Video marketing is the idea of using video to create engaging and informative content to sell a product or service. In recent years, as both Internet and video sharing platforms have improved, we have seen a jump in the use of video to garner engagement.
Chances are, if you have an account on any of the major social media exchanges, you would have seen viral video content.
Whether it’s a product video, heartfelt testimonial or emotion-inducing depiction, video content is now one of the key ways that brands and marketers attract and convert customers.
The case for why video marketing is an important marketing tool for any business is irrefutable.
The fact is that between just a few of the largest trafficked sites online – Facebook & YouTube, companies can reach extensive audiences. Not only is the sheer volume of potential clients impressive, but also the conversion and engagement rates of these videos are higher than ever.
History of Video Marketing
The first ever “viral video” came to online customers in 1995. A decade later, in 2005, YouTube was created, changing the online video market forever.
In 2007, Facebook video was launched and by 2009, YouTube had passed the billion views-per-day usership milestone.
With that much traffic being generated, companies and brands began to shift their efforts from conventional content to these online streaming services.
It is estimated that 78.4% of America’s Internet users watch online videos. Furthermore, the amount of time the average user spends watching video has increased 195% between 2012 – 2016. When it comes to YouTube, the average user watches 9.5 minutes of video daily and by 2020, it is expected that 90% of all content on Facebook will be video.
Video Vs. TV
When comparing video marketing to conventional TV, the numbers for engagement and recall are impressive. Video received a 50% to 27% advantage over TV in brand recall and a 2-to-1 advantage in message recall. Furthermore, the ROI of video is 1.27 times higher than TV alone.
When it comes to converting viewers into customers, 1 out of 3 of businesses increased their conversion by 91% with the use of video. Also, e-commerce stores with video had 80% higher conversions, and the average order is 64% larger. In a nutshell, video increases the conversion rate of traffic to sales by a huge amount, and studies have shown that a personalised video can increase email conversions by as much as 500%.
With the numbers squarely pointing to video being the best way to reach and engage customers, the commercial value is phenomenal. 14% of all online retail is influenced by video, and a video viewer on commerce sites is 1.6 times more likely to make a purchase. Furthermore, 73% of customers are more likely to buy after watching a video. These facts all show the commercial potential is endless.
Video marketing is a highly engaging and converting form of advertising. Couple that with the high traffic top video sharing platforms receive, and marketers’ can’t ignore the huge potential.
Every business can benefit from video marketing trends and for those looking for more information and research, Websitebuilder has provided a great curated list of 127 Facts About Video Marketing you shouldn’t skip:
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