Video is one of the breakout trends that have emerged in the marketing space with the rise of social media and smartphones. But the pandemic seems to have turned everything upside down. Or has it?
How has video fared amidst the pestilence? Wyzowl has released a state of a video marketing survey that examines the usage, spending, channels, and opinions among consumers and video marketing professions like videography in the market today. The recently released report has released a fascinating set of findings in regards to the same.
According to the report:
• Video increased in usage and spending in 2021, signifying that it remains a priority for marketers. All signs point towards even more increased usage in the next 12 months, more work for content producers.
• COVID-19 continues to impact video marketing, but the disruption seems to be decreasing as people adjust to the new normal.
• There is an increased number of people watching videos online. The number has drastically increased –almost doubling since 2018.
• Marketers are experiencing the full benefits of video more than ever before. Video continues to influence traffic, sales, leads, and audience understanding.
• On the other hand, consumers consider video as an important part of their journey with brands. They are even more excited to see more video content in the year ahead.
Here's a complete breakdown of everything we're learning about video production success based on Wyzowl's recent findings.
About the Report
The Wyzowl’s State of Video Marketing Survey is a yearly marketing report that annually evaluates and examines the changing dynamics in video marketing. They do this by asking a variety of questions to respondents to gauge the changing and growing video marketing landscape.
For the 2022 report, the survey was sampled from 582 unique respondents who consisted of consumers and professional marketers. Only 7% were Wyzowl customers.
Video Marketing Research Findings
The Wyzowl survey showed that 86% of businesses use video for marketing. The figure set a new high and shows a promising pattern from 2016 when Wyzowl first asked the particular question.
In addition, 92% of marketers using video admit the importance of the tool in their marketing venture.
Perhaps the most striking statistic is that 87% of video marketers reported a positive ROI when they used video, a big difference from the 33% reported in 2015.
Most marketers agree that video is a great investment for lead generation.
Reportedly, 86% of respondents said a video is an effective tool for generating leads. The statistic has risen from 84% reported in 2021 and 81% in 2019. And 81% of marketers from the report felt that video directly impacted sales positively.
An overwhelming majority of marketers (94%) agree that videos have helped users increase their knowledge and understanding of a service or product.
When it comes to measuring success, 62% of marketers consider video engagement a top metric. Plays and views came second with 61%.
Only 27% considered sales a measurement of success. However, 81% reported that video marketing improved their business's bottom line. This means that video content marketing had an overall positive effect on businesses, even if the focus remains on the metrics.
Pandemic’s Impact on Video Marketing
COVID-19 continues to affect content marketing in 2022. According to the report, 64% of marketers say that COVID has affected their marketing plans. Three-quarters of these people said COVID-19 made it more likely to use video, while the other quarter said it made it less likely.
The report also found that the pandemic is losing its impact on corporate video production marketing budgets. In a 2021 survey, 63% of marketers said that they expected the video marketing budget to be affected by the pandemic. This year, the statistic is at 50%. Although it’s still high, it’s diminishing.
Opportunities In Video Marketing In 2022
All road signs point towards growth in usage and spending in 2022. 99% of video marketers asserted that they would continue using video this year, while two-thirds plan on increasing usage or maintaining spending on video marketing.
In addition, of the marketers that don’t use video, 79% asserted that they expect to start this year. In 2021, 69% had reported their willingness to start and 59% the year before.
Statistics suggest that people watch more per week, per person, than they were four years ago. These digital media numbers have doubled since 2018. And YouTube is the most widely used – unsurprisingly, at 88%. The platform leads with a 20 point gap.
In particular, explainer videos are experiencing tremendous success. The majority of people (96%) watch explainer videos to learn about a brand or a product. 88% of them have been convinced to purchase. And 78% say they were convinced to buy a non-physical product by a video.
If these stats aren't enough to convince you there are plenty of opportunities in video marketing this year, we don't know what will.
However, the popularity of video will breed more competition in the next few months. The results will be a raised bar of content marketing quality regarding the planning and execution of corporate video production projects. That means every business owner has to jump on these trends before their competitors outshine them in video production.
Video production is a rising trend, and there are no signs of slowing down as we move into 2022. The more people are at home and working remotely, the more opportunities they have to engage with video marketing on their devices.
And with 90% of people interested in watching videos from brands in 2021, it’s safe to say that videography is a promising tool for brand awareness and lead generation. It is also one of the most popular digital media components due to how easy to consume it is for people of all ages.
If the statistics are to go by, the video will continue its success story deep into the decade, maybe beyond. And one thing we know – numbers don’t lie.
But what's the biggest thing to take away from this study?
Your competitors are using video to market to your customers, so there's no time to waste. We recommend getting started with your own video production as soon as possible.
Contact Us Today
We're a content marketing team that knows how to transform your brand identity, products, and vision into successful videos for customers to engage with. Work with one of our videographers today and you'll have the demands that come with production taken care of. You won't need to worry about the camera, lighting, or talent - our corporate video production team takes care of everything for you.
Get in touch with us today to learn more about what we offer our video production clients.
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as part of a Video Marketing Strategy.