In November 2022, one of the world's leading 'explainer video' companies, Wyzowl, conducted a major survey on video marketing*. And the statistics from that survey make it clear why, in 2023, you should allocate a larger portion of your marketing budget to video recording, production, and advertising."
Video is the easy and fast path to information, particularly when that information is crucial for making purchase decisions about products or services. Video seems to be a strong contender in this regard.
But video is so much more than that. Video is marketing!
And if you're like most of us, you've fallen into the trap yourself. How often do you find yourself scrolling back and forth on various social media platforms like Facebook, Instagram, and TikTok? How many times have you caught yourself being drawn to videos until you've spent hours unboxing sneakers, getting cleaning tips for your home, learning easy cooking, makeup tutorials, taking care of potted plants, and everything in between?
How many times has the same happened with text? Probably not very often.
Without even being aware of it, we spend a considerable amount of time on videos, and often, they are filled with marketing messages. We consume them, perhaps not consciously, but we notice them, and later, we remember them.
And that's precisely what several companies aim for when it comes to branding their products. This branding can be directly measured in terms of conversions later on.
Drop the numerous poor excuses - get started!
If you think that video marketing isn't right for your business, it might actually be due to other factors. You might not have the resources to produce videos, perhaps you don't know how to get started with video, or maybe you can't convince your leadership team that video is the way to go for your company, possibly because of the costs.
We've heard all of this before.
So, let's provide the necessary push. Even if you've had reservations about video, the compelling statistics speak for themselves:
- On average, we watch 17 hours of online video content per week
- 89% have been persuaded to make a purchase after watching a video
- 91% plan to watch more online videos in 2023
- 51% are more likely to share a video compared to other content with their friends
With video marketing, you can make an impact in many more areas than you may realize. That's likely why an increasing number of companies worldwide embraced video marketing in 2022, which can also be seen in the growing popularity of social media driven by video.
A whopping 41% of the companies that took their first steps into video in 2022 reported that the production of video content within the company had become easier because customers and potential customers expect authentic and personal content. This makes the production process more manageable and productive. You don't need elaborate scripts, huge budgets, or extensive setups. An effective video can be filmed with your smartphone and minimal preparation. What you need is a great idea!
Additionally, 39% of the marketers who adopted video in 2022 found it easier to persuade others within the company about the value of video content. This is mainly due to the rise of video content on social media.
With quick production times, simpler approaches, and more affordable prices, it's no surprise that video is no longer a luxury in marketing but a necessity.
It's a necessity that you should embrace, regardless of your business, target audience, product or service offering, and your experience with video. So, explore the various formats and platforms, find out where your target audience hangs out, and reach them right where they're already scrolling.
Boost your company's marketing goals with video
There is no doubt that video marketing has a significant impact on the results of businesses. According to the survey, almost all surveyed companies (96%) believe that video has improved the understanding of their product or service. This is mainly due to the use of videos that effectively convey and demonstrate the benefits of a particular product or service and show customers how to use the product or service.
Instead of writing lengthy guides and articles, video can be a quick help for self-assistance, something that is also reflected in the time spent in customer service. Not surprisingly, 53% of companies experience a decrease in inquiries to their support with the use of such explanatory videos.
Video is not just another tool in the marketing team's toolbox; it is also a helping hand in customer service that can help save time and ensure higher customer satisfaction.
A nearly equal number of companies (95%) report that their brand awareness has increased thanks to video. This is primarily because we humans find it easier to remember what we see as opposed to what we read. Statistics indicate that we remember 80% of what we see and only 20% of what we read. Moreover, we need to see something fewer times to understand a message compared to when we read it.
Video can, therefore, generally influence internal success metrics.
With direct benefits such as increased traffic, greater lead generation, and more sales, it is not surprising that video marketing has become an indispensable tool not only for marketers but also for companies serious about their online presence.
The many choices - which videos should you produce?
Just like with all other tools in the marketing toolbox, there are countless video formats you can explore.
