On the internet, video rules. If you're a small, medium or large business, and you're not yet using video, it's time to start!
Video content is currently the fastest-growing form of marketing, and it can help companies attract bigger audiences, generate qualified leads and close more deals. It's growing even faster than digital TV advertising, according to Magisto, a leader in video editing and video marketing software. The company expects revenues for U.S.-based digital video marketing to reach $135 billion in 2017.
Check out these other recent statistics:
According to 51 percent of marketing professionals, video is the content with the best ROI.
Nearly half of marketers who use video grow revenue faster than with any other form of advertising.
Almost 60 percent of executives are more likely to choose video over text for their content.
Social video generates 1,200 percent more shares than text and images combined.
Businesses are responding to the call of video as well. Marketing budgets are opening up to more dollars allocated for video marketing content. More than half of the 500-plus businesses polled in the Magisto survey noted that they intend to spend at least 25 percent of marketing budgets on video this year.
Why video marketing works
Video content can be about much more than just showing a talking head. There are videos for company internal presentations, corporate overviews, investor/shareholder information, education videos and product videos.
A 2017 study showed that over 80 percent of consumers bought at least one product after watching a brand's video. Video marketing is very effective throughout all cycles of the sales funnel, but most importantly on bottom-of-funnel prospects who see a company's video and are convinced to buy products from the company.
Start-ups and animated videos
A growing number of startups have turned to animated "explainer" videos to show their products and services in an easier-to-understand format. You've seen plenty of examples of these in recent months. Short, energetic animated video clips can:
explain concepts to internal teams;
educate sales teams on new processes;
showcase product highlights for certain markets; and
build a brand's reputation in commercial markets.
On the advertising front, YouTube and Facebook are still the largest players for digital video ads, notes Forbes. As more millennials turn to their mobile devices for the latest in online video, marketers, in turn, will continue to explore how to reach this audience with influencer marketing promotion, longer news-styled videos and more company content for shareability over these platforms.
The great new world of video is upon us. As Facebook's European chief stated last year, the huge social network will likely be all video in five years' time. Facebook founder Mark Zuckerberg expects a lesser emphasis on words and text on Facebook and other internet platforms, and a growing enthusiasm on using video to tell stories, share ideas and find new customers. And if that prediction is on target, then it's up to the rest of us to start shooting!