Are you ready to create powerful connections with your audience using video marketing? Video content provides a great opportunity for brands to engage with their target customers and achieve their business goals. But there’s one drawback – it can get quite expensive. That’s why many brands are hesitant to jump in. If you’re wondering if it’s worth investing in video marketing, this post has got you covered! We’ve gathered the most convincing statistics that show how successful video marketing has been for other businesses, so you can make an informed decision on whether it would be beneficial for yours.
Here are 13 Video Marketing Statistics That You Should Consider in 2023
- According to Statista, 3.37 billion people were consuming online video content in 2022, and this number is expected to grow each year, potentially reaching 3.5 billion by
2023. Additionally, 244.4 million watched videos within the United States alone in 2020!
- According to Cisco’s latest report, video streaming and downloads account for an impressive 82% of global internet traffic. This statistic is a strong indicator of the popularity of video content that remains steady year after year.
- B2B companies have been utilizing video content to great success in 2020. The most popular videos created by B2B companies include product videos, how-to videos, explainer videos, training videos and social ads. 47% of marketers were creating training videos and 41% focused on developing social ads.
- Video consumption is rising rapidly, with global averages of 84 minutes per day in 2019. China and Sweden spend an impressive 103 minutes viewing videos each day, making them the forerunners in video viewing. This number is expected to increase year after year.
- Millennials are an important target market when considering video marketing. Research from Statista indicates that 14.9% of Millennials watch 10-20 hours of video each week online, meaning they can be effectively reached through video content.
- YouTube is the go-to platform for sharing long-form video content, with 89% of marketers planning to use it in 2021. It is ideal for product videos, tutorials, behind-the-scenes vlogs, and shorter TikTok inspired videos. Facebook comes close with 70% of marketers planning to use it for their video marketing.
- Live video is still a powerful way to engage with your target audience and discuss your business offerings. Facebook is the most popular platform for going live, making it an ideal choice for video marketing.
- About 90% of consumers watch video content on their mobile devices due to its convenience, so it is important to optimize videos for these smaller screens.
- YouTube’s data shows that 70% of video consumption takes place on mobile devices, meaning people are watching videos during their commute, breaks or when boredom strikes.
- According to Animoto, 88% of video marketers are satisfied with their ROI from video marketing on social media and 80% are satisfied with the ROI of video ads they’ve run on those platforms, suggesting that these strategies are a good investment.
- A survey found that 86% of marketing professionals use video as a tool and 78% of them said it increased sales. Additionally, 86% said it also helped to increase website traffic, making it a successful strategy for boosting sales and engagement.
- A survey conducted by Statista in September 2021 showed that 60% of U.S. content marketers who are currently producing video plan to increase their budget for 2022 to take their video marketing efforts to the next level, with 24% intending to increase it by 9%.
- YouTube is an effective platform for video ads, as its user base of 2.3 billion people worldwide can be targeted easily. The average cost-per-view of running an ad on the platform is estimated to be between $ 0.10 and $ 0.30, and reaching 100,000 viewers requires approximately $2,000 in expenditure.
How to prioritize video marketing metrics for your business?
When it comes to video marketing, the metrics your business needs to focus on will vary depending on your goals. Generally speaking, however, you should be tracking views, watch time, engagement rate, click-through rate (CTR), and audience retention. Views and watch time help you measure the overall success of a video campaign, while engagement rate and CTR measure the effectiveness of a video’s call to action. Audience retention is important for understanding how much of your content viewers have actually consumed, which helps you identify what kind of content works best for them. Tracking these metrics can help you gain valuable insights into how effective your video campaigns are and make data-driven decisions about where to focus your efforts
Video marketing is an increasingly popular and effective way to reach your target audience. With the right strategy and metrics in place, you can get your message across successfully while also meeting your business objectives.
Video marketing is a powerful tool for engaging and connecting with customers, increasing sales and website traffic, and boosting ROI. Utilizing platforms like YouTube and Facebook, businesses can effectively reach their target audience through video content, live streams, and ads.
If you need help with video marketing strategy or video production services, contact BOXmedia and let us help you make the most of your video campaigns. With successful metrics tracking and optimization, you can ensure that your videos are seen by the right audience and get the desired results
BOXmedia has a team of experienced professionals who are ready to help you create amazing video content and reach maximum success with your marketing efforts.