If you want your small business to keep up with its competitors, investing in video marketing is essential. Video content is taking up more and more online real estate. Companies that invest in it have an advantage over those that don’t.
Still not convinced? Keep reading to uncover 14 compelling statistics for why Video Marketing is crucial and will only continue to grow.
The Amount of Content is Enormous
Video content already takes up a large share of the digital world—and its footprint is only going to keep growing:
- As noted by Mary Lister on WordStream.com, “more video content is uploaded in 30 days than the major U.S. television networks have created in 30 years.”
- According to ImpactBND writer Katie Pritchard, by 2021, video will make up 80 percent of online traffic.
- These hours upon hours of content are taking up an increasing share of Internet users’ attention, too. For example, YouTube is now the world’s second-largest search engine.
- Per one figure published by Business Insider, users watch 500 million hours of video per day on YouTube.
- When you consider these facts, along with Facebook’s 8 billion daily video views, the quantity of online video content is staggering.
Video attracts people’s attention
- According to statistics published by Google, half of YouTube subscribers in the 18–34-year-old demographic would stop what they’re doing to turn their attention to a new video.
- That isn’t fleeting attention, either: Lister notes that each week, 45 percent of people watch an hour of video on Facebook or YouTube.
What does this mean for marketing? Users continually expect more and more video content, and campaigns and websites without it will begin to look dull and outdated.
Video Engages People More Effectively
Video content is more than ubiquitous: For marketing purposes, it is also incredibly effective at engaging people. Consider these facts:
- SocialMediaToday reports that video on Facebook outperforms other content by 59 percent when it comes to engagement. That’s notable because higher engagement boosts the likelihood that people will share your company’s posts, which is virtually free advertising. Plus, it helps attract and retain customers.
- In that same article, one marketing expert recommends that video make up 70 percent of a brand’s Facebook posts.
- As relayed by Pritchard, video marketers annually benefit from 66 percent more qualified leads—that is, potential customers who fit a company’s target customer profile. That means video produces both more leads and higher-quality leads, which is a win-win situation.
- If your website and marketing copy’s messages aren’t sticking, consider this: People remember 95% of information from a video, but only 10% of the content from text, according to Lister. Keep that in mind the next time you’re trying to make a call to action more effective.
Potential Customers Prefer Video Content
Other statistics bear out the fact that if you’re not using video, you’re at a disadvantage compared to competitors who are:
- Lister reports that on average, users spend 88 percent longer on websites that feature video content. Therefore, if you neglect video but your competitors use it, there is a chance that users will spend nearly twice as long on your competitors’ websites.
- Users prefer video as a means of getting information. One study, covered at RetailDive.com, found that 72 percent of people prefer video over text for “receiving branded marketing information.” Again, this statistic shows that if you’re relying solely on the copy, you’ll lag behind competitors who implement video.
- Finally, video directly helps with sales. As relayed by Pritchard, 9 out of 10 customers report that video assists in their buying decisions. A smaller but still substantial majority of people—64 percent—say that videos boost the likelihood that they will make a purchase.
In sum, videos can make the buying process easier for 90 percent of your customers. Furthermore, it can make nearly two-thirds of them more likely to buy something from your business.
In the future, video content is only going to become more effective. People used to view businesses without websites as outdated. Now, organizations without video on their websites and in their campaigns are seen as old-fashioned.
If you want to learn about ways your business can keep up, check out BizIQ’s page on video marketing services. We also have a two-part video series on how video marketing can help your business. Click here for part one.