Video Marketing Statics to Watch in 2023
Are you finding it difficult to connect with your target audience and achieve your marketing goals? Have you tried every marketing tactic in the book, but nothing seems to be working for you? Well, data has a better answer for you…
Statistics about video marketing have a clear message: Incorporating video marketing strategies in your overall digital marketing strategy could be the solution you’ve been searching for.
However, a whopping 48% of businesses admit that they lack the time to create video content or simply don’t know where to start. On the other hand, there’s never been a better time to invest in video marketing as the overall spending on video, in the U.S. alone, is estimated to rise to $78.5 billion by the end of 2023.
Now we look ahead to 2023 with more tools and platforms being developed to help companies create and distribute their videos easier than ever before. In this blog post, we’ll delve deeper into some of the most crucial video marketing statistics to watch in 2023, and try to get you going on an adventure into the video marketing world.
Before We Begin…
Yes, the adoption of video marketing strategies has become increasingly popular for companies of all sizes, however, there is always a catch… As a personalized and dynamic video platform, we feel the responsibility to point out some common mistakes and bottlenecks that must be addressed. Let’s have a quick look.
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Common Mistakes |
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1. Focusing too much on the production quality: It’s easy to get caught up in creating the perfect video that solves every pain point, explains every feature of a SaaS, or provides personalized offers with seamless interactivity… This can easily lead to delays in creating and distributing content thus damaging overall video marketing ROI. |
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2. Not optimizing for search engines: Videos can be a powerful tool for SEO, but many B2B marketers fail to optimize their videos for search engines. This can limit the reach of the videos and reduce their effectiveness as a marketing strategy. |
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3. Ignoring the importance of distribution: Creating a great video is only half the battle. All B2B marketers need to make sure that their videos are being seen by their target audience. This means promoting videos across multiple channels. |
Bottlenecks |
1. Lack of budget: Video production can be expensive, and this can be a major bottleneck. This often leads to delays in creating and distributing video content, as well as limiting the types of videos that is produced. |
2. Limited resources: B2B marketers who focus on production values rather than simple video creation struggle to create effective video content. This can limit the potential impact of videos on a company’s marketing strategy. |
3. Difficulty measuring ROI: Measuring the ROI of video marketing can be challenging, and this can make it difficult for B2B marketers to justify the expense of video production. |
Although video marketing efforts may seem expensive and time-consuming, they can have a really positive impact on both the business and customers. To make the most of any video content, it’s important to create content that really connects with the defined target audience, and making sure it’s optimized for search engines also goes great lengths.
Now it’s time to dive deeper and look into some numbers that lead the change.
Video Marketing Usage Statistics
The usage statistics present a clear picture of the prevalence of video marketing among companies and consumers, offering valuable insights into its broad impact. Here are some important ones for 2023:
- The global average for daily video consumption is 84 minutes.
- 14.9% of millennials watch 10-20 hours of videos per week.
- 94% of marketers plan to continue video marketing in the future.
- 32% of businesses stated that they have tried to use video as a sales tool and succeeded.
Some Actionable Items
- [ ] Consider focusing on millennials with video content that resonates with their values.
- [ ] Recognize the value of this medium as a long-term strategy.
- [ ] Consider incorporating video content into your sales strategy.
Video Marketing ROI Statistics
Video marketing ROI statistics provide insights into the return on investment (ROI) that companies are seeing from their video marketing efforts. Here are some great examples:
- 88% of video marketers report being satisfied with the ROI of their video marketing efforts.
- 84% of video marketers have seen a rise in lead generation via video marketing.
- 78% of marketing professionals claim that videos have helped increase their sales.
- 74% of marketers said they have greater ROIs with videos when compared to static imagery.
- 94% of marketers state that video marketing has helped to increase their customers’ understanding of their business.
Some Actionable Items
- [ ] Convince key decision-makers to invest in video marketing with these statistics.
- [ ] Showcase your products or services using video content.
- [ ] Leverage video to achieve better ROI, compare it to static imagery and accept congrats.
Video Marketing Financial Statistics
Video marketing costs statistics provide insights into the costs associated with creating and distributing video marketing content. Take a look at those to set a clearer picture:
- 85% of video marketers are comfortable spending up to $5,000 on an average video.
- 60% of content marketers plan to increase their video budget in 2023.
- 39% of video marketers feel video marketing is becoming more expensive.
- …but 80% said that they would create more videos if “there was an easier way”…
Some Actionable Items
- [ ] Allocate a portion of your marketing budget to video production.
- [ ] Try to use ready templates and collaborative tools to make video production more efficient.
- [ ] Stay aware of the rising costs of video ads as it is becoming more expensive.
Video Marketing End-user Statistics
Video marketing end-user statistics provide insights into how consumers interact with video marketing content.
- 96% of people turn to videos to learn more about a product or service.
- 95% of marketers say video marketing has helped them increase brand awareness.
- 84% of people have made a purchase after watching a brand’s video.
- Audiences are twice as likely to share video content
Some Actionable Items
- [ ] Use video to educate audiences about your products or services.
- [ ] Try to add more informative and educational videos into your overall strategy.
Concluding Remarks on Video Marketing Statistics to Watch...
To incorporate data and important statistics into your video marketing strategy, start by setting clear goals and measuring the success of your campaigns. Use A/B testing to experiment with different video formats, lengths, and messaging, and track the performance of your videos using analytics tools.
Stay up to date with the latest trends and best practices in video marketing to ensure that your strategy remains effective over time.
At OmmaVQ, we’re excited to offer a video marketing platform that allows companies to create interactive, personalized, and hyper-targeted videos. This helps you engage your target audience with the right medium, at the right time, and with the right data so you can achieve your marketing goals sooner and with more engagement.
We’re here to help, feel free to contact us today to learn more about how we can help take your video marketing to the next level.
