere in between. when the moderator uses their own phone/iPad. User-generated video works best, according to our responses, when we want to record consumers’ responses to product or packaging, or when we want to see how they live their lives. Professionally filmed interviews remain best, according to our responses, for interviews when we require opinion and an in-depth consumer reaction. The need for a moderator to tease out the insightful response can never be underestimated.
#4 In the future 58% of our responses (to date) think they’ll be conducting the same amount of video research in the future, and 36% think it will be more. And it’s the user-generated video that they think they’ll be doing more of. This makes sense given its speed, convenience and low cost…but at what cost are we prepared to lose quality…and hence impact in the debrief and further communications? We predict there will always be a need for high-quality video in research and insight, and yes we would say that, but we honestly believe that a high-quality video can genuinely galvanise emotional interest in the research/insight and hence trigger action across the business as a result.
#5 Nearly everyone wants to do Consumer Films in the future. We do these already for clients and they are often pen portraits of the target consumer filmed in a creative way. These are a fantastic way of getting your target consumer information across and can also be useful for content marketing. But they require a bit of budget. What if 10% of all research budget was put aside for how all research/insight in a business was communicated? This could be short films, animations, mini clips with a few added graphics. Video is far too often a last-minute bolt onto a research budget and therefore the budget is virtually non-existent. To make short consumer films..why not secure 10% of the budget at the start of the year? It would certainly mean your Insight and Information cut through the business and would raise the profile of the team too.