Marketing

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July 16, 2021

2021 Video Marketing Statistics

Desktop with video, megaphone, and statistics
SECTIONS
  1. Video marketing promises a high ROI
  2. Video marketing is now easier
  3. Videos can be used best to educate your audience about your products and services
  4. Youtube remains the top platform for video marketing
  5. The main objective of video marketing is to build awareness of your brand

SECTIONS
  1. Video marketing promises a high ROI
  2. Video marketing is now easier
  3. Videos can be used best to educate your audience about your products and services
  4. Youtube remains the top platform for video marketing
  5. The main objective of video marketing is to build awareness of your brand

In recent years, video has been increasingly embraced as a major marketing tool. According to Wyzowl:

  • 86% of businesses use video as a marketing tool, up by 41% since 2016. 
  • 93% of marketers who use video say that it’s an important part of their marketing strategy.
  • 69% of potential customers said they’d prefer to watch a short video in order to learn about the product or service.

This trend is evident from personal experience, as everyday consumers we each see at least a video ad or two of products and services every time we open our social media accounts! 

In this article, we summarize the new video marketing statistics from Wyzowl, MotionCue, and other sources in order to create a big picture of video marketing. By understanding the state of video marketing in 2021, we can enable and enhance the growth of our business by maximizing the power of video marketing.

Video marketing promises a huge ROI

Everything in business is ultimately about ROI, whether in the short-term or long-term. MotionCue uncovered that 76% of marketers believe that video marketing brought a positive ROI to them. Wyzowl goes further by asking marketers about the specific benefits of video marketing for them:

  • 86% say video has increased traffic to their website
  • 94% say video has helped increase user understanding of their product or service
  • 78% say video has directly helped increase sales
  • 87% say video, in general, gives them a good return on investment
  • 83% say video has helped increase the average time their visitors spend on a page
  • 84% say video has helped them generate leads 
  • 43% say video has reduced the number of support calls they’ve received

Consumers agree:

  • 94% say they watched an explainer video to learn more about a product or service
  • 79% say they’ve been convinced to buy or download a piece of software or app by watching a video
  • 84% say that they’ve been convinced to buy a product or service by watching a brand’s video

Finally, almost all marketers say they will continue making videos in 2021 (99%) and will increase or maintain their marketing budget (96%).

Basically, videos can be crafted to bring value and growth to your business with a huge ROI. You should try it now!

Video marketing is now easier

With the COVID-19 pandemic raging on, 92% of video marketers feel that competition has increased over the last year. In a report by Wyzowl, they identified the following reasons for this trend in video marketing as being:

  • Easier to create inhouse
  • More affordable
  • Quicker and less time-consuming than ever before

The costs of video marketing can be divided into two: video production and ad placement costs. 

For video production, it can range from as little as less than a hundred dollars to a million dollars or more, depending on the type of the video created. Envato lists the following types of videos alongside their typical cost range:

  • Slideshow videos: as low as $29
  • Product videos: $1,000 to $5,000
  • Testimonial videos: $4,000 to $5,000
  • Explainer videos: around $8,000
  • Educational videos: $8,000 to $16,000
  • Narrative videos: $5,000 to $25,000

Hinge further expounds on the costs of video production. Video production costs depend on three factors:

  • Time - a production that takes a longer time to complete will be more expensive. It also works with the length of the video; the longer the video, the more expensive it will be.
  • Talent - the better the talent employed, the more expensive a video will be.
  • Tools - more sophisticated equipment will be more expensive.

One might be tempted to go all-in to get the best talent and tools they can, but it is not always the best way! Sometimes, an amateur-levelvideo can achieve better results than a Hollywood-level video. It will ultimately depend on your target audience and what you want to achieve.

Finally, the video advertising costs can vary depending on how far you want your video ad to reach. If you are just posting it in your social media pages with a sufficient number of followers, you can skip on the ad costs. Otherwise, the costs depend on the ad space: for example, Youtube offers ad space for as little as $10 a day.

Videos can be used best to educate your audience about your products and services

Almost 60% of the audience prefers watching entertaining videos.
Almost 60% of the audience prefers watching entertaining videos. Image source

What should be the topic of our videos?

