There is no doubt that video is one of the most effective tools of communication, but many businesses remain reluctant to incorporate it into their marketing strategy. With the challenges and unknowns – some real, some imagined – it’s understandable why some business have yet to try tackling video. However, if you take a look at the statistics backing video production, you’ll see that regardless of hurdles – video should have a place at your marketing table.
Trying to calculate the exact value of video can be complex, but according to Dr James McQuivey of Forrester Research, the average one-minute video is worth about 1.8 million written words! How many hours would it take for you and your team to create 1,800,000 words? It’s a bit tongue in cheek, a play off the classic phrase “a picture is worth a thousand words”. The point stands however – if you think video is too time consuming, Dr. McQuivey’s research should be cause for reconsideration.
The Forrester Marketing group has surveyed businesses to try and understand how well their videos performed as part of a marketing strategy. The survey found that implementing video in an email for example, increased the click-through rate by as much as 300%. In a similar report, one online marketer reported a full 51% increase in lead conversions.
The statistics make sense, logically. Research on attention spans has found that the average adult attention span is about 8 seconds. However, the average video in this study was watched for for 2.7 minutes. This means that with a video you have more time to capture the attention of potential clients and customers, making your point and delivering a strong call-to-action.
According to Youtube’s own statistics, there are over 1 billion unique visitors to the website each month. In that single month, 6 billion hours of video are watched, equal to almost an hour for every single person on the planet!
Youtube also stated that Nielsen, the famous ratings company, found that the website reaches more U.S. adults in the age range of 18 to 34 than any cable network. Youtube also reports that the number of people subscribing to online channels is up more than 4 times that of the previous year.
In a major study, Demand Metric and Vidyard teamed up to find how businesses use video, and whether these businesses find their video usage worthwhile.
According to their surveys, 72% of businesses are using video in some way. Of those using video, 82% considered their marketing campaign a success. What was considered a success? The top reported goals were increasing brand awareness, improving lead generation, and increasing online engagement. The study also found that video embedded in a landing page can increase conversions by 80%.
The survey by Demand Metric and Vidyard also asked businesses about the challenges of using video in their marketing strategy. The top challenges that businesses reported are lack of budget, (not enough money for video) lack of resources (no camera, editing software, video experts on staff) and lack of content (no idea what to put on the video). Other reported challenges include lack of effective strategy, inability to produce studio-quality video, and no distribution plan for the video content.
When you work with Matt of all Media Productions, we’ll create a video-production strategy that fits your specific needs and budget. We’ve developed solutions to the aforementioned video challenges with viable video options at any budget, a nationwide video network of experts, and a track record of strong content development. Our videos also include a distribution road map – a step by step guide for distributing your video to ensure you get the most value out of your production. To learn more, contact us today.