As the last year and decade drew to a close, the importance of video in everything increased. The marketing space was especially very welcoming of this medium of advertising. If your business is of the mindset that video marketing is just a fad that won’t replace the more traditional methods of marketing, think again!
Video has sent tendrils permeating through every aspect of digital marketing, turning the entire game on its head. If you want your business to leap forward and stand head and shoulders above the competition, you need to take note of these video marketing statistics in order to properly embrace the medium.
What key video marketing statistics should you know?
Marketers who have already taken on video have utilized it in different ways. This has molded the marketing landscaped into various forms, forming clear patterns that you can learn from.
Numerous marketing agencies have analyzed the impact of video on marketing as a whole and released some numbers that are bound to help you take advantage of the motion picture as an advertising tool on the big, medium and portable screens. Here are the key five figures you should know.
91% of video marketers say the medium increases their ROI
The whole point of marketing is so that you can spread the name of your brand, product or service into the world and mint more cash.
With video marketing, it is easier to get a higher return on investment. According to the Animoto’s Social Video Trends: Consumer and Marketer Insights 2020, 91 percent of video marketers attest to this increase in ROI, with 93 percent saying video has directly led to a significant increase in customers.
Furthermore, 95 percent of video marketers swear by the medium when it comes to helping customers understand the products and services on offer.
After all, a potential customer cannot buy what they don’t understand.
Let’s take a look at a campaign ran by Canadian online management investment service Wealthsimple. Targeted at millennials, the ad does a great job of utilizing video to tell a story that draws in their audience of interest.
You’ll notice that Wealthsimple posted the video on Twitter, where a majority of their target audience is.
64% of people have turned to a video about a product or service
If your target market understands your brand better through watching explainer videos, it’s a no brainer for you to start developing and producing video content suited to their tastes.
Better yet, you needn’t look for them to provide your video content. They are already on the video platforms, spending a significant amount of time watching different content. Consumers average around 16 hours of online screen time watching videos.
This significantly dwarfs the audience that traditional media would give you. According to figures from Google, Youtube reaches more 18- to 49-year-olds in a week than all cable networks combined.
Let’s keep with our Wealthsimple example.
They posted the same video we mentioned above on Youtube as well. It garnered views in the excess of an eye-watering 4 million hits.
You can also clearly see the impact of the video as evidenced by one of the comments.
This is further backed up by stats which state that 84 percent of people saying they have been convinced to buy a product or service by watching a video put out by a brand.
Two-thirds of the digital marketing budget is allocated to video
According to the 2019 Video Advertising Spend Report by the Interactive Advertising Bureau (IAB), top marketers are carving out two-thirds of their digital budget for video.
And who can blame them? Practically everyone is walking around with a digital billboard in their pocket or in the palm of their hands. 70 percent of the YouTube content is viewed via mobile devices.
Mobile also dictates the traffic on other platforms that offer videos. For instance, Twitter provided figures that showed that 93 percent of the videos on the platform were accessed on mobile devices.
Over the past two years, marketers have been doling out funds to their mobile ad teams, steadily increasing the percentage of the whole budget allocated to this sector. In 2019, this share finally equaled that which was given to desktop digital ads.
With further adoption of mobile, it only makes sense that more will be given to corporate video in 2020 and moving forward.
IAB illustrates this clearly.
Source: IAB Video Advertising Spending Report 2019
82% of internet traffic will comprise video streaming and download in just 2 years
That is a truly astounding figure!
Nevertheless, it’s true. According to Cisco, 82 percent of the global internet traffic will be video. Casting an eye on figures from 2017, this will have increased four times over that half-decade span.
With a compound annual growth rate of 33 percent, video marketers need to leverage this growth to catapult the financial performance of their brands.
Despite the seeming difficulty and costs of creating video content, teams can easily put out matter via social media platforms. These have made it easy to create without necessarily having a savant behind the lens.
Source: Impact
More than two-thirds of marketers implement video in their campaigns
Let’s look at this closely for a moment. When it comes to B2C, around 66 percent utilize video in their marketing strategies. The parallels with their business-to-business counterparts are hard to ignore. 71 percent of B2B marketers also use video in their marketing.
This definitely points to the fact that they have found video marketing to be effective.
You can’t afford to infuse all your energies into other forms of marketing and ignore video. As we have already shown, it is a growing format that you need to take advantage of to ensure that your brand and business can cause waves throughout your target space.
Check out how OnDeck utilizes video in its strategy. The global B2B fintech services small business and use various kinds of video – ads, customer reviews, whiteboard animations and explainer videos – to reach out to potential customers.
OnDeck’s YouTube page also links out to their Facebook, LinkedIn, Twitter and Instagram profiles, ensuring that their digital presence is interlinked and making it easy for their customers and potential clients to access the service.
Larry Mutenda is a Digital Marketing Consultant who runs a marketing agency, Mammothic Group Inc. with several companies that specialize in digital marketing, video production and animation.
