Why Your Business Needs to Prioritize Video Marketing
by Reed Congdon
Why should your business get used to video marketing? Let’s talk numbers.
Recently, Wyzowl completed their seventh annual report that covers trends in the video advertising landscape based on answers from both consumers and marketers. The report covers everything from video usage, platforms and spends to changes that have come from the pandemic, measurements of success and more. Essentially, it gives great insight into how brands are using video as a marketing tool.
To help you and your business evaluate how video marketing is evolving, we’ll break it down for you and outline some of the key points from Wyzowl’s report.
VIDEO IS HERE TO STAY
According to the report, 86% of businesses use video as a marketing tool. This percentage has continued to grow year over year as video has gained momentum as one of the most engaging ways to reach audiences of all demographics. A whopping 93% of the businesses who do use video marketing say that it’s a vital part of their marketing strategy.
THE EFFECTS OF THE PANDEMIC
We all know how unique last year was and it’s no surprise that the pandemic has had a ripple effect that has transformed almost every aspect of life. This includes advertising. According to Wyzowl’s report, nearly half of marketers claimed that the pandemic affected their video marketing plans, with almost 75% of those marketers saying that they are much more likely to use video as part of their marketing strategy.
Why, you ask? It’s because of the consumer.
68% of consumers say the pandemic has impacted the amount of video content they’ve watched online, with nearly all of them (96%) saying this has increased throughout the year. Check out how the pandemic has specifically effected the use of Connected TV in advertising.
VIDEO AND THE CONSUMER
In terms of how your audience feels about video content – it’s safe to say that consumers would rather watch a video to learn more about a product or service than reading it through a text resource. In fact, 69% were on the same page when it came to this. If you want to increase brand awareness, it seems as though infographics, text manuals, and demos are a thing of the past.
And if you want to talk about conversions, 84% of people say that they’ve been convinced to buy a product or service by watching a brand’s video.
Now, before diving into any marketing campaign it’s important to outline what your measurement of success looks like. If you’re new to digital advertising, your first instinct might be to relate the amount of sales a campaign generates to the success of a campaign. However, Wyzowl’s report suggests that only 29% of marketers felt that sales were the main goal of their video campaigns. On the other hand, 63% of marketers agreed that video engagement (completed view rate, likes, shares, comments) was the most important measure of success for their video marketing campaigns. All in all, businesses want to see their target audience engaging with their content, especially when they’ve put the time and resources into creating it.
Hopefully by now, you as a business owner have realized that video marketing is one of the most effective ways to reach an audience. With all the different video platforms available, from connected TV and over-the-top streaming, to instream and social media, it’s no wonder that brands are chomping at the bit to utilize them to get their messaging in front of their audiences – because it works.
If you don’t know where to start with video advertising, feel free to reach out to us! We’ll help you build a strategy that works for you and your business.