It’s hard for businesses to thrive in this ruthless marketing competition without a video marketing strategy.
Video is seen as increasingly crucial to digital platform holders, and there are some valid reasons for it. The rapid growth of social media, the rise of Stories, and increased internet users to consume media play a significant role in making videos more inseparable than before.
Therefore, it's crucial to be aware of the video marketing statistics for 2020. Since the new year is right around the corner, every wise marketer knows they have to find a way to elevate their video marketing strategy innovatively. So, make sure you always use the latest trends to cut through the noise and stay ahead of the game.
These crucial video marketing statistics will help you to brainstorm your next video campaign and map out your 2020 video marketing strategy — especially if you're currently in a small business.
Video Marketing in 2020: What to Expect
In 2020, video unsurprisingly remains a frontier in digital marketing. Thus, the level of competition in video marketing is predicted to increase even more steeply. Your big task is how to your video stand out among the crowd so you can reap the benefits you deserve.
Now, it's no longer about why you should video for your business, but it's all about how you optimize your video marketing strategy. Whether you're in a small business or a giant corporate, integrating video is essential in your entire marketing strategy.
The numbers in statistics keep rising and show no sign of stopping. It continues to assert that video marketing is here to stay. So, it's time to roll up your sleeves and get cracking on with your best strategy.
Video Is Dominating the Internet Traffic
Online video is predicted to take up over 84% of all internet traffic by 2020. In the same year, there will be more than one million minutes of video content uploaded to the internet every second. These numbers come from all types of internet video.
One of the critical factors for this is the booming popularity of video-based social media. YouTube, Facebook, Twitter, Instagram and Snapchat make a massive contribution to increasing views of video content. Also, the on-demand video content like Netflix significantly fueled the explosive growth of online video traffic.
The Constant Increase of Video Usage and Consumption
As the number of online video traffic is overwhelmingly growing, video usage and consumption are continually increasing. At least 78% of internet users watch videos online every week, and 55% of them watch it every day. While surfing the internet, they most likely spend 88% more time browsing on the website that has videos. Another mind-blowing number is that users watch 1 billion hours of videos on YouTube alone.
Consequently, it's no surprise that online video consumption keeps getting bigger and bigger. It's doubled up every year. This is because videos are easy to grasp and super-shareable. As proof, 92% of internet users share videos with each other every single day.
No More Users Manual
Videos help the customers to understand the product they want to purchase better. It offers a simple explanation and delivers it in an accessible, captivating way. Not to mention that it also builds a strong emotional connection with the customers. No wonder if 6 out of 10 users prefer watching videos than television.
Hence, it makes a lot of sense if more than 72% of consumers prefer learning about a product or service through a video, meaning that almost no one reads the user manual today. And 54% of them are most likely to demand video content before they purchase the product.
For the senior executives, at least 59% of them prefer watching videos than reading the ol' text. This is another proof that you can't deny the power of video in digital marketing.
Video Is a Powerful Marketing Tool
It's not the overwhelming popularity that makes every business jumps into video marketing, but its effectiveness to engage the customers. Among other things, video is the best way to go to increase sales and build brand awareness. Viewers retain 95% of the message when they watch it through video, so it makes a lot of sense if 46% of internet users take action after they watch a video advertisement.
Those statistics lead to the claim from video marketers that earn 66% of their qualified leads through video. And 93% of businesses gain new customers quickly as a result of posting a video of social media.
Not to mention that the business that uses video marketing strategy achieves a growing revenue of 49% faster compared to those with non-video strategy.
Consequently, 99% of marketers will continue to use video, while 88% of them will spend more on video marketing campaign than they did in the previous years.
Best Practices for Small Business
To state the obvious, video is one of the most important driving forces in your marketing strategy. If you're currently in a small business with a small budget, video marketing can be your potent tool to get your business off the ground.
Now, the problem is that jump into the video marketing bandwagon can be overwhelming and daunting for small businesses. You might already be aware of video marketing tips for small businesses.
For you, the question is, "What is the best video to start?"
Here are 3 affordable video trends you can rely on to kickstart your video marketing in 2020:
Vertical video is a good type of video content to start. Since the rise of Instagram stories, now it has exploded onto the social media scene.
At least 75% of users would rather watch videos horizontally on their phones, while only 25% of them willing to tilt their phones to watch it vertically. This is why you should jump into the bandwagon to make your small business stay ahead of this ruthless competition.
Live video has quickly become the go-to option for small businesses. This real-time video provides a great way to connect with your customers on a more personal level, making them stick around.
Remember that your potential customers like to do business with companies they know and trust, meaning that the more you create content that shows your personality, the better. It's no surprise that over 82% of social media users would rather watch a live stream video than reading posts.
Animated explainer video
The fact that 39% of viewers want explainer videos, while 20% of them demand an entertaining concept, makes animated explainer video is another go-to option for your small business.
An animated explainer video is much more affordable than the live-action ones. Above it all, it provides a captivating storyline and endearing characters which they tug at your customers' heartstring.
Because it's supposed to be short, animated explainer video simplifies your product information in a matter of seconds in the most enchanting way. This is what makes your brand easier to recall.
Here is an eye-opening fact that makes it obvious: video trends are not going anywhere, and it's here to stay. The only thing to make the trends fade away is when internet users stop watching videos.
As a smart marketer, you need to take advantage of these trends, so your brand doesn't get lost among the crowd. The truth is that it doesn't lie on a budget, meaning that you don't need to spend so many dollars to get a high-quality result.
At the end of the day, your success came down to inform the customers about your product or services while also provide some level of entertainment.