Video marketing is on the rise, and there is nothing that is going to stop it. No matter which way you slice it, video marketing is better in every way compared to other mediums.
While in decades past it took a significant financial investment to have the equipment necessary to make high quality videos, the technology can now be considered standard in most smart phones and video cameras. Mobile devices allow us to film everywhere. Half of all internet videos watched are on mobile devices. 55% of people watch videos online every day. YouTube reports mobile video consumption rises 100% every year. Video as a medium is only going to continue its growth of popularity as time marches on.
Videos can paint better pictures from businesses to potential customers than text, photos, or audio files can. Videos can take the best elements of all three and maximize impact upon a viewer. Both animation and video editing technologies are constantly evolving and making it easier and more affordable every year to make quality video productions.
People prefer watching video over other communication mediums. 59% of executives agree that if both text and video are available on the same topic, they are more likely to choose video. While this may seem low, this percentage is on the rise. As more of Gen Y and Gen Z gain financial standing, their preferred medium, video, will also continually grow in popularity and use by marketers.
Awareness and Retention
The point of an advertisement is to persuade. Whether it be for a cause, a product, a service, or a political message, every advertisement ever made has had the intention to influence the decisions of the viewers.
Internet video traffic made up 69% of all global consumer Internet traffic in 2017. This figure demonstrates how video is becoming the most important means of communication, meaning it has the most eyes on it. With more people being interested in watching a video, companies are better able to make potential customers aware of them and their products or services. The Aberdeen Group says that video marketers achieve a 54% increase in brand awareness compared to other mediums. Video marketing also works well on social media, as social video generates 1200% more shares than text and images combined.
Viewers retain 95% of a message when they watch it in a video compared to 10% when reading it in text. According to Wyzowl’s 2017 State of Video Marketing survey, 97% of businesses using explainer videos say it helps users understand their business better and 53% said support calls were reduced. A greater understanding leads to greater awareness, retention, and sales.
For companies that sell products or provide services, the main purpose of marketing is to increase sales. Marketers who use video grow revenue 49% faster than non-video users. According to Tubular Insights, 64% of consumers make a purchase after watching branded social videos. The previously mentioned Wyzowl’s 2017 State of Video Marketing survey also said that among those surveyed, 81% of businesses saw an increase in sales. The correlation is clear between video marketing and increased sales.
Not only is video marketing great for sales, it is also greatest for return on investment. 51% of marketing professionals worldwide name video as the type of content with the best ROI. This means that a majority of marketing professionals say that companies are getting the most out of what they put in via video marketing over every other medium. Combined with the increased sales, this puts video marketing as the best medium from an economic perspective.
No matter how you slice it, video marketing is serving companies in greater capacities compared to any other medium. Video marketing is on the rise currently and will only continue to grow exponentially in popularity and agreed effectiveness. It has been shown to increase awareness, retention, and sales for companies that invest in it. Video marketing is everything right now, everyone stands to benefit from it, and no medium is going to replace it any time soon.