Video has been growing in popularity and importance steadily over the years, and in 2020 it is more vital than ever for your business.
With social media being a staple of most people’s lives, it’s no wonder that video is such an important asset. Despite this fact, many marketers have yet to take advantage of video as a marketing tool, and as a result are seeing less interaction than others that are.
To better understand the impact of video on the marketing world, and help you get the best possible return on investment from campaigns, we’ve compiled some video marketing statistics that will help you get to grips with the subject.
92% of marketers say it’s an important part of their marketing strategy
In 2020, a survey conducted by Wyzowl showed that a staggering 92% of marketers say that video is an important part of their marketing strategy. Video has always been a high priority for marketers, but it seems to only grow more and more each year.
So what is it that makes video so important? In 2015, 33% of marketers stated that video marketing provides positive ROI. But now, that number has jumped up to a whopping 88%. Taking these statistics into account, it’s clear to see that consumer sentiment toward videos grows stronger each year as social media expands.
People will spend 100 minutes a day watching online videos in 2021
More and more brands are looking to utilise videos due to consumers watching more videos than ever before. Despite assumptions on attention spans, it is estimated that the average person will spend 100 minutes every day watching online videos in 2021. This is a 19% increase compared to daily viewing minutes in 2019, which still stood at an impressive 84.
Jonathan Barnard, Head of Forecasting at Zenith, said of this trend: “The consumption of online video is growing rapidly, and the average person will spend half as much time viewing online video as they spend viewing conventional television this year. This fast-expanding supply of audiences is fuelling rapid growth in demand from advertisers, making online video the fastest-growing digital channel by advertising expenditure.”
99% of marketers using video will continue to do so in 2020
Once video is used as a part of a marketer’s strategy, so far 99% have said they would continue to do so in 2020, with 95% saying they would even increase or maintain their video marketing spend. It’s not much of a surprise with the comparison of video usage against return of investment.
In terms of those marketers who aren’t currently using videos, 59% expect to start doing so this year.
If you are thinking about diving into using video marketing, here are a few important things to keep in mind to help you beat the competition.
48% of consumers want videos to reflect what they are interested in
Videos can be used for mere entertainment value or as a way to influence a consumer’s decision. To make the decision be in your favour, you need to make sure you are meeting their expectations and requirements.
When looking at the most valuable attributes of your video marketing, 48% of consumers want videos that reflect the specific products and services they own or are interested in. A further 43% want interactivity, with the ability to decide what information they want to view and when they want to view it.
Keep in mind that there is a line between personalisation and extreme personalisation, with the latter having a greater chance of resulting in negative effects. Only 12% of consumers say they want videos to use their name and information within the content. This information can be seen as too personal and invasive.
66% of video advertisements were 30 seconds long at the end of 2019
Social media platforms like Vine and TikTok are advertising short, digestible videos, but these are primarily for comedic purposes. For marketing videos, the general rule of thumb in Q3 of 2019 is that 66% are 30 seconds long, climbing from Q3 2018’s 55%. Only 1% of video ads were six seconds, and another 1% were 60 seconds. This tells us that 30 second videos are the happy medium for consumers and marketers.
The second most popular ad length during this quarter was 15 seconds, accounting for 32% of ads.
Video marketing isn’t just B2C-focused
Business to consumer (B2C) companies have been using video marketing as a way to increase leads and conversions. In 2020, 41% of B2B marketers have expressed interest in exploring how videos can be added to their marketing and sales strategies.
Videos are perfect for sharing information about your products, and utilising them throughout the buyer journey can help to further qualify B2B sales leads. Not only that but with live-streams and podcasts becoming more popular by the day, these are further areas to consider. Partnering with a famous live-streamer can get your product into the sights of new audiences.
66% of US teens watch online videos every day
Tweens (8-12-year-olds) and teens (13-19-year-olds) amount to the largest portion of online video viewers, with 66% of teens and 56% of tweens in the US reporting that they watch videos online every day. But with more viewers means more competition for their attention.
57% of marketers use live video
The number of social media sites has grown tremendously in recent years, resulting in more avenues to advertise and market your videos, each with their own video gimmicks. 57% of marketers now use live video within their strategies, and over a third (34%) of marketers are making use of Facebook’s live streaming options, allowing viewers to react in real-time and ask the questions they need answers to that sometimes may be unavailable. Other social media sites have joined the live-stream bandwagon, with Instagram being the second most popular option thanks to their Instagram stories feature allowing for live videos that are mobile friendly. 13% of marketers have claimed to use Instagram so far.
Live videos are the newest trend, but they might not be suitable for every business, so it is worth assessing what your competitors are doing and researching what your audience wants.