MotionCue conducted its 2021 video marketing survey and included surveying the audience of the videos they like to watch. Unsurprisingly, the majority wanted to be entertained:

  • 59% of consumers prefer entertaining videos
  • 26% preferred informational/educational content
  • 9% opted for relatable stories
  • 5% wanted content that offered support
  • 1% preferred watching ads

Not all videos have to be entertaining, but if you manage to make your video entertaining, you can get an edge in the competition!

What kind of videos are made for video marketing? The following were made:

  • Training videos (24%)
  • Promo videos (24%)
  • Demo/explainer videos (14%)
  • Live streams (14%)
  • Personalized videos (12%)
  • How-to videos (10%)
  • Customer onboarding videos (2%)

As you can see the majority of videos are not directly promotional in nature! This is in line with our previous article, Social Media Marketing Actions to Avoid, where we found that the main reason for brand annoyance is too much promotion.

In 2021, marketers plan to expand the diversity of the videos they created by creating the following types of videos:

  • Educational videos (40%)
  • Mobile videos (38%) 
  • Live streaming (36%)
  • Interactive videos (28%)
  • Shoppable videos (22%)
  • Video conferencing for marketing (18%)
  • Video podcasts (16%)

The increase in live streams and video conferencing is largely due to the pandemic, while indoor seminars have all but disappeared due to health concerns. 

Youtube remains the top platform for video marketing

Youtube is still number one, but Facebook, LinkedIn, and Instagram are challenging its supremacy.
Youtube is still number one, but Facebook, LinkedIn, and Instagram are challenging its supremacy. Image source

MotionCue discovered that 66% of users watch videos using mobile phones. This is unsurprising given the proliferation of mobile devices today. To account for this, the square video format has become common as it is easy to watch on a mobile phone without rotating it.

How about the platforms? Wyzowl confirms that Youtube (at 89%) is still the most preferred platform, but the following competitors are closely following it:

  • Facebook Video (70%)
  • LinkedIn Video (63%)
  • Instagram Video (58%)

This simply tells us that adding video content to a variety of these platforms is a good move!

The main objective of video marketing is to build awareness of your brand

Building awareness remains one of the main purposes of video marketing.
Building awareness remains one of the main purposes of video marketing. Image source

We can’t just post videos and hope something good will happen for our business. We need to establish and execute the main objective of the video. MotionCue lists the most common objectives that guide video marketing campaigns:

  • Build awareness (28%)
  • Explain product/service to prospects (24%) 
  • Increase sales (18%) 
  • Drive traffic (18%) 
  • Customer onboarding (12%)

How about the metrics to measure the success of your video marketing campaign? Wyzowl asked the marketers for the most commonly-measured metrics:

  • Video engagement such as shares, comments, and likes (63%)
  • Number of views (58%)
  • Leads and clickthroughs, especially if you added a link to your product/service (55%)
  • Customer engagement/retention (43%)
  • Brand awareness/PR (42%)
  • Sales (29%)

The top two metrics are directly related to brand awareness, and are easily accessible when you post.

Summary

The recent surveys done by Wyzowl and MotionCue illuminate the continued growth of video marketing in recent years. We have discovered the following:

  1. Video marketing promises a high ROI
  2. Video marketing is now easier
  3. Videos can be used best to educate your audience about your products and services
  4. Youtube remains the top platform for video marketing
  5. The main objective of video marketing is to build awareness to your brand

It’s clear: videos are now a must-have in our growing arsenal of content marketing!

References

https://www.wyzowl.com/video-marketing-statistics/

https://motioncue.com/video-marketing-statistics/ 

https://elements.envato.com/learn/video-marketing-guide/video-cost/

https://hingemarketing.com/blog/story/what-is-the-cost-of-video-production-for-the-web

SECTIONS
  1. Video marketing promises a high ROI
  2. Video marketing is now easier
  3. Videos can be used best to educate your audience about your products and services
  4. Youtube remains the top platform for video marketing
  5. The main objective of video marketing is to build awareness of your brand

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