Posted: 15 Nov 2022 Contributor: Ghia Marnewick
11 Video Marketing Statistics For 2023 That Marketers Must Be Watchful of
Video content has been on the rise for quite some time now. YouTube creators became celebrities, Instagram introduced videos to its platform, and live streaming is now available on all major social channels.
Although the video content trend isn’t new, the internet has found new ways to create and enjoy videos withing the online video platform market. The rise of the video-based social media platform, TikTok, can attest to this. The ability to take social media channels “live” is another tool that brands have been using more and more of as social distancing becomes the norm.
The rise of video content in the last two years has been largely driven by the need for brands to connect with their audience and customers from a distance.
Using Facebook and Instagram Live, marketers and influencers can connect with the world in real-time and answer any burning questions that customers may have. This real-time engagement is helping to build relationships with potential and existing customers. This is, of course, in addition to existing video content on social media.
TikTok videos usage and YouTube Shorts have increased in popularity as a result of this, with an estimated 755 million global active TikTok users reported at the beginning of 2022.YouTube remains one of the biggest video content providers with 2.476 billion users globally.
Video content has proven time and time again to be both entertaining and beneficial to users and marketers alike. Videos garner more attention and engagement from users, videos, have a higher chance to go viral compared to other content types, and creating videos is an easy way to inform and educate consumers.
But as we’ve seen above, the nature of video content is constantly being changed and enhanced. This is why businesses need to be aware of the rising video trends so they can bring relevant content to their consumers. In this blog post, we’ll go over everything you need to know about video marketing and the top 11 video marketing statistics 2023.
Benefits of Video Marketing
Video marketing has grown exponentially over the years as evidenced by the video advertising statistics listed below:
1. Video is revolutionizing marketing
Adding a product video to your landing page can increase conversions by 86%.
A compelling video presentation can have a huge impact on customer behavior and lead to a conversion to a lead (or a lead to a customer), as opposed to just reading. search results.
Video can also drive sales. According to a study, 85% of consumers watch a video explaining something about a product or service before investing in it. So, start planning!
2. Your audience can watch your videos
If a prospect sees an embedded video, they may click on it. This gives you another chance to get your point across.
Video is often more than written content. To ensure that your marketing video reaches the intended audience, keep your target audience in mind during this process.
3. Video is a success in your email marketing campaign
You've probably heard of email marketing, but what about video email marketing?
Using "video" in your subject line has been shown to improve open rates and decrease sign-up rates. Videos in emails increase click-through rates by 200-300% which is amazing.
You can send videos and emails with a compelling call to action and a thumbnail to grab the recipient's attention immediately, which is evident by the video content engagement statistics. Additionally, you can personalize your message by including the prospect's first name in the thumbnail and talking about their favorite event or achievement in the video.
4. The highest level of research
Video can help improve your website's position in search engine results pages (SERPs).
The amount of time someone spends on your page after performing a Google search can affect your ranking and results. The second largest search engine, YouTube, is the reason.
Although YouTube is the most popular social networking platform dedicated entirely to video, this is good for all search engines on the Internet. Search engines often place video results at the top because they provide a superior user experience. According to Moovly, you can appear 53 times higher on Google if your website includes a video.
5. Video builds credibility
Videos build trust because people form an emotional connection with the video creators. Instead of being inundated with e-mails or cold calls, your prospects can see you face-to-face via video while you introduce yourself!
Short videos are important for consumers. According to a recent study, 90% of mobile video users enjoy product videos which leads to a significant increase in revenue. The more videos you have to educate and inform your customers, the stronger your trust base will be. It gets better - the chances of closing a business increase thanks to customer trust.
6. Increase human participation
According to HubSpot, if your business produces video content that your target audience likes, 83% of consumers will share it with their friends.
Create engaging videos to increase engagement on social media. Influence is not an immediate return on investment, but social interaction can increase traffic to your site and lead to better results.
7. Video Marketing Generates ROI
If done right, a video with a great story can generate a huge ROI. And the best part is that video marketing strategies are worth investing in for many different reasons based on the facts about video marketing.
For about 52% of businesses, video marketing delivers a higher return on investment (ROI) than any other form of marketing.
In new content law, video has become the most sought-after form of communication that surpasses other forms of digital media – from text to chatbots and everything in between. Video generates engagement on social media by leaps and bounds.
And it's a great way to reach new audiences and convert them into customers because two-thirds of people prefer quality content (video) to reading text and screen when searching for a product or service.
Video content is not going anywhere and is clearly a strong force for user engagement.
You may be wondering what the benefits of video marketing are, and why you should use video marketing?
