Video is fast becoming an essential tool in marketing. Why? Because of the prevalence of mobile devices, increasingly “on-the-go” lifestyles, and shortening of attention spans. Furthermore, in an environment where content sharing is one of the primary activities, video marketing makes it easy to appease users.
You’ve probably heard about the rise in popularity of video marketing, thanks to the likes of YouTube. Maybe you are still on the fence as to how this trend could benefit your insurance agency’s marketing efforts. If that is the case, read on. The following stats are both informative and eye-opening.
Trends
- According to a CISCO white paper, 80% of all internet traffic will be attributed to video by 2020. The forecast highlights just how big a role video will play in future marketing strategies.
- On a daily basis, more than 8 billion videos are watched on the Facebook platform, according to TechCrunch. There is no doubt that Facebook continues to be a dominant force for media consumption and is an important tool for brand exposure.
- Live videos are becoming extremely popular among consumers, and Periscope, a popular live streaming video service, is a good indication of this trend. The platform’s users watch around 110 years worth of live video every day – Periscope.
- YouTube is still the dominant player in video consumption. A whopping 500 million hours of video is watched on YouTube each day, according to Business Insider.
- “How to” videos are of particular importance. Searches of that nature grew 70% 2014 to 2015, according to data from Google.
- Snapchat is an even bigger player than Facebook when it comes to video content consumption. Some 10 billion videos are watched on Snapchat every day, according to Bloomberg.
Behavior
- Video size matters. Wistia found that videos up to 2 minutes long received the most engagement.
- Users are most likely to consume video content thoroughly, according to HubSpot data, which says 55% of people watch a video all the way through. That is the highest for all content types.
- Facebook says that 65% of those who watch the first three seconds of a video are likely to watch for at least 10 seconds. 45% of those, will most likely watch for 30 seconds.
- 85% of Facebook videos are viewed without the sound turned on, according to Digiday. That means you must consider that when creating videos for Facebook. Create content that delivers a message visually as well as verbally.
- Over 50% of video content is consumed on a mobile device, according to Ooyala. On Twitter, 93% of videos are watched on mobile.
- The majority of YouTube subscribers, age 18 to 34, would stop what they’re doing to watch a new video from their favorite creator – Google.
- YouTube videos have the power to persuade. 6 in 10 YouTube subscribers would buy a product or service on the advice of their favorite video creator over a film or TV personality – Google.
- 4 in 5 consumers say that video showing how a product or service works is important to them – Animoto.
- People are almost 50% more likely to read an email newsletter if it has links to videos – Animoto.
- 4 in 5 millennials rely on video content during the research phase of their purchasing decision – Animoto.
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Usage
- 60% of marketers used videos in their social media marketing in 2016. Compare that to 2015, when only 24% of brands were using video marketing – Social Media Examiner.
- It should come as no surprise that, 73% of marketers plan to increase their use of video – Social Media Examiner.
- Live videos also feature heavily in most marketers plans, with 50% planning to incorporate this type of content into their marketing strategies – Social Media Examiner.
- Facebook already commands a chunk of small business’s marketing budget, but 44% ensure that their money also goes towards promoting video content on the platform – Animoto.
- If you feel a little overwhelmed by video, you’re not alone. 83% marketers site obstacles like time, resources, and budget as a reason for not creating more video content – Buffer.
- Furthermore, 1 in 4 small business owners feels that they’re behind on video marketing – Animoto.
Engagement
- Animoto found that Facebook is the most impactful social channel for video, coming in 8.4 times higher than any other social platform.
- Video receives the lion’s share of organic reach on Facebook, coming in 135% higher than photos, according to Socialbakers.
- If you target the millennial market, it is worth noting that YouTube captures the attention of more 18+ year-olds during primetime than any other cable network – Google.
- People’s love of video content is not set to diminish anytime soon either, with 43% of people declaring they would love to see more video content from marketers in the future, according to HubSpot research.
- If you thought video was only for the likes of Facebook and YouTube, think again. It also enjoys popularity on Twitter, where native video drive 1.9X favorites, 2.5X replies, and 2.8X retweets than third party players.
- Also according to Twitter data, video posts are six times more likely to be retweeted than images.
ROI
- The Aberdeen Group found that companies using video in their marketing grew revenue 49% faster year-on-year than those who don’t use video.
- 76.5% of small to medium-sized businesses see results from their video marketing efforts – Animoto.
- A brand logo in a video can increase purchase intent by 9%, according to Twitter.
- If you offer insurance products to other businesses, you may be pleased to learn that 73% of B2B marketers reports positive ROI from video marketing – Tubular Insights.
- Finally, Aberdeen Group found that companies that use video in their marketing received 27% higher click-through-rates and 34% higher web conversions than companies not using video.
It seems the verdict is in on video. It is a powerful tool in the marketing toolbox. That isn’t to say you must abandon other content marketing efforts to focus exclusively on video. In fact, other forms of content are vital to marketing success. But, you must target the growing number of people who primarily consume content through video.
