Why is video marketing growing at such an exponential rate and would it work for my company?
You may have noticed that many firms have increased their video production greatly over the last couple of years. From informative videos to anniversary or partnership announcements, videos are quickly becoming the go-to for creative marketing content. But why are videos so well regarded and what benefits do videos offer over other traditional marketing methods?
Videos are extremely well regarded for one simple reason, they achieve measurable results. By 2021, the average consumer is estimated to watch an average of 100 minutes a day of online videos. In addition, 91% of marketers assert that online videos have a high ROI and have plans to increase their spending on it this year. Based on statistics, the usage of videos also shows a direct correlation to increased website clicks and sales.
Comparing online video to traditional methods of content marketing/advertising can demonstrate why videos are such a goldmine for businesses. The first benefit of videos is that they immediately grab consumer attention. The average watch time for any video has grown to an average of 30 seconds. This means 30 seconds of undivided attention. A good video can easily capitalize on this to promote your company and brand but it can also deliver and humanize messages that connect with prospects and clients. This is not as easily achieved through traditional methods of marketing. For example, even in a direct apples to apples comparison, a short form video of an informational article will outperform a written article of the same content as it’s generally easier to digest and more enjoyable to consume. The second benefit is that it can provide a deeper brand connection which can lead to more repeat customers. The third
benefit is cost. Whereas many advertising campaigns featuring physical media can be extremely expensive, a well-produced video can be created at a fraction of the cost and also provide a greater ROE while avoiding the typical but boring ads, press releases and email blasts.