in nProducts, nVideo, Uncategorized

Understanding the amazing video marketing phenomenon – with stats

Video is not the future of content marketing but the present. Looking to the rising popularity of online video, many brands are already incorporating it in their digital marketing strategy. No wonder it is said that the play button has now become the “most compelling call-to-action” on the web and 2015 is called “the year of video marketing”.

A research has found that “70% of all internet traffic in 2017 will be video”. It has become more important than ever for businesses to develop an engaging video marketing strategy to capitalize on this growing video popularity.  

We give below some fascinating video marketing statistics:

  • 93% of marketers use video in their campaigns.
  • 84% use video for website marketing.
  • 60% use video for email marketing.
  • 70% optimize video for search engines.
  • 70% will increase spend on video.
  • 82% confirmed that video had a positive impact on their business.

It is clear from the above stats that businesses are using various ways to incorporate video in their marketing strategies to reach out to customers.

Why?

Because research shows that video is emerging as a major trend around the world as audiences increasingly prefer video content over other content formats. Videos now appear more prominently in search engine results, encouraging more clicks. They are becoming popular on social media too. On the whole, videos are increasing click-through rates, customer engagement and online conversions, compelling marketers to take notice.

There are various agencies like reelseo and Wistia that analyze video engagement. YouTube also provides an analysis report. Shutterstock, in cooperation with Comscore has produced an interesting video infographic “Show Me Something” on video engagement.

So, what is video engagement?

It is now a known fact that our brains can process visual information 60,000 times faster compared to text. A Microsoft study has found that human attention span is deteriorating and has fallen from 12 seconds in 2000 to 8 seconds, which is even less than a goldfish that has an attention span of 9 seconds.

While videos can be as short as 6-second Vines to even 10-minute or longer Vlogs, studies show that video viewership usually drops off at about 60 seconds.  

Now, where does video engagement begin and end?

Well, it has been observed that viewer retention decreases when a video drags on. Most viewers will watch a 30-45 second video completely, but for longer videos, their attention will begin to wander after about a minute.

Studies by Wistia have shown that for short videos of 1 minute or less, there is 80% audience engagement up to around 30 seconds. For longer 2- to 3-minute videos, the audience engagement is a little over 60% at the half-way mark, while for 5- to 10-minute videos (which is just about the limit for a marketing video), the first half enjoys 50% audience engagement.   

This shows that viewers watch a video till they feel they have got the gist of it. So there is no need to go overboard with short videos like 6-second Vines or 3- to 15-second Instagram videos or even 30-second short videos. The main goal here should be engagement of your target audience and not whether there is 100% audience engagement or whether the video goes viral.

Another important question that comes to mind is –

How effective is video marketing?

The following statistics will tell you how effective videos really are:

  • Video promotion is 600% more effective compared to print and direct mail put together.
  • 60% of site visitors watch a video if available before reading text on the same page.
  • (Diode Digital)
  • 80% of viewers recall a video ad they have seen in the past 30 days.
  • 26% of viewers then look for more info about the product.
  • 22% visit the product site, 15% visit the brand site and 12% make the purchase. (Digital Content Next – formerly Online Publishers Association)
  • Using video on landing pages can increase conversions by up to 80%. (Eye view digital)

Now some stats related to business executives:

  • 59% of senior executives prefer to watch a video than read text.
  • 83% of senior executives are watching more online video today than they were a year ago.
  • 75% of business executives watch work-related videos on business-related websites at least weekly.
  • 52% of business executives watch work-related videos on YouTube at least weekly.

(Tech Design Studios)

This is not surprising because according to Forrester research, “a minute of video is worth 1.8 million words”. Doing ‘more’ with ‘less’ is considered to be the best practice for content marketing and video fits the bill superbly.

Where does video engagement happen?

There are several ways you can incorporate video into your marketing campaign and it is important to understand which channels are more relevant to your brand and your target consumers. Most commonly used channels are websites, social media, YouTube, mobile and emails.

Website

Your website is the first place to incorporate a video and it is no secret that businesses having a video on their website record higher engagement rates.

Stats show that:  

  • 800% more conversions are seen in websites having video on landing page – Orion21
  • 88% visitors stay longer on sites displaying videos – Mist Media
  • Visitors who view videos stay 2 minutes longer on web sites than those who don’t – ComScore
  • 64% visitors are more likely to buy a product after viewing a video about it – ComScore
  • 46% shoppers would be more likely to seek out additional information about a product after watching an online video – (Digital Content Next – formerly Online Publishers Association)
  • 52% of shoppers say that watching product videos makes them more confident in making a purchase – Invodo
  • 40% of shoppers will even visit a store online or in-person after watching a video – Google
  • Retail sites with video increase conversion by nearly 30% – L2 Specialty Retail Report

Advertising and websites are considered to be at the top of the funnel for content marketing. But blog posts which are at the bottom of the funnel are also found to attract more viewership when a video is included in it. In fact, blog posts that incorporate videos attract 3 times more inbound links compared to plain text posts. (Moz)

Social Media

Video is the latest trend on social media. Facebook has surged ahead with the introduction of autoplay videos, posing serious competition to YouTube. Even Twitter has a video feature now. Vine, Instagram and Tumblr are also in the fray.

