There is nothing new about video marketing, and it has been around for years and even before the inception of YouTube. It is just that videos are playing a more important role in the digital marketing strategies of companies at present. And if you are not using videos to your full advantage, you are missing out on good revenue.
Surveys have found that videos help businesses increase traffic by 51%, brand awareness by 70%, and sales by around 34%. Also, 87% of the online marketers are already using videos in their digital marketing plans, and 99% of the marketers say that they will continue doing so.
Then there are 96% of the marketers with plans to increase or maintain their expenditure on videos. And there are 69% of businesses saying that they will soon start using videos in their digital marketing plan. The key to the popularity of videos lies in their ease of production, thanks to the availability of a video maker online.
The ease that videos offer to businesses when it comes to engaging with both customers and prospects across varied platforms has led to their large-scale popularity. 1/3rd of the time that people spend on the internet is dedicated to watching different videos. 59% of the company decision-makers say they would rather watch a video than go through a blog or article.
So, there are enough reasons and statistics to prove videos’ efficacy in digital marketing.
Reasons Behind the Importance of Video
Video content is considered king in the digital marketing space for several reasons:
- First, videos are highly entertaining, engaging, and interactive. Dissimilar to text that can be difficult to go through and absorb, videos are easily digestible and simple to take in. Reports claim that 68% of the customers would rather watch an explainer video than go through written instructions.
- Next, videos are easy to consume on the go. That’s why 90% of the customers watch videos on their smartphones, with video consumption on YouTube rising by 100% every year.
- Last, videos are great at building trust among the customers. There is no other way better than a video to demonstrate value and show what your products and services can do. 57% of the customers claim that videos offer them the confidence to buy online.
So, it’s time for you to get the best tools to make videos and bring more revenue to your business.
Significance of Videos for Content Marketing
As per estimates by YouTube, people watch more than a billion hours of videos every day. Facebook regularly garners 8 billion video views, while tweets with videos are considered 10x more engaging.
These numbers put down that the majority of the consumers prefer videos, and that’s why it is important to tap into the benefits of video marketing.
The benefits of videos are not just limited to the customers. From the content marketing perspective, videos are beneficial for businesses too:
- Entertainment: Online viewers like sharing entertaining content. This means that if you keep posting entertaining videos regularly, there will be an increase in your potential business exposure and reach. Consider the numbers here: 76% of the customers say that they would share a video with friends on social media platforms if they find it entertaining.
- Education: Videos are useful in sharing important information with the viewers within the shortest period while increasing the chances of conversion. Studies have found that 74% of the viewers who have watched an explainer video of a product have moved on to buy the product.
- SEO: Engaging videos strategically embedded on your site can increase visitors’ dwell time and send positive signals to the major search engines. Sites featuring videos have 50x higher chances of appearing first in the search engine results. Here you can take the example of Moz, an SEO software firm that has managed to make it to the top of the list of SEO companies on Google by incorporating videos in its digital marketing campaign.
The Whiteboard Friday video series of the company is specifically popular wherein the company presents a video of an expert standing in front of a whiteboard, explaining SEO-related concepts every Friday. The company’s consistency in posting videos every Friday has worked in offering exposure for its products and services and has helped it gain good rankings in the search engines.
Effectiveness of Video in Advertising
Video is one of the perfect tools for advertising campaigns. 83% of marketers claim that videos have become more important than ever, while 81% of major businesses now use videos for marketing and advertising.
The reasons why a large number of businesses and marketers are turning to videos for advertising their products and services are as follows:
Return on Investment
Videos bring in great returns on investment for businesses. You don’t need to spend much on making videos, but the ROI delivered in return is humongous. Go by the words of 83% of businesses that believe that video marketing and advertising deliver impressive ROI.
Since videos are good at creating an emotional bond, they work towards boosting conversions and sales. They not only speed up the sales cycle with prospects thinking less and acting sooner but even increase conversions by 80%.
Studies by Facebook have found that 74% of total ad recall can be accomplished within just a few seconds of a video advertisement. This makes videos one of the most powerful brand awareness tools.
Here, you can take the example of Patagonia, an outdoor gear and clothing company that takes a completely different approach to video marketing and can portray its products and services in the best way possible. The company uses long-form videos to present its products to its clients.
Patagonia has the guts to make videos falling in lengths between 10 and 20 minutes because it has a clear idea of its target audiences and their requirements. It knows its audience well enough to go a different route altogether. And guess what, its videos manage to garner 1.5 million views even if they are as long as 27 minutes.
Not exactly a typical video marketing plan, but it is working for Patagonia and is creating brand awareness on a very wide scale.
Good quality videos engage, interest, and attract consumers, and thus they are effective when used as advertising mediums. Video advertising comes with the highest CTR or click-through rate of 1.84%.
Significance of Social Media Marketing Videos
Go through the different social media channels once, and you will find how videos dominate the entire scene. Regardless of whether you are on Facebook, Twitter or Instagram, chances are you will come across a large number of social media video advertisements.
Social media videos are popular, and there are reasons why. Since videos can be consumed on the go and are highly engaging, people on social media find them useful. Also, they can be shared very easily – they are fun to watch and provide information without going through a lot of written content.
Highly engaging visuals are an effective and efficient way of sharing the word about your business far and wide as they get a lot of comments, tags, shares, and likes. The type of videos that work great on social media networking sites include:
- Video interviews featuring conversations between professionals
- Explainer videos that focus on informing and educating the customers
- Live videos that create a personal connection with the customers
- Review videos that share proof of the value of a product or a service
- Stories or reels that make ephemeral content available for a short time; they are great for sharing quick tips and product reveals
Benefits of Videos for your Business
So, by now, you have a good idea of how videos can help your business. for a quick summary, go through the points and know once and for all how videos can be beneficial for your business and even for businesses serving other niches.
Good quality videos help:
- Improve SEO
- Grow reach
- Boost conversions and sales
- Build trust
- Promote engagement
- Increase ROI
- Create relationships
- Educate customers
- Develop brand awareness
- Reach new customers
- Open conversations
So, if you are still not utilizing videos in the digital marketing campaign, it is time for you to take action.
The Bottom Line
With a lot said and done, video marketing is crucial for your business because it is an ever-growing marketing medium. It works for all businesses, small and large, and businesses serving any niche can capitalize on the growing popularity of videos.