Recent statistics indicate that 2013 saw a significant rise in the use of videos as an advertising format. In fact, Insivia reported that video ad spending will increase by nearly $14 billion in the next year. So, how are companies using video marketing? How are customers responding to videos? What makes a video “go viral”? Let’s explore these questions as we take a look back at video marketing in 2013.
One of the reasons video is preferred by marketers is flexibility. For companies, videos can be created to highlight product features, conduct interviews, and create ads. Furthermore, videos are perfect for use in any industry. Statistics from 2013 indicate that industries from retail to real estate experience positive results. In fact, one Australian retailer reported an increased rate of inquiry – as much as 403% – when a listing included video. On the other hand, videos benefit consumers because they are straightforward, engaging, and accessible. According to Eloqua, nearly 50% of consumers say they would be more likely to research a company further after watching a video online.
Value for B2B and B2C
Video marketing is a valuable tool for both B2C and B2B marketers. Eloqua reported that “70% of B2B marketers use some form of online video with their overall strategies,” and nearly 60% of executives prefer video over text. B2C marketers benefit from adding video to their landing page which, according to Mist Media, increases the chance of a page 1 Google ranking by 53%. Being the sixth most popular form of content marketing, video is able to hold a customer’s attention longer and inspire brand interaction.
The increase in mobile device use favored the creation of more compelling and engaging videos in 2013 than ever before. A recent study pointed out that mobile device users are three times more likely to view a video than their desktop-using counterparts. Additionally, this same study indicated that tablet users complete higher average transactions online compared to smart phone users. For marketers, this means that a mobile responsive website with mobile-optimized video is a necessity.
Rhythm and Insights reports that adding video to a full-page ad results in a 22% increase in engagement levels. As more brands embrace video and social media as customer engagement tools, the competition to gain a loyal brand advocate is increasing. As a result, engagement has become a valuable method of connecting with a target audience and building a long-term relationship. According to MarketingProfs, watching product videos increases confidence in purchasing decisions for over 50% of consumers.
When it comes to positively affecting the bottom line, video marketing is a top performer. A recent study by Mist Media reported that e-mail click-through rates can increase by more than 90% when video is used. Additionally, MarketingProfs reports a 174% increase in the likelihood a customer will make a purchase after watching a video compared with those who did not.
Video Marketing Gains Ground
As the popularity of video marketing increases, marketers will need to be diligent when creating and measuring the effectiveness of video content. Since only about one-third of consumers trust video content, marketers should place their focus on credibility, creativity, and originality.
Has video marketing led to positive results for your company? Why or why not?
Oh, did you notice that we have a total of six groups of statistics? Yeah, that’s just a little added bonus for reading all of the way to the bottom of the post!