The number of internet users in the world is increasing. As these numbers increase, so does the number of customers who shop online. The trend will not be reversing anytime soon because mobile technology usage has grown by 400% in three years!
This means video marketing strategy should be taken seriously to ensure your business stays relevant and gets more return on investment.
Addor RAR has some more information about 10 Video Marketing Statistics You Should Know.
To help with this challenge, let’s take a look at 10 Video Marketing statistics you should know.
1. Many businesses are using video marketing
A whopping 82% and 61% of companies have created at least one video over the past month and quarter respectively. The biggest advantage of video marketing has been its ability to get your audience engaged and build trust.
The cost of producing videos has also become lower which is why more businesses are embracing this medium for marketing purposes. And if you check out the chart below, you’ll find that 63% of businesses are already making use of videos for content creation.
2. Companies are using video marketing for lead generation
75% of companies are now using video to generate leads. Why is this so important? There’s a saying that says, “Content is king.” To put it simply, companies who have good content will always pull ahead of the competition. And thus, having the best content makes prospects more likely to choose your business over your competitors!
3. 71% of companies use video for brand awareness
Video Marketing has been proven to build brand awareness because it increases your website traffic as well as social media followers significantly! 73% of businesses have also reported that their videos have made them more memorable in front of an audience who would surely become future customers eventually.
4. The most popular type of video for marketing is live streaming
With the recent availability of OTT platforms such as YouTube Live and Facebook Live, it’s no wonder this is the most common type of video businesses are using. In fact, it ranks higher than pre-recorded videos (41%), animated videos (30%) and short-form content (26%). It’s so popular because it generates more buzz!
5. The reason why video marketing is important to your business
We already know that the biggest advantage of video marketing is the ability to engage your audience and build trust. At the end of the day, you’ll want to deliver value to your audience. The phrase “You get what you pay for” is definitely applicable here. So if you’re looking to generate leads, build brand awareness and increase social media followers, then video marketing is a must!
6. Video marketing has proven to increase conversions
After conducting a study that involved tracking over 1 million online visits, they were able to determine the performance of different types of videos. They showed that live streaming videos that featured content updates were able to convert visitors at twice the rate as pre-recorded videos (19% and 6%), compared to animated videos (17% and 7%) and text-based ads (15% and 5%).
7. Less than half of marketers are using video for e-commerce
That’s right! Less than half of marketers are using videos for their e-commerce business. You may think this is not a big deal considering the facts stated above.
However, this can change once you realize that 92% of consumers have made a purchase based on the recommendation of videos they’ve seen in the past. Furthermore, 91% say they always or often watch video content so it is crucial not to ditch this channel altogether!
8. Video marketing increases brand awareness and reputation
In addition to getting more leads and social media followers, video marketing has also helped push up your brand awareness score significantly. When you leverage video marketing, you’re able to successfully share how your products and services can help your audience. This helps build a reputation for your business which will eventually attract more prospects.
9. 85% of businesses have increased their social media followers.
Looking to use social media as part of your business strategy? Then you might want to incorporate video marketing! Not only do you get more traffic but it will also help build credibility and increase the trustworthiness of your brand.
10. On average, businesses are spending $3,575 a year on video marketing
Sounds like a lot right? Well, it is. However, there is a good reason for this steep figure. It’s estimated that you should expect to spend anywhere from $1,000-5,000 per month on your videos to find the right formula for success! Why is it so expensive? Mainly because it takes time and effort to get the perfect mix of videos that your audience will watch and like.