2020 was the year that everything changed. Forced into lockdown many businesses paused trading as we wait for things to ‘return to normal’. Whatever that will look like.
However, 2021 is here and things are starting to look up and it’s time to start looking at the best ways to get your business back out there and hit the ground running.
You’ve probably heard about video marketing and the benefits a video can bring to your marketing efforts and perhaps you are wondering whether it’s worth investing in video marketing.
In this article we’ll take a look at some of the key stats and trends for video marketing that prove that now’s the right time to get your first marketing video. By the end, not only will you understand the numbers behind the online video market, but you’ll have a pretty good idea where to focus your efforts.
Before we get into the stats and trends let’s talk about the different types of video you can use. The most common is the promotional or brand video. You’ll often see these on the homepage of a website explaining your products and services.
Other types of video content marketing include:
- Vlogs (video blogs)
- Video interviews
- Tutorial videos
- Videos of presentations
- Product demos and reviews
- Video testimonials
- Recordings of live streams
- Video ads
Now, let’s dive into the actual data on video marketing. We’ll focus on the most up to date stats from 2020 so that your video marketing strategy can be in tip top shape.
The ROI of Video Marketing
So is video marketing really worth it?
Obviously I would say that it’s essential but many digital marketers agree. Wyzol found that 93% of digital marketers considered video and key element in their marketing efforts. This figure has grown a whopping 78% since 2015.
Plus according to 88% of marketers, video marketing provides them with positive ROI. When you consider that only 33% said the same in 2015, it shows that consumer sentiment toward videos is much stronger now.
There are 3 different sets of research that have found that it is. In Understanding the Expanding Benefits of Marketing with Video, the Aberdeen Group finds that:
- Video marketers get at least 66% more qualified leads per year.
- Video marketers achieve a 54% increase in brand awareness.
And Wyzowl’s 2020 State of Video Marketing survey shows that:
- 86% of video marketers say video has increased traffic to their website.
- 94% of video marketers say video has helped increase user understanding of their product or service.
- 84% of video marketers say video has helped them generate leads. (Up 1% from last year)
- 78% of video marketers say video has directly helped increase sales.
- 43% of video marketers say video has reduced the number of support calls they’ve received.
When asked how they’d most like to learn about a product or service, 69% said they’d prefer to watch a short video. This compares to 18% who’d rather read a text-based article, website or post, 4% who’d like to view an infographic, 3% who’d rather download an ebook or manual, 3% who’d rather attend a webinar or pitch, and 2% who’d like a sales call or demo.
Key takeaway: There’s no need to wonder if video marketing is worth it, it definitely is and you don’t have to take the word of just video marketers either.
Here are two examples that show the power of video marketing. Tiger Fitness says that using video marketing has helped them achieve a 60% returning customer rate, which is three times the norm for their industry. And SAP used a video-heavy content marketing strategy to drive 9 million impressions.
Consumers and Online Video
So, how do consumers respond to video marketing? Hubspot’s research found that 45% of people watch at least an hour of video per day and Google finds that half of 18-34’s would stop what they’re doing to watch a new video by their favourite YouTube creator.
Google adds that 40% of millennials trust YouTube for content; and 60% say videos they’ve watched have changed their world view.
Video’s also an important part of the shopping experience:
- Almost 50% of web users look for a video before visiting a store.
- 79% of consumers prefer watching video to reading about a product.
- And 43% of consumers want to see more video content this year.
- 84% of consumers have bought something after watching a video.
- 91% of consumers have watched an explainer video.
However, it’s important to get the tone right. Wyzowl says 75% of consumers have not bought a product because the voiceover annoyed them. In fact, 83% prefer an informal and chatty tone.
Length matters, too, in video marketing. According to Wyzowl, 50% of consumers believe the right length for an explainer video is 1 minute.
Wistia’s research shows that videos up to 2 minutes long hold viewers’ attention; then there’s a drop off. Attention picks up again for videos between 6 and 12 minutes long.
81% of consumers mute video ads. And Digiday says that 85% of Facebook video is watched with the sound turned off.
Key takeaway: Consumers love video, but you’ve got to make it good and keep it short. Consider using a video popup the next time you create an opt-in.
Mobile Video Marketing
Mobile marketing is the hot topic at the moment, so most recent research has paid attention to mobile video marketing. According to IAB, marketers increased their spending on mobile and digital video ads by 95% between 2014 and 2016.
Even though Wyzowl found that 60% of people prefer watching videos on desktop computers, research from others suggests that mobile devices rule:
- According to YouTube, more than half of all YouTube video consumption is via mobile devices.
- comScore says users spend 40 minutes a day, on average, watching YouTube on mobile devices.
- Wyzowl says 90% of consumers watch videos on their mobile devices.
- And Twitter says 90% of Twitter video views happen on mobile.
Key takeaway: Make no mistake; the future is mobile.
Social Video Marketing
Video, especially live video, has become a major part of every social media site. And social media users are responding:
- Facebook gets 8 billion video views daily.
- If you think that’s a lot, then you’ll be blown away by the billions of views on TikTok
Video content gets attention; that’s for sure:
- Twitter says video is 6x as likely to be retweeted as photos.
- DOMO’s Data Never Sleeps infographic shows that YouTube users share 400 hours of new video a minute.
- TikTok users on average spend a minimum of 80 minutes on the app per session.
While Facebook is one of the main places where small businesses and professional marketers share video content, it’s not the only important social video network. According to Animoto, 53.4% of marketers see Instagram videos as important.
But with more than 1 billion users, YouTube packs a powerful punch. The site has more viewers among 18-49s than any TV Channel.
That’s why it’s no surprise that Animoto’s research reveals that 26.4% of professional marketers and 18.5% of small and medium-sized business owners say YouTube will be their main video sharing platform in the next year.
Key takeaway: These video marketing statistics show that as long as we have social media, we’ll likely have social video, too.
Video Marketing Trends for 2021 and Beyond
Our research into video marketing statistics suggest that video will be a great way to grow your network and customer base, not just this year, but in the future.
One staggering statistic comes from Cisco is that, 82% of all consumer web traffic will be video.
Marketers don’t plan to be left behind:
- According to We are Social, 70% of marketers plan to use video marketing this year.
- Wyzowl says 96% plan to spend more on video.
Live video is the latest trend, and Social Media Examiner says 50% of marketers plan to use live video this year. However, not all marketers are confident about doing so; the same percentage want to learn more about live video.
It’s likely worth their time, though. Facebook says its users spend 3x longer watching live video than video that’s no longer live.
Key takeaway: Video marketing continues to evolve. It’s time to start using video so you can keep up.
These video marketing statistics show the importance of video marketing for your business, both now and in the future.
