Repost from Business 2 Community
by Adam Hayes
So, it’s January. And – just as sure as we’re all on diets and setting ‘ambitious’ goals for a new year – here at Wyzowl, we’ve just published the findings of our 2018 ‘State of Video Marketing’ survey.
We’ve released these statistics every year since 2015, and they’ve become a widely respected data source in the industry – helping marketers worldwide track the usage and emerging trends in video marketing.
Today, we’re going to look at just a few of the highlights. You can check out the full results, and get a downloadable report here.
To kick off let’s look at the time people spend in front of video content:
1.‘The average person watches more than an hour and a half of online video content per day, with around 15% averaging more than three hours.’
2. ‘Where both video and text are available on the same page, 72% of people would rather use video to learn about a product or service.’
Faced with the decision between a wall of text and a ‘play’ button, it seems that the majority of consumers will plump for the video. Increasingly, great websites are able to strike a balance between video and text- ensuring that those who prefer video and text both get what they want, and are able to learn about a product or service however they feel most comfortable.
3. ‘95% of people have watched an explainer video to learn more about a product or service.’
When we first started selling explainer videos back in 2011, we routinely had to explain to clients what an ‘explainer video’ was! In just 7 years we’ve reached a point where these videos are so ubiquitous that nearly everybody has used one to learn more about a product or service – it’s been a remarkable transformation, and one that’s continuing even today.
4. ‘97% of marketers say video has helped increase user understanding of their product or service.’
Of course, there’s a reason why video usage is on the rise; it works! Almost unanimously, marketers tell us that video has helped increase the level of understanding of their product or service.
5. ‘76% say it helped them increase sales.’
The effectiveness of any marketing tactic is ultimately determined by how it translates to the bottom line. For over three-quarters of marketers, video has paid off in the most obvious way possible; they’re telling us that, without video, they’d sell less product. That’s a huge vote of confidence.
6. ‘76% say it helped them increase traffic.’
The same percentage of marketers also linked video marketing with increased traffic to their website. More people into the top of their sales funnel, and more progressing through that funnel to the very end of the customer journey.
7. ‘81% of people have been convinced to buy a product or service by watching a brand’s video.’
While stats 4, 5 and 6 are incredibly impressive, this one might be the most convincing of all. If there’s one thing you can rely on consumers for, it’s honesty. They aren’t shy about telling you what tools they use to make purchasing decisions. To have 8 out of 10 of them report that video has directly led to them buying a product or service shows you just how much emphasis video has as part of the sales journey.
8. ‘85% of people say they’d like to see more video from brands in 2018.’
As video usage and spending rises, the obvious question might be: what’s the saturation point? In other words, is there a point at which, as consumers, we actually become sick of video content? This statistic suggests the opposite; we want to see more video from brands.
9. ‘Having watched a branded video that they enjoyed, 83% of consumers would consider sharing it with their friends.’
Marketers often assume that consumers will be reluctant to share ‘branded’ video content with their friends. After all, our social feeds and group chats are sacrosanct – why would we use them to shill for companies? This stat demonstrates that it’s not about the brand on the video, but the quality of the video itself.
Create brilliant, entertaining videos and watch those numbers fly!
10. ‘65% of businesses who don’t currently use video say they intend to start using it in 2018. (up from 34% in 2017)’
Unsurprisingly, given how demonstrably effective video marketing campaigns are, businesses are keen to get aboard the bandwagon during the next 12 months. If they follow through on these plans, it’ll be interesting to revisit these statistics at the beginning of 2019 (which, of course, we’ll be doing!)
So, there are just a few of the highlights of this year’s State of Video Marketing Survey. The data on the whole paints a rosy picture of the video marketing landscape; marketers are routinely reporting increased traffic, user understanding and sales as a result of their video marketing efforts.
Consumers are telling us they’re actively using video as part of their research and decision-making process – and that they want to see more of it from brands in 2018.
The only cautionary note we’d add is that, as more video content reaches the market, it’s never been more important to make sure that your video content is on-point. In the increasingly noisy world of video marketing, only the clearest, sharpest voices will break through!
Remember – to see all the survey findings in full, click here!