“How do I know that video marketing will work for me?”
We see this question all the time. And the honest answer is: the only way to know for sure is to test video marketing for your business and validate if it’s the right choice for you.
Consider this, though: many other brands have been using video to great effect for years. Why should you be the exception?
But you don’t have to take our word for it! Numbers don’t lie:
10 useful video marketing statistics for your business
In this article, we’ll share with you 10 video marketing statistics showing that:
- Customers already love and trust video, and want to see more of it
- Video guides people’s buying decisions about different products and services
- Businesses across all industries are embracing video marketing
Let’s start with the all-important question – do your customers actually want video content, or is it just another fad that might go away soon?
1. 68% of consumers prefer to learn about products from videos
Source: this 2018 survey by Wyzowl
There are many ways a customer could form their opinion about a product or service: asking a friend, reading a blog post, emailing support, calling the company…
…actually, nevermind – those sound like a lot of work! Why go to all that trouble if you can just watch a short explainer video? And that’s exactly what most people prefer to do.
Now, don’t get too excited – this video marketing statistic simply shows that video is currently the best way to engage as many potential buyers as possible. It doesn’t mean all 68% will buy – or even finish watching the video.
Speaking of… how do we know that people will watch all the way through?
2. Only 5% of viewers quit watching a video after 1 minute
For the longest time, we’ve been told that short video content is king.
People nowadays have attention spans of toddlers on a sugar high! Your videos need to be as short as possible! It’s the only way!
Needless to say, these claims don’t really match up with reality. Here’s how the audience retention actually looks like:
- Past 1 minute, you lose about 5% of your viewers…
- Past 2 minutes, you lose 60%…
- …and of the remaining ones, about 7 in 10 will leave after the 3/4 mark.
These stats on video marketing don’t support making shorter videos. Instead, what they appear to say is, “Make videos that will motivate the right people to stick around.”
Don’t worry about the 5% who quit after a minute. Focus on engaging the other 95%!
3. 64% of online shoppers trust social video content when making buying decisions
Source: Disruptive Advertising
At first glance, this number seems a little staggering (64%, really?). But there are other video marketing statistics we’ve found that corroborate this independently. For example, Hubspot says that 50% of Internet users look for videos of a product or service before they visit a store.
This means that customers rely on video content when they do their homework before purchasing anything. You can’t use this knowledge to drive sales on demand – it’s not an instant “money button”.
But you can create video content for your potential customers to find, so they are more confident and more comfortable choosing you over your competition!
4. 99% of people watch at least SOME video on mobile
…and 6% do it exclusively on mobile.
Source: Wyzowl’s 2019 survey
Once upon a time, when you saw someone watch a video on mobile, you thought, “Why does this person do it to themselves? They must be really bored!”
That’s not the case anymore. The screens have gotten bigger, sharper, and brighter. The Internet has become faster. And the mobile Web has become much friendlier to users.
That is to say, watching video content on mobile is the new normal. And if you produce any kind of video content, you’d better make sure it’s optimized for a great experience – or you’ll be losing a huge chunk of your customer base!
For some tips on how to optimize your videos for mobile devices, check out this post.
5. 79% of consumers were convinced to buy an app or software by watching a video
Source: Wyzowl’s 2019 survey
Products and services across all industries can benefit from video content, but these stats on video marketing reveal that one market is especially well-suited for it – software and SaaS.
That means, if you run a software business of any kind, from CRM to game development, you want to make video an integral part of your marketing strategy! There are many different ways to make it happen:
- Producing software tutorials
- Making FAQ videos
- Hosting live webinars and workshops
- Making trailers
- Creating explainer videos
- Filming testimonials and case studies
You name it!
But enough about consumers. You’ll be the one actually using video marketing! What evidence is there to confirm that it’s working for other businesses? And more importantly, how well is it working?
Well, bear with us…
6. Video marketing attracts 66% more qualified leads per year
Source: Optin Monster
You’ll see plenty of video marketing statistics that attribute a boost in sales and traffic to brands using video…
…but we’re not convinced. As we (well, geeks like us, at least) all know from statistics, correlation doesn’t equal causation.
On the other hand, it’s fairly easy to draw a direct line from any given video marketing campaign to the number of qualified leads it generates. And the stats are clear on that count: video marketing not only produces more qualified leads, but those leads also seem to be higher-quality and more likely to buy!
If your brand relies on a steady stream of leads for revenue (say, a service-based business), then anything you can do to up the quality of those leads is worth doing!
7. 47% of brands say that video helps them reduce support queries
Source: Wyzowl’s 2018 survey
As far as video marketing statistics go, this one doesn’t seem very impressive. So there will be fewer customers emailing and calling support – so what?
But please don’t forget: 8 in 10 customers leave because of a poor customer support experience! Doesn’t seem so underwhelming now, does it?
When you create useful video content that helps your customers to solve their own problems before they contact support, you’re killing a few birds with one stone. You’re:
- Improving their onboarding experience
- Increasing customer lifetime value
- Freeing up your support staff to handle the truly difficult cases
It’s a win-win-win!
8. 74% of marketers NOT currently using video want to start this year
Source: Wyzowl’s 2019 survey
More than any other year, 2018 was the year of video. We’ve seen growth across the board in video platforms, traffic, ad spend, and production.
So far, 2019 is shaping up to be even bigger. And even the brands who don’t currently have a video marketing strategy in place are planning to create and implement one as soon as possible!
These and many, many other video marketing statistics prove that all these businesses are jumping on the video bandwagon for a very good reason – it’s going to help them keep (and increase) their competitive edge, stand out, and attract more paying customers.
How do they know? They look at the companies already doing it:
9. 87% of brands now use video for marketing…
The vast majority of businesses are making heavy use of video marketing to tackle their biggest challenges, from lead generation to hiring and customer retention. It’s a testament to how effective and versatile video can be as a tool for marketing.
Look around you. Does your competition use video marketing to promote their products and services?
You might think it’s no big deal. Of course they use video – they need it! Their products and services aren’t nearly as good as what you’re offering. But just because you’re better than them doesn’t mean that your potential customers will know to come to you instead of your competitors!
If you want your business to grow as much as possible, attract as many new customers as possible, and generate as much revenue as possible, having a solid video marketing strategy isn’t an option – it’s a must.
And it’s not too late! Because…
10. …68% of brands using video now started just last year!
It may seem that right now is a horrible time to start using video marketing. There are too many brands bumping elbows, hungry for money and attention…
…but actually, now is a perfect time!
Just because everyone is trying to market their brands with video doesn’t mean that they are doing it well.
For every company that uses video marketing competently, there are hundreds more blindly guessing: wildly misjudging their target market, wasting time on poorly made videos that will never convert, and spreading themselves too thin with disjointed tactics and low-ROI channels.
Even if you haven’t produced a marketing video yet, you will not make the same mistakes! Here’s how we know – you’ll get a free audit of your video marketing strategy from The Draw Shop experts.
We’ll study your business needs and where you are right now, and advise you on how to market your product or service as effectively as possible! And if you don’t have a video marketing strategy in place, we’ll happily sit down with you to formulate it.
Interested? Then visit this page and book a free, no-obligation pow wow with our marketing ninjas!