Did you know that the 2nd largest search engine is no longer Yahoo? That’s right, people are using YouTube to conduct searches more than Yahoo. That being said, do you have an online video marketing strategy?

Gone are the days where making commercials cost millions of dollars, not just in production costs but in air time as well. Welcome to the revolution of social media and web 2.0 technologies. You don’t need a high end camera anymore, you don’t need uber expensive software either. What you do need is a strategy and some congruent follow through. Without those, just throwing up a video will allow you to flounder or even fail.

Online video is now becoming more about strategic marketing than ever before. Without first thinking about “what’s in it for the audience” first, anything you set off to do will likely get a chilly reception, because you are thinking about it from your own perspective. As with anything these days, understanding that people really hate marketing being shoved down their throats, making your video piece be more about what the end user wants is more important now than ever.

While the subject of your video may be the most important thing, there are other aspects companies need to take into consideration when they look at an online video marketing strategy. Making sure your identity, your marketing measures and your branding are congruent with not just on your print media or on your website, but across all your marketing channels is imperative. What I’m talking about here is avatars, colors, skins and graphics. Companies pour thousands if not millions into these efforts, its their identity, its how people recognize them. A lot of times companies forget to carry this over into all the aspects of online marketing, especially video, and they miss out on big opportunities when they do. In the video below I talk to Greg Jarboe about this at SES London this year.

YouTube by all means is the giant in this space, but its got such a broad user base. Reaching that target market you are really trying to get to engage with your company or brand, can be a pretty tall task when you are dealing with millions of searchers a day. This is where knowing where your audience hangs out becomes vitally important because of all the niche video sharing site out there. Research into this area can really pay off. Sometimes if a video goes hot on one of these sites, it can have a ripple effect into other video sharing sites, even YouTube.

Big companies do not corner the market on this online video marketing world either. Small business with just a flip camera and some simple video editing software can create compelling and engaging videos that can be marketing boons for their businesses. Small business can that produce commercials that can cost less than $100 can hit very targeted markets can be extremely effective. Think about a weekly “specials” video for a restaurant, seeing the food being prepared and then served hot & fresh is more compelling than just a staged photo of a plate with food on it. Attach that to your local profiles and you give people more reason to come to your establishment!

So if you haven’t thought about online video marketing yet, perhaps you should take a second look. This is becoming one of the fastest growing marketing mediums out there, and if you don’t have a strategy to plan and track it right you could loose out!