Online video isn’t new. It’s been around since the days of dial-up modems. In those days of course, it took 20 minutes to watch a 20 second video clip—and that’s if you had enough patience to sit and watch the endlessly spinning “buffer” circle in between each one-second increment of action!
Online video has come a long way since then. Today, YouTube alone gets 30 million visitors a day, who watch nearly 5 Billion videos every day. That of course doesn’t include the millions of hours of video people are watching on Facebook and countless other sites around the web.
So what does this mean for your business? It means that you need to be making videos! Watching videos is one of the few online behaviors that is nearly universal—male and female, young and old, no matter who your target demographic is, they are watching videos online!
Still not convinced? No problem. We’ve gathered some statistics that should do the trick:
- Online video consumption is increasing exponentially.
Video is no longer a “nice to have” component of your digital marketing efforts. It’s essential if you want your digital marketing to be successful. 81% of businesses are currently using online video to reach customers. But what’s especially notable about that stat is that it increased by 63% in just one year. Think about that for a second. In 2017 alone nearly 2/3 of ALL businesses that weren’t using video marketing yet, started using it. Why? Well, because it works.
On Facebook, posts with video have at least a 135% higher organic reach than posts without videos. And when taking all major social platforms into account, research shows that people are sharing videos 1200% more than they are text and photos.
The fact is, people like watching videos. They even like watching marketing videos! Nearly 50% of internet users seek out videos related to products they’re interested in buying. And according to research done by Hubspot, 90% of consumers say that they find such videos about products extremely helpful in their decision making process.
- Video has a high return on investment.
Sure, a good marketing video will require a bit more investment of your time and money than web copy will. But its impact is also exponentially higher. Brands that use videos in their marketing strategy benefit from 41% more web traffic through Google searches than brands that don’t. Additionally, a recent study showed that people who watch videos retain 95% of its message compared to retaining just 10% when reading the same message in text form.
“Okay,” you’re thinking. “Those things might be good for my brand awareness, but they’re not putting money in my pocket.” Well read on, friend.
This is a statistic you’re not going to hear about any other type of marketing: 64% of people who watch a branded social video will buy something from that company. So if you were wondering ‘is going to the trouble of making original marketing videos really worth the investment?’ Let us be blunt: Yes. Yes, it is.
- Your competitors are using video.
Shun video marketing at your own peril. We’ve already told you that 81% of all businesses are using some kind of online video marketing, and I think we’ve established by now that consumers are actually watching their videos. So if you happen to be in the 19% of brands who aren’t doing video marketing, you are losing customers to your competitors.
If you haven’t been doing video marketing because you don’t think you know to make the kind of video that will be entertaining and persuasive to your audience, don’t fear. The standards for a good marketing video aren’t exactly the same as the standards for an Academy Award! Sure, there are a few rules of thumb (which we’ll save for another blog post!) but you don’t need great cinematic skill to make engaging and effective videos. There are plenty of good resources online that help you get started. Or if you really want to make a strong start—or just up your game—consult a marketing agency. They can help you through the entire process and make sure your videos generate the results your business wants.
So what are you waiting for? Are you going to let another day go by where your perfect customer is liking, sharing, and being persuaded by another brand’s marketing video? Or are you going to pick up your camera and get in the game?