In today’s uber-saturated internet sphere, leveraging the right format that appeals most to the market is extremely crucial for businesses to thrive and survive. And for most digital marketers, the answer to this challenge is no other than what many people seek these days – videos.
For the past few years, video marketing has rapidly become a force in the digital marketing industry. Given the rise of multiple live streaming apps as well as the success of many brands in video sharing platforms like YouTube, it is hard for anyone to question the effectiveness of video marketing. Even small businesses with limited resources are also leveraging this strategy, with only 24% reporting that they relied on external agencies for business video production!
If you still have your doubts and need more “hard” facts to be convinced, then read on as we detail in this infographic the latest must-know statistics and facts about video marketing that will make you realize you need it in your business today.
1. Video Will Represent 82% of All Internet Traffic By 2021
In the 2016-2021 Visual Networking Index: Forecast and Methodology by Cisco, it was revealed that by 2021, 82% of all consumer IP traffic would be video, up from 73% in 2016.
This increase in online video content is in line with the increasing video consumption habit of customers. According to a separate video marketing research from Wyzowl, a typical user consumes 1.5 hours of video per day, while 15% of people watch 3 hours of video on an average day.
What this means is that people are consuming more and more video content as years pass by, and not leveraging on this trend can lead for your digital presence to just get ignored by your target audience.
2. 85% of People Like To See More Video from Brands
If you think that people are only interested in watching cat videos and meme compilations on YouTube, then you’ll want to think again.
In fact, 85% of consumers actually want more branded video content well. The rationale behind this is that consumers, in general, want an easy to way to understand what a product or service is all about. Wyzowl says 79% of consumers prefer watching the video over reading to learn more about a product, and 95% of people have watched an explainer video to learn more about a product or service.
Meanwhile, if you own a brick and mortar store, you may want to produce more videos about your items as 50% of web users look for video before visiting a store, says Google.
What all these numbers mean is that video is not only a great platform to educate but also to persuade customers to purchase these days as well.
3. 81% of Businesses Use Video As a Marketing Tool
The video marketing research from Wyzowl also revealed that 8 of 10 businesses use video in their marketing campaigns – up from just 63% in 2017. And it seems that these businesses are satisfied with the strategy; 99% of those who already use video say they will continue to do so in 2018.
If you are part of the minority that is still unconvinced with the potential of video marketing, you might soon be the only one left not using this strategy, as 65% of those who don’t currently use video say they plan to start to do so in 2018. The 2017 B2B and B2C research from Content Marketing Institute also say the same: 30% of B2B marketers and 34% of B2C marketers say video will be key to content marketing success.
Customers consume more video content; companies are producing video more – it’s time for you to up your game.
4. Video Marketers Get 66% More Qualified Leads Per Year
More and more businesses also use video marketing to improve their lead generation campaigns – and it seems that their efforts strategy really pay off. According to Aberdeen research, digital marketers using video in their campaigns get 66% more qualified leads per year and achieve 54% increase in brand awareness.
In order to attract high-quality leads, businesses must first show that they are trustworthy, and videos are a very effective tool in fostering trust among consumers. Through live stream videos and explainer videos, products and services can be presented in a way that is truthful and accurate. This creates a sense of trust which is why 57% of consumers say that videos gave them more confidence to purchase online.
5. 83% of Marketers Using Video Marketing Think It Gives Them Good ROI
With 83% of those who already have video marketing integrated into their core marketing activities saying that it gives them good a return on their investments, there’s no question that video marketing is fast becoming a tool of choice among marketers for years to come.
If you need further convincing on how video marketing can benefit your business, here are more statistics from Wyzowl research that you should ponder:
- 97% of marketers say the video has helped increase user understanding of their product or service.
- 76% say it helped them increase sales.
- 47%say it helped them reduce support queries.
- 76%say it helped them increase traffic.
- 80% of marketers say the video has increased dwell time on their website.
- 81% of people have been convinced to buy a product or service by watching a brand’s video.
- 69% of people have been convinced to buy a piece of software or application by watching a video.
With all these statistics presented, it is without a doubt that video marketing is one of the best digital marketing strategies that offer a lot of opportunities to bring even a small startup brand to light.
As video marketing becomes more advanced and resource-friendly, it is only a matter of time until all businesses across different industries integrate this strategy into their overall marketing campaigns. So, if you are still not doing video marketing, now is the perfect time for you to gather resources and create a plan. If you lack the necessary skills to do so, there are agencies out there that you can work with to produce engaging video content that will surely entice your target audience.
Download this infographic.