46% of the surveyed companies use testimonial videos, and they are effective, possibly due to social proof. If others love a product or service, why would you stand out and not like it? These videos focus on customer satisfaction, often featuring current customers sharing their opinions or experiences with a product, service, or your company. These videos are often followed by video ads, which are directly sales-promotional in their content. Together, these videos can build trust and eventually lead to conversions.
71% of companies create organic videos for social media. This is closely related to the increasing popularity and necessity of utilizing various social media channels for marketing. The popularity can perhaps be attributed to our own laziness. If we can watch a 2-minute video and get the information we need quickly, without being forced to read a lengthy text, we naturally choose the video. Often, it's also more entertaining, and 'fun' wins over 'boring.'
Additionally, 50% of companies produce presentation videos, often used to introduce a company, its mission, vision, or specific projects being worked on. These are also referred to as brand videos. They contribute to brand recognition, not only increasing awareness but also creating needs within your target audience.
In the world of video, there is significant competition. Many companies have jumped on the bandwagon, which means there's a struggle for attention. Therefore, 42% of companies have chosen to create small and tasteful teasers. Their aim is to pique the curiosity of potential customers about a product or service, particularly during a product launch or when introducing a new service into the lineup. These teasers can be followed by presentation videos in a remarketing sequence. Not only is attention captured, but later the potential customer is introduced to the company behind it – that's you! At this point, the individual is well into their journey toward conversion. To top it off and perhaps conclude the journey, you can place a testimonial video as the next step in the sequence.
Last but not least, 36% of companies focus on regular product videos. These videos provide details about a product or service, focusing on aspects like features, functions, design, and anything else that's essential for the particular product or service that needs attention. These videos, along with explainer videos, can also be a help for self-assistance in your customer service.
The indispensable influence on a purchasing experience
For consumers, for all of us, video has become the norm and, therefore, an integrated part of the online shopping journey. More than ever before, we expect to see video as part of a company's marketing strategy rather than just text and images, or maybe even nothing.
An overwhelming majority (96%) of surveyed consumers report that they have seen an explainer video at some point. This is a video format intended to educate a customer about a product or service. It underscores the value of video in the initial phase of a customer's journey.
Although it can be a video watched after a purchase, it can just as easily be linked to the information needed in the decision-making phase. Additionally, such videos also provide a certain level of experience with a product or service before it arrives, offering a heightened sense of security in making a purchase.
It appears easy to use, so I'm buying it.
Many potential customers use this type of video before deciding to invest, and it can be particularly rewarding for products and services of a certain financial value.
But it doesn't stop there. Video has a remarkable power to persuade. 89% of respondents say that a video has convinced them to make a purchase. Therefore, in many respects, video has been the final step in a purchasing journey and the marketing initiative that provides the final push.
It's also worth mentioning that 51% are more likely to share a video with their friends compared to other types of content, including text and images. This could be because video is perhaps the most shareable content or because it is fun, quick to understand, and easy to share with friends.
How often have you sent a video and a message that goes something like, "Haha, this is so you!"
With video, you can add a personal and humorous touch to the many different videos out there, making them unique and adaptable to each individual. A lot of work is done for the company in this regard. And maybe without realizing it, you become a billboard for that particular company.
Just think about how many of those billboards are sitting on the many couches and entertaining themselves?
With such a strong influence on many decisions, it's clear that companies should invest (significantly) more in video content in 2023. When you consider that 91% of consumers say they would like to see many more videos from various companies in the future, there should be no doubt.
Let's make it absolutely clear - 4 reasons to use video
If you're not convinced yet or just want a quick overview – maybe because you're a bit lazier, value efficiency, or simply find video more enjoyable than text, then take a look here:
*Data extracted from the report, 'Video Marketing Statistics 2023,' by Wyzowl. The marketing statistics were collected in November 2022 through a survey involving 528 unique respondents, including both marketing professionals and online consumers.
You can find the report here.
