Video Marketing & Production | Company Consultant Services Agency
Video Marketing | Company Consultant Services Agency
Video Marketing Statistics: What You Must Know for 2020
Are you wondering whether it’s worth investing more in video marketing? You’ve heard everyone is doing video marketing but are you not sure its right for you? Do you want to do better video production for your channels?
Before we dive into the stats, let’s take a quick look at some of the types of video you can create to market your business. One of the most common is the explainer video, which is a short video explaining your products or services. You’ll often see explainer videos on the home page of a website, or on a product or landing page.
Other types of video content marketing include:
- Vlogs (video blogs)
- Video interviews
- Tutorial videos
- Videos of presentations
- Product demos and reviews
- Video testimonials
- Recordings of live streams
- Video ads
But do these videos generate viewers and traffic?
Now, let’s get to the data on video marketing. We’ve focused on the latest stats, published in the last year or so to keep your video marketing strategy up to the minute.
The ROI of Video Marketing
Is video marketing really worth it? Research shows us that it is. In their 2020 report, Wyzowl found:
- 89% of video marketers say video gives them a good ROI.
- 83% of video marketers say video helps them with lead generation.
- 87% of video marketers say video has increased traffic to their website.
- 80% of video marketers say video has directly helped increase sales.
- 95% of video marketers plan to increase or maintain video spend in 2020.
Animoto‘s Social Video Forecast also suggests that 91% of marketers are satisfied with the ROI of video marketing on social media.
Key takeaway: There’s no need to wonder about the benefits of video marketing for business. It’s definitely worth it, and you don’t have to take video marketers’ word for it, either.
Here are two examples that show the power of video marketing. Tiger Fitness says video marketing helped them achieve a 60% returning customer rate, which is three times the norm for their industry. And SAP got 9m impressions with a video-heavy content marketing campaign.
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Who’s Using Video Marketing
Another issue is how widespread video marketing is. These video marketing statistics suggest a lot of people are using it. Wyzowl says 85% of businesses use video as a marketing tool.
According to Animoto, that number is even higher with 96% of marketers having placed ad spend on video.
- 71% of B2B marketers use video marketing.
- 66% of B2C marketers use video marketing.
Impact reports similar findings. Research conducted by BreadNBeyond shows that 81% of businesses use video in their marketing strategy. And Social Media Examiner’s Social Media Marketing Industry Report shows that 57% of marketers used live video in 2019!
Key takeaway: More than two-thirds of marketers are using videos for marketing; you can’t afford to be left out.
Consumers and Online Video
So, how do consumers respond to video marketing? The online video stats show that they love it. Wyzowl’s research shows that people watch an average of 16 hours of online video per week. And, 84% of people say they’ve been convinced to buy a product or service by watching a brand’s video.
According to Google, YouTube reaches more 18- to 49-year olds in an average week than all cable TV networks combined.
Google adds that watch time for shopping-related videos on YouTube grew in the U.S. by more than 5X over the past 2 years.
Video’s also an important part of the shopping experience:
- More than 55% of shoppers use online video while actually shopping in a store, says Google.
- Wyzowl says that 66% of consumers prefer watching a video to reading about a product.
- And Hubspot says that 54% of consumers want to see more video content this year.
However, it’s important to get the tone right. In 2017, Wyzowl reported that 75% of consumers decided not to buy a product because the video voiceover annoyed them. An informal and chatty tone is preferred by 83% of consumers.
Length matters, too, in video marketing. According to Social Media Examiner, 80% of marketers are creating videos that are 3 minutes or less.
Vidyard’s research shows that the average retention rate for videos across the board is 52%, but the amount of time people will spend watching your videos depends on how long they are. About 68% of people will watch a business video all the way through if it’s under 1 minute. Over 20 minutes? You’re going to reach only 25% of people.
If you’re running video ads, a word of caution. According to research by Verizon and Publicis, 92% of consumers view videos with the sound off. The solution? Use captions. This same report found that 50% of consumers rely on captions because they keep the sound off.
Mobile Video Marketing
Mobile marketing is vital to your business’s growth, and that’s obvious when you look at the research for mobile video marketing. According to IAB, ad spend in digital video continues to increase with marketers increasing the digital video budgets by 25% year over year.
Consumers love watching video on their mobile devices:
- According to YouTube, more than 70% of all YouTube video consumption is via mobile devices.
- Broadbandsearch says users spend 40 minutes a day, on average, watching YouTube on mobile devices.
- Wyzowl says 90% of consumers watch videos on their mobile devices.
- And 93% of Twitter video views happen on mobile.
Key takeaway: Mobile is the way to go.
Social Video Marketing
Lately, it seems like video, especially live video, is becoming a part of every social media site. And it looks like social media users are responding. Facebook reports that they get more than 8 billion video views daily and newcomer TikTok got an average of 1 million video views per day in its first year.
Video content gets attention; that’s for sure:
- Twitter says video on Twitter is 6x as likely to be retweeted as photos.
- YouTube users upload more than 500 hours of new video a minute.
- Meanwhile, 1 billion hours of YouTube videos are watched daily.
While Facebook is one of the main places where small businesses and professional marketers share video content, it’s not the only important social video network. According to Animoto, 90% of brands post video to Youtube at least once per week and 83% share video on their Instagram feed (80% share to Instagram Stories).
But with more than 2 billion users, YouTube packs a powerful punch.
Key takeaway: These video marketing statistics show that as long as we have social media, we’ll likely have social video, too. Check out our guide to YouTube SEO to get the most out of your YouTube channel.
Related Content: 12 Steps to Get Your First 100 YouTube Subscribers
Video Marketing Trends for 2020 and Beyond
Our research into video marketing statistics suggest that video will be a great way to grow your network and customer base, not just this year, but in the future.
One staggering statistic comes from Cisco: By 2020, there will be almost a million minutes of video per second crossing the internet. Cisco adds that, by then, 82% of all consumer web traffic will be video.
There is a challenge, though. According to Impact, marketers believe that video is too time-consuming and complicated to produce. It doesn’t have to be, though. There are video editing tools that make creating video content super easy.
Plus, consumers want chatty and informal, remember? You don’t have to be George Lucas to produce an engaging video that will thrill your target audience.
Key takeaway: Video marketing continues to evolve. It’s time to start using video so you can keep up.
Is Video Marketing Important For My Business?
These video marketing statistics show the importance of video marketing for your business, both now and in the future. Should you do video marketing? The question is should you not be doing video? If video right now is growing at an incredible rate why wouldn’t you do it? Built into a good marketing strategy the benefits of video marketing is unlimited…
Contact us today to find out what we can do for you in regards to video marketing. The benefits will definite surprise you and the return on ROI will definitely make you a believer.