As we pass over into a new decade, video marketing continues to produce exceptional results for businesses around the world.
In 2020, the overwhelming majority of industry authorities confirm that video marketing remains a key driver of advertising and branding efforts in the United States and around the world.
Now in its sixth year, the annual State of Video Marketing Survey by Wyzowl determined that 85 percent of businesses currently use video as a marketing tool. These results show a 24 percent increase from 2016 when Wyzowl first included this question on its survey.
Additionally, Wyzowl determined that 92 percent of marketers who use video call it “an important part of their marketing strategy.” Only 78 percent of surveyed marketing professionals agreed with this sentiment just five years ago.
Video is popular
Quoting figures from another longstanding annual marketing study by Promo.com, the independent online news source Grit Daily shows that the high value placed on video by marketers is fueled by a ravenous appetite for video among consumers.
Grit Daily reports that, in 2019, 36 percent of the public watched two to five videos per day and nearly half of all people watched more than five videos per day. An astonishing 10 percent said that they watch “too many videos to count.” Summing the situation up, Promo.com CEO Tom More cited booming consumer demand for the flood of video content that businesses are current creating.
What’s more, this trend is expected to continue into the near future. The digital technology company Cisco projects that global IP video traffic will account for 82 percent of all IP traffic by 2022, up considerably from just 75 percent in 2017. This represents a fourfold rise in total Internet video traffic over a period of five years.
What, exactly, makes video so popular among consumers? Here are just a few reasons for video’s rise to prominence and continuing success in the modern marketplace.
1. Video is versatile
From traditional commercial spots to informative presentations and “how to” videos, there is nothing that moving pictures can’t do. Consumers turn to the video medium daily for a range of practical and not-so-practical concerns.
2. Video is engaging and easy to digest
It has held true since the Golden Age of Hollywood: when it comes to entertainment and relaxation, motion pictures just can’t be beat! Today, video gives viewers a welcome respite from the excess of textual information that seems to flow endlessly from every online website.
3. Video is accessible
Anyone with Internet access or a wireless data plan can easily get online to watch a video with a single click of the mouse or touch of the screen. And businesses can easily supply video content to their target audiences thanks to incredible advances in video technology, both at the professional and amateur levels.
Video is effective
For all of the reasons listed above and more, businesses are turning to video in increasing numbers. The State of Video Marketing Survey reports that, of the 99 percent of video marketers who will continue using video in 2020, 95 percent plan to increase or maintain their spend. Even more remarkable, among businesses that don’t currently use video, nearly three out of five plan to launch their first video marketing efforts in 2020.
The reason for this is simple. Video boosts your bottom line. 88 percent of video marketers report that video gives them a positive return on investment. This figure is quite striking in light of the fact that only 33 percent felt similarly in 2015.
Examining the effectiveness of video from the consumer’s point of view, Grit Daily reports that more than 60 percent of Internet users visit a publisher’s website after watching a video, confirming that video’s ability to drive online traffic is simply unparalleled. Furthermore, nearly 60 percent of people stated that they “sometimes” remember a brand after viewing a video, and approximately 13 percent of people stated that they “very often” remember brands after viewing a video.
Even better, video skews to a decidedly younger audience demographic, allowing businesses to reach consumers with disposable income who have proven exceedingly difficult to reach using traditional marketing channels and techniques. And thanks to modern digital analytics, the effectiveness of video marketing is amazingly easy to track and quantify.
To learn more
In light of the overwhelming importance of video marketing, wise companies will seek the guidance of a full-service marketing agency with considerable video expertise. Bigeye can answer any questions that you might have about everything from video planning and production to online video distribution and analytics.