To help you better understand this, we’ve compiled the top three benefits video marketing has to offer businesses:
1. Engagement: Videos are known across all social channels to have increased levels of engagement. This means your brand experiences more likes, comments, shares, and an increase in brand awareness. On Instagram, videos generate more engagement than any other type of content on the platform. Video marketing is a great way to connect with your audience and build relationships with your customers.
2. Credibility: Videos increase your brand’s credibility by building trust with your users. If your audience can see your product at work with their own eyes, or hear testimonials from previously satisfied customers, it will help them build confidence in your brand.
3. ROI: As you will see below, in one of our key statistics to pay attention to in 2023, video marketing yields the best ROI of any other content type. Videos help brands communicate their image to customers and convince users of their product quality. This not only builds a brand’s credibility, it gives users the assurance they need to convert. If you’re looking for a high return on your investment, video marketing is the answer for you.
The benefits listed above should be enough to show you how powerful video marketing can be. But if you’re still wondering if online video marketing is effective, please refer to the social media video statistics 2023 below!
Top 12 Video Marketing Stats for 2023
These statistics were compiled to help inform you of key details to pay attention to, that could inform your video content distribution strategy.
Make data-driven decisions and consider these facts:
On Social Platforms:
- TikTok has around 1.677 billion users worldwide.
- 88% of businesses incorporate video marketing into their marketing efforts.
- In 2022, online video streaming and downloading will account for 82% of total Internet traffic.
- The global video marketing industry in is worth expected to be worth $45.6 billion by the year 2025.
- When it comes to video consumption statistics,80% of people prefer video over text. Video has become the most popular marketing channel for businesses, with 87% of businesses using video as a marketing tool.
- According to a recent study, using video as a marketing tool has helped more than 80% of salespeople generate leads.
- At least 88% of marketers are satisfied with their online video ROI.
- Video advertising boosts brand awareness, which is how customers learn about a business and buy it. Video streaming is expected to reach over $184 billion in the next five years.
- Emails with video have a 300% higher click rate than those without.
- 58% of people say they are more interested in a brand or product after seeing it on Instagram stories.
- LinkedIn users are 20 times more likely to share videos than other forms of content.
- According to 83% of video marketers, using video has helped extend the time website visitors spend on their pages.
4 Social Media Video Marketing Trends in 2023
While video is set to make waves and the above stats indicate it, there’s no envying the fact that social media will become the hub of it all. So, based on that, let’s take a look at the social media video trends you can look forward to this year.
1. The future is vertical
The new normal for video orientation is vertical, or portrait. With the rise of Instagram Reels and TikTok, this trend makes a lot of sense. YouTube and Facebook have also started accommodating vertical videos. So, if you are shooting a video, keep your phone upright and shoot vertical.
2. Story videos are king
The appeal of the time sensitive Story videos is something that many online users have been taking note of. It also facilitates customer engagement and safely stores the data in your account, even after the video has disappeared.
3. Captions above sound
Most users watch video content without the volume on. Captions are therefore important and need to be considered when creating your online video content.
4. Less is more
It’s no longer about hiring an entire production crew to shoot your content. IT’s about creating authentic content that people can relate to.
How Video Marketing Improves Brand Awareness
Let's play a game...
Would you be more inclined to read a long page packed with text or watch a quick informative video to learn about an innovative new product?
Would you like to spend time reading the steps of the company's sales process or watch a presentation to match each step with visual aids? If you're like 80% of people, you'd rather watch a video.
There are tons of benefits of video marketing:
- Videos help you connect with your audience. Many of the company's marketing efforts today are designed to help build trust. Video is the bridge between what you say and who you are, allowing customers to look behind the curtain and experience you.
- Videos are an SEO goldmine, helping to build backlinks to your site, increase interest and shares (which can affect search rankings), and drive traffic to your site. Let's not forget that YouTube is owned by Google, so make sure you post your videos on YT and tag, tag, tag with keywords/acronyms!
- Video prompts retention. If your customers only hear something, they will remember about 10% of the message three days later; On the other hand, if what they hear is accompanied by relevant images, they will retain an average of 65% of this information three days later.
- In 2019, video content will account for approximately 74% of all internet traffic. Your customers love videos. Customers can love videos, which means good video marketing can attract new visitors.
- Email subject lines with the word "video" saw a 19% increase in open rates and a 65% increase in clicks.
- Four times more customers will choose to watch a product video than read a product description.
- Do you like generating revenue? Then consider this: after watching a video, 64-85% of customers are likely to make a purchase.
