Since the COVID-19 pandemic, we’re all getting a lot more screen time. It’s estimated that people will spend 100 minutes every day watching online videos in 2021. Unsurprisingly, video is an important part of campaigns for 92% of marketers in 2020 – up from just 78% in 2015.
According to data from Wyzowl’s State of Video Marketing Report, 2020, 88% of video marketers reported that video gives them a positive ROI – up from just 33% in 2015. What’s more, 99% of current video marketers plan to continue using video, and 95% plan to increase or maintain their spend.
- Did you know that 92% of marketers are using video as part of their marketing campaigns in 2020?
- Why? Because video is one of the most powerful marketing techniques. Video drives more engagement than other types of media, enhances customer experience and enables you to expand your audience reach.
- If you’ve not yet tapped into video marketing, you could be missing out. Read on to find out 6 reasons why the video marketing momentum is showing no signs of slowing down.
Why is video marketing so powerful?
So why are marketers increasingly using video? These are the top 6 reasons why video is so effective in marketing:
- It’s where your customers are
- You can target new audiences
- Engagement is higher
- It’s popular with audiences
- Video is highly effective
- It enhances customer experience
1. It’s where your customers are
If businesses and marketers want to reach their audience, then they need to meet them where they’re spending most of their time, i.e. online and watching video. According to a survey by Ofcom, adults in the UK spent double the amount on streaming video services, and in total watched TV and online video for 6.5 hours a day during lockdown.
US data saw vast surges in the use of Netflix, YouTube and Facebook, and TV viewing was up 13% in Australia. YouTube is the second most visited site by Australians after Google, followed by Facebook (SimilarWeb, 2020).
2. You can target new audiences
Traditionally, video ads could only go on TV or cinema screens. Now, they can be placed on websites and social platforms, which gives you access to new audiences and much more targeting and tracking. YouTube (85%) and Facebook (79%) are the most widely used platforms among video marketers.
3. Engagement is higher
Instagram videos garner more engagement than photos on Instagram. Facebook video posts have higher engagement in Australia than any other format (video 5.35%, images 5.10%, status posts 3.12%, link posts 2.83%). People are twice as likely to share video content with their friends than any other type of content.
4. It’s popular with audiences
Whereas traditional TV commercial breaks have been an opportunity to visit the bathroom or put the kettle on, people are actively watching online video ads (technology can track this).
Video completion rates have actually been rising, reaching 89% in 2019, up from 83% in 2018 and 70% in 2017 (Extreme Reach’s Video Benchmarks Report, 2019). B2B online videos shorter than one minute in length had a completion rate of 68% in 2018.
5. Video is highly effective
According to a study by Eyeview Digital, video on landing pages can increase conversions by up to 80%. In addition, stats gathered by WyzOwl’s State of Video Marketing Report 2020 show that 64% of people have been convinced to buy a product or service after watching a brand’s video.
Interestingly, viewers actually want more: 86% of people want more video from brands in 2020, with 36% wanting more educational/explainer video style content and 14% wanting to see more product demos. Videos are also more memorable, and studies suggest that viewers retain 95% of a message when they watch it in video format, as opposed to only 10% when reading it in text.
6. It enhances customer experience
Video builds trust and transparency. Video case studies can be a particularly powerful way to do this when an actual customer gives a positive testimony about a product or service. Human faces and voices drive emotional engagement much more than text.
Nielsen found that 83% of people say they trust recommendations from people they know above any type of advertising. Video marketing can also reduce support queries, as customers are getting the information they need directly from the video.
With 85% of businesses now using video marketing, it’s likely your competitors are among them. If you haven’t started using video marketing yet, it should definitely be one of your New Year’s resolution for 2021.
This article was first published by SavvySME