It’s no secret that video continues to grow in popularity—and particularly since the early days of the pandemic.
It’s a medium that consumers expect from businesses, now more than ever. And it’s one that can capture the ever dwindling attention span of the on-the-go consumer browsing websites and social media channels in search of easily and quickly digestible information.
Back in 2018, Brightcove released the findings of a study indicating that 21 per cent of consumers overall and 29 per cent of millennials find video more memorable than other content mediums, ranking higher than display ads by 13 per cent, email marketing by 9 per cent, and text ads by 2 per cent (to name a few).
It also engages them more than other forms of content (45 per cent of overall consumers and 56 per cent of millennials), and is considered the preferred medium for brand and marketing communication (36 per cent of consumers overall, and 46 per cent of millennials).
Fast-forward to 2021 and consumers are still highly engaged with video, and more so now since the pandemic. In fact, consumers are watching an average of 16 hours of online video every week—up 52% in the last two years, according to a recent WordStream blog.
It also found that social video can generate 1,200% more shares than both text and image content combined. And 82% of consumers would prefer to watch live video than read through social media posts. This does not mean that social media is not valuable to business ROI or useful for marketers, but simply that it’s more popular than these other channels.
So Why Do Businesses Need Video Marketing?
For businesses that are on the fence about the benefits of video marketing, it is also worth noting that 86% of consumers want more videos from brands, and a significant percentage of them are more likely to purchase as a result of it, based on WordStream.
“Consumers who end up on an e-commerce site through a user-generated video are 184% more likely to purchase, and spend 45% more,” said WordStream.
In fact, 51% of marketing professionals around the globe indicated that video provides the best return on investment among other forms of content. Specifically, 87% said video delivers a positive ROI (up from 78% in 2018), while 84% of marketers point to video as helping them generate leads. What we see between Brightcove’s study from a few years ago and the 2021 WordStream blog is that video is gaining momentum among consumers and its popularity is far from waning.
Last year alone, 92% of marketers said video was an important part of their marketing strategy, according to Smart Insights. And we have seen many business and automotive retailers taking advantage of this medium since then to connect with their target audience.
Video marketing works for a reason.
Take this as an opportunity to tell your story—the story of your brand or product—in an interesting, creative, fun, insightful, and informative manner. This will help you better meet consumer expectations in 2021, while also increasing your ROI.