The state of digital video marketing
As 2020 comes to a close, you’re probably looking at your business in a different light than you did at the start. Here at 2 East 8th Productions we certainly are! Digital video and video marketing have seen dramatic increases in the last few years. The current conditions have only made the need for quality business video content even more clear.
It’s time to get engaged in digital video or review your current video marketing strategies if you already are. Below are a collection of statistics and tips for increasing your returns on video marketing in the next year and beyond.
Video Marketing Statistics From Marketing Professionals
The kind folks over at Wyzowl conduct yearly surveys specifically regarding video marketing. You should definitely take a moment to check out the whole 2020 video marketing report if you want to dive into the statistics. You’ll see it referenced here plenty due to it being such a wonderful resource. One interesting takeaway is the medium of video for brand promotion or marketing was steadily on the rise before the pandemic hit.
Consumers have been gravitating toward video more as well. When asked, 68% of consumers said they’d rather learn about a product or service through video over other means. The next highest medium surveyed was a text document at 18%. This implies that by not having video-based content you’re limiting your reach and appeal to your customer base.
The impact of the pandemic on how consumers shop would suggest that number will only rise. Businesses around the country are seeing consumers that are still hesitant to reenter the marketplace the way they did pre-pandemic. A strong video marketing strategy is poised to be the single most important thing you can do to either augment or revive your business heading into 2021.
Digital Video Marketing Styles
Saying you’re going to make a video is one thing – picking what type of video you want to do is quite another. We work with a lot of small to medium-sized businesses and have found there’s a few styles that make a lot of sense. New to digital video marketing? The three videos styles below are common ways to reach your audience:
- Explainer Videos
According to Wyzowl, a whopping 96% of people surveyed reported watching an explainer video to learn more about a product or service. A well-produced and promoted how-to video is one of the strongest video marketing tactics available. Showing how a product you sell is used or how you perform a service is a compelling method of showcasing your strengths. Answering consumers’ questions in a video can draw traffic to a website, generate leads, and even prevent some customer service calls.
- Customer Testimonial Video
It’s no secret that customers read reviews and seek recommendations for products and services. A customer testimonial video can be more effective by providing a personal touch to the recommendation. Think of it like combining a personal recommendation and an online review. The data suggests that customers would rather watch a video than read facts and figures, so your chances of putting your best self out there are enhanced. According to VocalVideo, a staggering 72% of marketers report a positive return on investment from testimonial videos!
- Brand Story Video
Brand recognition is huge for smaller and medium-sized businesses. Showcasing your unique brand story can be incredibly effective through a short, well-produced video. In addition, Deloitte Digital reports “60% of long-term customers use emotional language to describe their connection with favored brands.” That means people buy based on emotion more often than logic. The best video marketing will elicit those emotions through storytelling rather than data.
Social Media Video is Vital
Using videos on social media is perhaps the most common video marketing tactic. Of course, there’s YouTube which is in a category by itself when it comes to its value in social media and video marketing. Producing genuine and engaging videos to post on YouTube can be a massive boost to your brand. If you’re trying to get found on search engines it’s worth noting that YouTube is essentially the world’s second-largest search engine.
Along with an increase in people’s online video viewing habits the general usage of social media has increased as well. Combining these two can be a powerful 1-2 punch in increasing your brand’s visibility and profile. Almost every platform has an outlet for short videos, which are routinely cited as the most popular. Using the video formats described above it will be easy to find a handful of videos that can help your brand gain visibility.
According to Promo.com, 70% of small businesses cited using Facebook and Instagram stories to publish their videos. These formats emphasize short informative or entertaining videos and can have massive reach. Both formats make ideal supplements to YouTube for a quick explainer video to highlight your service or product. Find your niche, find your platform or platforms, and figure out how to make some content. If you find yourself needing help along the way, reach out – it’s our specialty here at 2 East 8th Productions.
Why having a Video Marketing Plan is more important than ever.
The realities of the new pandemic economy are only beginning to become clear. What you can almost certainly bet on is that things will be different for a while and new approaches are needed. Video marketing is by no means new, but as a medium, it could be the single most important avenue going forward.
Not all industries have been affected in the same way, but the continued uncertainty means hedging your bets has benefits. Real estate video in particular has seen a tremendous boom in demand for video with outlets reporting an almost 500% increase for video home tours.
What is clear is that every industry has a way that video content marketing can provide a boost in the coming years. In the local Chicago area — and likely where you are as well — Cook county has put together a list of resources available to help small businesses recover. If you’re a small business like us reach out and let’s work together to increase and improve your digital video marketing presence!