Building an Effective Video Marketing Strategy
With all these statistics on video, you may be questioning what is a video marketing strategy? And how do I start creating one? Video marketing strategies are created for the promotion of your company’s video content. They help promote your products and services to your target audience. When it comes to building an effective video marketing strategy, there are a couple of items you should consider.
First, you need to set a budget. How much of your brand’s budget are you willing to allocate towards your video marketing efforts, if any at all. Considering how much you can set aside for your video production will help set the scope of your campaign. If you are working with limited resources, exploring cost-effective solutions, such as utilizing an online video editor, can be a strategic approach to optimize your budget while maintaining quality.
Another item to consider, is what do you want from the campaign? Do you want to simply increase brand awareness and drive engagement? Are you looking for users to subscribe to your newsletter? Do you want customers to purchase your new product?
Determining what your KPIs are will help measure the success rate of your campaign.
Lastly, running A/B tests will help refine your campaigns and maximize your ROI. You will be able to definitively rule out which campaign elements performed better. These tests will allow you to have the best possible campaign for your brand.
5 Types of Marketing Videos You Should Add to Your Strategy
With so many platforms available and video streaming formats, the next logical question to ask would be “What are the types of video marketing?”. Well, to help you out, we’ve listed five examples to help you get started.
1. Explainer videos:
As the name implies, the purpose of the video is to share information on the brand or product. These videos need to be short, sweet and to the point while engaging with the audience. They need to address a customer concern and share why your solution is the best option.
2. How-to videos:
Customers need to know how to use your product and creating a step-by-step video will help them do exactly that. It’s an opportunity to showcase your product as well as its functionality. There’s room to have fun with this and generate some engagement.
3. Testimonial videos:
These videos serve as proof that your solution works by sharing honest feedback from existing customers. People want to know that they can trust you, and what better way to do so than by word-of-mouth advertising?
4. Behind the scenes videos:
From sharing the company story and value to shining the spotlight on employees and why they do what they do, there are so many ways you can approach this type of video marketing.
5. Product videos:
They are the heroes after all, so why not shine the spotlight on them individually? Share the benefits of it all and maybe even a glimpse of the product in action.
Top 5 Video Marketing Examples
Creating a video marketing campaign from scratch can be difficult. When you’re unsure of where to start, sometimes the best place to find inspiration is from the leaders in your industry. Taking note of what other companies are doing will help you understand what strategies are currently trending, and give you an idea of what your team can create for your brand. These video marketing examples will help get your creative juices flowing:
1. Microsoft Excel from 1992
This is an example of a video marketing campaign before YouTube dominated the digital video space. However, it is such a good story that we think it will also work today in the new software version. The truth is that the idea appears in many advertisements for digital tools: someone forgot or got it wrong, and a new digital tool saves them the day.
2. Similarweb – Winning Moments
This example is one of six videos of the same campaign. Each video promotes a series of solutions from the Similarweb platform and has a different game. The heroes and characters used are important to the specific audience.
3. Cisco – Trusted Access Explainer Video
This video focuses on facts and data as opposed to emotion. However, at the end of the day, it is the people who make the decisions. This is a great example of a B2B explainer video for a SaaS product. It introduces and explains the features and benefits of Cisco security solutions and assumes a human decision-maker.
4. Red Bull - Best POV Videos 2021
All brands have a story, and video is a great way to explain it. Red Bull's story is simple: extreme sport.
5. Coca-Cola – The Last Customer
Responding to public concerns is becoming increasingly important for brands. We live in an era of growing awareness and consumers are buying with awareness. People choose to buy brands that support equality, take care of their employees, and support good causes that protect the environment.
These top 5 video ads are great examples of how you can connect with your audience while promoting your products and services.
Videos have become a huge portion of content production and consumption. That’s why video marketing is the future of digital. We hope the video marketing statistics for 2022 have helped inform you of key items to consider when strategizing for the coming year. If you need a slight refresher, here are the key takeaways one more time:
- Video content is entertaining, engaging, and easy to consume
- Video content has grown in consumption across all social media platforms
- It is also the content type that yields the most engagement
- The top three benefits of video marketing are user engagement, brand credibility and return on investment
- We’ve compiled some of the most informative stats on video marketing sectioned by social platforms, what other marketers are saying, and on user behavior
- Building an effective video marketing strategy means setting aside a budget, determining your KPIs, and running A/B tests
- Take inspiration from popular video marketing ads from your favorite brands like Calvin Klein and Nike
So, if you weren’t already using the power of video to market your brand, this article is the final push you need to see it become a staple in your strategy.