Learn about current trends in the realm of video marketing including its great potential and viability, its primary functions, its most-used platforms, and the main objectives of video marketing.
In recent years, video has been increasingly embraced as a major marketing tool. According to Wyzowl:
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.
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:
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!
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:
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:
Hinge further expounds on the costs of video production. Video production costs depend on three factors:
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.
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:
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:
As you can see the majority of videos are not directly promotional in nature!
In 2021, marketers plan to expand the diversity of the videos they created by creating the following types of videos:
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.
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:
This simply tells us that adding video content to a variety of these platforms is a good move!
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:
How about the metrics to measure the success of your video marketing campaign? Wyzowl asked the marketers for the most commonly-measured metrics:
The top two metrics are directly related to brand awareness, and are easily accessible when you post.
The recent surveys done by Wyzowl and MotionCue illuminate the continued growth of video marketing in recent years. We have discovered the following:
It’s clear: videos are now a must-have in our growing arsenal of content marketing!