Why Your Business Needs More Video Marketing (2020 Stats)
Image via Unsplash by @sammcghee
If you have a brand, chances are, you already know video marketing is a huge component of building a consumer base in today’s digital world. But how are you keeping up? Have you kept an eye on digital marketing trends or how your competitors are using video to capture their audience? More businesses and marketers are incorporating video production and reporting back in its favor than not, and most consumers prefer it to any other type of content.
The best video marketing draws brand interest, holds attention, improves CTR and rankings, plus much more. Marketing director Sarah Nochimowski explains that video acts as a stand-in salesperson in the online world, resulting in increased sales conversion[1]. Whether you find a local video production company or film yourself, quality video production should be part of your ever-evolving marketing strategy.
The latest trends are particularly important in digital marketing, as it is continuously shifting and developing with both people and technology. Below we look at both competitor and consumer figures and how video can specifically improve your numbers. The aim is to use this latest data to see where your blind spots may be, perhaps how/where to integrate more video content, or maybe even inspire you to build a video marketing strategy unique to your brand.
Many blogs out there included lists of data from years ago, but these statistics were gathered from the latest video marketing research available. This data was either published earlier this year or late last year as projections for 2020. (See more on Sources at the bottom).
Outperform Competitors
85% of businesses use video as a marketing tool. (Wyzowl [2])
96% of marketers have placed ad spend on video. (Animoto [3])
Video is the #1 form of media used in content strategy. (HubSpot [4])
93% of brands got a new customer because of a video on social media. (Wyzowl)
73% of businesses have a new customer from IG Stories. And 96% of marketers who use Stories plan to keep them up over the next six months. (Animoto)
Promotional Videos and Brand Storytelling are the most common video types created by marketers. (HubSpot)
95% of marketers say video increased understanding of their product. (Wyzowl)
Capture Consumers
93% of brands got a new customer because of a video on social media. (Animoto)
72% of customers would rather learn about a product or service by way of video. (Wyzol)
96% of people have watched an explainer video to learn more about a product or service. (Wyzol)
84% of people say they’ve been convinced to buy a product or service by watching a brand’s video. (Wyzol)
74% of people say they’ve been convinced to buy or download a piece of software or app by watching a video. (Wyzol)
86% of consumers want to see more video content from brands. Of these, 36% of consumers say they would most like to see more educational/explainer video style content, with 14% wanting to see more product demos. (Wyzowl)
Improve Numbers
80% of video marketers claim that video has directly increased sales. (Wyzowl)
Social videos get 1200% more shares than text and image content combined. (Biteable [5])
Video email marketing has been proven to increase CTR by up to 150%. (Cincopa [6])
88% of marketers say they have a positive ROI from video. (Wyzowl)
Video marketing gets 66% more qualified leads per year. (Biteable)
87% of video marketers say video has increased traffic to their website. (Wyzowl)
Marketers who incorporate video on their landing page experience higher conversion rates. Vidyard reports the video on their homepage increased their conversions by 100%. (VWO [7])
Given the current enthusiasm around video content, producing just one or two brand videos isn’t cutting it in 2020 and beyond. But don’t start pumping out poor-quality marketing videos either. That isn’t the way to outperform your competitors, as your audience will quickly sniff that out. It’s time to think creatively about how video can specifically improve your brand.
The goal is to produce quality, authentic video content that will build lasting relationships with your customer. Creating video content is often an extremely insightful experience for brand owners because it is such an all-encompassing medium. It asks you to get real with your intentions, voice, and goals. With that, video is an exciting and rewarding means to share your brand with the world.
Get your wheels turning by considering these questions:
- Do you have a digital marketing strategy that includes video production?
- Do you have a video content approach for your brand?
- Does your website incorporate video content? Your emails?
- How often do you produce videos compared to other content?
- Where do you post and circulate your videos?
- Are you monitoring and improving based on performance?
Do you need high-quality videos for your business? Noble Bison Productions is a full-service video production company in Denver, CO.
NOBLE BISON PRODUCTIONS