If you don’t have a video marketing strategy for big social media platforms, you will be losing out big time.

Here are some stats to convince you:

  • Videos are shared 1200% times more than links and text combined. (Simply Measured)
  • 60% of viewers watch video on a site if available before reading any text and share their experience if there is a “share this video” button. (Diode Digital)
  • 92% of mobile video viewers share videos with others. (Invodo)

It is clear that video is fast becoming the most popular communication medium and almost every social network or internet channel is vying for video space. Over 400 hours of video is uploaded on YouTube every minute. By the end of 2012 itself, YouTube had reached 4 billion video views per day and more than 1 hour of video uploads per second. Facebook’s video traffic has also reached 4 billion daily views now.

However, some brands are still slow in including videos in their social media campaigns. About 9,000 tweets are sent on Twitter every second making it about 540,000 tweets per minute but only about 700 tweets a minute include a YouTube video and 120 tweets a minute include Vines.

Although video is important for social media engagement, the number of videos shared on social media is still not very significant, though growing fast. In 2011, 71% of the companies were on Facebook and 59% has a presence on Twitter but only 33% were on YouTube (UMass Dartmouth)

YouTube

YouTube has grown exponentially since its inception in 2007 to become the second largest search engine in the world after Google. With over one billion unique visitors a month, YouTube can be the most lucrative money making platform for brands.

Given below are some more YouTube statistics that will give you an idea about why you should leverage video to increase your brand’s social media presence.

  • 6 Billion hours of video are watched on YouTube by over 1billion unique viewers every month
  • YouTube is watched in 75 countries across 61 languages
  • 100 hours of video are uploaded on YouTube every minute
  • In the age group of 18-24, 62% of all men and 55% of all women are on YouTube.
  • More than a 1 million creators from over 30 countries are earning money from their YouTube videos
    (Digital Information World)
  • YouTube videos influence the purchasing decisions of 53% of all consumers in the U.S. (reelseo)
  • 323 days of YouTube videos are watched on Facebook every minute. (SocialTimes)

YouTube’s CEO Susan Wojcicki has stated that over 50% of YouTube’s views come from mobile devices. Let’s have a look at the impact of mobile on video consumption.

Mobile

As more and more consumers are shifting to smartphones and tablets, mobile video consumption has increased tremendously. In fact, compared to last year, 35% of viewers are watching more video on their mobiles.

* 55% of total mobile data traffic in 2014 was video viewing and Cisco predicts that mobile video will account for 72% of total mobile data traffic by the end of 2019.

* According to Visible Measures, laptop and desktop viewers generally watch a video for maximum 2 minutes but mobile users watch longer videos. On average, iPhone users watch for 2.4 minutes, Androids users for 3 minutes, Symbian users for 4 minutes, and iPad users for 5 minutes.

* Mobile and tablet shoppers are 300% more likely to view a video compared to laptop/desktop users (Invodo).

And as already mentioned earlier, 92% of mobile viewers share videos with others. Looking to the rapid mobile video growth, mobile-ready websites are an absolute must.

Email

Many people view email marketing as archaic but even with all the hype about social media marketing, email is still an effective digital marketing channel. Gmail’s current tab interface has been designed by Google keeping email marketing in mind. Data shows that emails with video have higher open and click-through rates.

  • Video in first introductory email increased the click-through rate by over 96%. (Implix Email Marketing Trends Survey)
  • Emails with the word “video” in the subject line are opened 7% more often. (Experian)
  • Emails with video have a 5.6% higher open rate and a 96.4% higher click-through rate. (GetResponse)
  • Incorporation of video in introductory email reduced email subscriber dropout by 75%. (Eloqua)
  • Even multimedia press releases with video are viewed 970% more than text-only. (PR Newswire)

Video production and marketing

Video is almost everywhere and video marketing has become an absolute necessity for businesses.

According to IBSWorld report of September 2015, there are 6,527 video production companies in the US, 2,516 video postproduction services, and 345 video distribution services.  

eMarketer report of March 2015 shows that the US digital video Ad spending in 2014 was $5.81 billion of which spending for mobile video was $1.54 billion. The US digital video Ad spend in 2015 is estimated to be $7.77 billion out of which mobile video spending is expected to be $2.62 billion. In 2016 the figure is expected to reach $9.59 billion, of which mobile video will be $3.94 billion.

Although mobile video Ad spending is growing rapidly, it is still much lower compared to desktop video. The report says “US Mobile Video Advertising 2015: Video Viewing Goes Mobile, but Advertisers Aren’t Going All In (Yet).”

Key Takeaway

Video marketing definitely increases leads and conversions. If you’re not using video marketing yet, you’re missing a huge marketing opportunity. Businesses incorporating video into their marketing strategy see higher audience engagement, increased click-through rates and higher conversion rate.

The bottom line is that video is fast becoming the king of content marketing. For those who are still not using video for their marketing, now is the best time to start. If you cannot do in-house video production, no worries – you can always outsource it. If you are want to grow your business by using video in your marketing campaign, feel free to contact us. We have the necessary expertise and experience to help you leverage video to grow your business.