Video marketing means utilizing the impact of videos to increase and improve the promotion or marketability of a certain product or service. Videos are so effective that there are even companies that are using videos for employee onboarding. Today, it is also used to amplify the engagement among subscribers, customers and potential customers either through customer education or product introduction. Video marketing is also being used not just to increase the reach of your product or service but also to explore new market possibilities.
As more and more companies and businesses are embracing and integrating video marketing in their current strategies to gain more followers and customers, it is very important to know the current market statistics that will greatly impact the landscape of online businesses.
9 Video Marketing Statistics You Can't Ignore in 2023
Here are some video statistics that you shouldn't miss this 2022 if you want to stay relevant marketing-wise.
More People Are Looking for Video Content
Since more people are becoming more online, not to mention the increasing number of digital natives, it follows that the number of people who are into watching videos would also increase. These are the current video consumption trends that attest to the online business landscape. While a still image has the potential to catch one's attention, a well-produced video has the power to retain one's attention and even influence one's action.
A study made by HubSpot said that 54% of online consumers would want to see or watch more video content from the brand or business that they are supporting and following. This video marketing statistics means that on top of the new people who are looking for more video content, there are current customers who would want to see new videos being produced by the brand, service or product that they are supporting.
Short Video Content Is on the Rise
In recent years, short-form video has become central to people's video experiences. The rise of TikTok and Instagram reels have a large part to play in this trend. Content on Instagram Reels gets 22% more engagement than regular Instagram content. Now, Facebook is rolling out the same form of content.
Accordingly, brands and marketers should start creating short videos for these channels. Doing so will give your products, services, and content the chance to attain more reach, engagement, and even brand liking.
End Users Have Developed a Positive Attachment or Emotion to Video Content
One of the current video marketing trends is that customers, first-time buyers and consumers in general claim that they have been influenced by a video content prior to purchasing a product or availing of certain service. Up to 64% of consumers buy something after watching a branded video. This just means that a large portion of the consumers has attributed a positive feeling or emotion to video content that pushes them to support, subscribe and purchase or avail of a certain brand, product or service.
Video content not only has the power to catch and retain attention but also attributes and amplifies a positive feeling towards a brand, product or service.
Video Content Is STILL a Forceful Revenue-Generating Tool
One of the outstanding video marketing trends is that businesses and companies with video content have experienced exponential growth in revenue compared to the ones that don't. 74% of marketers say that video has a better ROI than static images. Video content is a powerful tool to introduce and promote brands, products and services and it is also a proven tool to influence or motivate buying behavior of people.
More and more consumers say that watching a product or service review has influenced them whether to buy or even not to buy a certain product or service. While video content is a powerful tool to reinforce positive emotions, it is also equally powerful to amplify negative emotions towards a brand, product or service.
Video Significantly Boosts Traffic
Online traffic is the rate of page visits or engagement that your brand, product or service has. It is very similar to the foot traffic for companies with physical stores. Since online businesses can also be referred to as online stores, they are greatly affected by the rate of online traffic.
Video content is an important catalyst in increasing the online traffic of businesses and companies. 49% of marketers today say that video helps them engage with their audience, leading to more traffic and awareness in the process. Well-produced video content is not just effective in stirring curiosity but also converting views into page traffic. This is a video marketing strategy that is being embraced by more and more online businesses.
Video Marketing Used for Lead Generation and CRM
Up to 86% of marketers say that video is an effective lead-generation tool. Lead generation is very important to every online business simply because it allows them to engage new customers, thus causing new levels of growth in their company. Over the years, businesses have come to realize the importance of customer relationship management or CRM. So the uses of CRM software for small business have grown rapidly, and video is becoming a part of that. Companies use video training for lead generation, lead nurturing, and onboarding now. The use-case of video in CRM will only start to cover the rest of the sales funnel in the coming years.
Video content is not just an effective lead generator. It also serves as a filter for high-quality leads. This means that video content is very effective in producing leads that actually convert into a sale or a subscription. Companies can repurpose their videos by using software solutions for repairing videos.
More and More Businesses Are Using Videos as a Marketing Tool
Since there has been an exponential and rapid increase in the number of people who are being engaged and influenced by video content, it is not surprising that more and more businesses are learning and adapting the usage of videos as a marketing tool. Only 50% of businesses have been making videos for over a year, implying that the other 50% have only done so recently. There’s no reason to believe that more will jump into video creation as the trend grows.
An effective video marketing strategy can successfully convert potential customers into actual brand supporters. While more people watch videos with captions, the importance of audio in video has increased with the rise of TikTok and Instagram Reels as people use music to make content go viral. All in all, more and more companies are turning to video content to market brands.
Video Content Becomes a Powerful Tool in Influencing Buying Decisions
The increasing number of people saying that they have watched a video before a purchase has been increasing in the past few years already. These numbers have also accelerated during the pandemic. Around 93% of buyers now say that videos are helpful when they're purchasing products. Videos have the ability to increase brand trust and thus affect the buying decision of a consumer.
This is also a part of the greater video consumption statistics that are being used as leverage by more and more companies.
Video Content Significantly Increases the Open Rate of Emails
Emails may be part of the old-school ways of marketing a product or service but adding video content to it makes it an effective video marketing strategy and increases the open rates of emails. Specifically, it increases open rates by up to 19%, Campaign Monitor reports.
Apparently, despite email being part of the old school marketing strategies, a big part of video marketing statistics shows that it can increase its effectiveness when a video is added to it.
The Era of Video Will Continue to Grow
This year’s video marketing statistics just prove that more and more people are into watching videos that are engaging, informative and effective in influencing one's decision making. It also shows us that the video consumption statistics of consumers are projected to increase and will keep on increasing. This is an important insight that businesses and companies must embrace in order to survive and thrive in the coming years.
