Record Highs In The Latest Video Marketing Report
The only way is up, baby! Well, that’s the case for the latest video marketing stats recently released by Wyzowl. Their “State of Video Marketing Report 2023” looks at the current trends and the future of video and we’ve got to say - it’s lookin’ good.
It’s not surprising to us that video is growing from strength to strength and we’re not just saying that because we’re a video tech company. Video has been in our lives as long as we remember. If you’re me, you had to live with that old camcorder recording of me singing Oasis when I was four that my mum whipped out to show every chance she got. Or the video of me falling down the stairs as a flower girl at my Aunt’s wedding. And capturing the atrocious outfits when you were a pre-teen? I could go on, but I won’t - I can hear you shouting “WHERE ARE THESE STATS YOU SPEAK OF?!”. So without further ado…
The survey says…
At the time of this survey, 91% of businesses use video as a marketing tool in 2023 which is the highest number since they started this report back in 2016. On top of this, the highest-ever proportion of marketers (96%) continue to value video as an “important part” of their marketing strategy. They also asked businesses which don’t use video the main reason why and it mostly falls down to time (30%) - who’s gonna tell them you can create a video in minutes using our video editing suite Producer? 👀 However, out of this minority, 70% plan to jump on the video train in 2023.
We’re not proposing, but let’s talk about engagement
When you’re scrolling through your socials, you can’t avoid video - and why would you want to? Short, bite-size videos work fantastically when promoting your product. A whopping 96% of people have watched an explainer video about a product or service and 89% say watching a video has convinced them to buy a product or a service so any “video doesn’t work” argument is out the window 🌚 Not only does it work wonders, 91% of people want to see more online videos from brands in 2023.
Even if they don’t buy your product or service straight away, you’ve got a better chance of brand awareness when using video in your strategy. 51% of people are more likely to share a video with their friends than any other type of content 💡
We can’t argue with these results 👇
This is what we love to see… RESULTS. If you’re still doubting the added value of video, have a look at this:
- 96% say video marketing has increased user understanding of their product or service
- 95% say video has helped them increase brand awareness
- 91% say video has helped them increase traffic
- 90% say it has helped them generate leads
- 87% say it has helped them increase sales
- Overall, 91% say video gives them a good return on their investment - which is another all-time high!
Let’s get social ✨
Not much has changed in the past year in terms of the top-used social platforms. YouTube takes the crown once again with 90% of marketers trusting the world’s #1 video site. Facebook comes in second with 86% of respondents using it, and in joint third place are LinkedIn and Instagram (79%)
We know for recruiters that LinkedIn is the gold mine, but it’s also classed as the second most effective platform for marketers (with 69% agreeing), only behind Youtube (79%).
If you want to know more about how Odro can add to your video strategy, get in touch for a chat!