It is well established that video has been one of the breakthrough trends in the marketing world over the past decade.
But what is currently happening in video marketing? And how does its growth and success stand against the twists and turns of a global pandemic?
By Triggerevery year since 2015, we have released an annual State of Video Marketing survey, which charts usage, spending, channels, and opinions among video marketers and consumers.
We recently released our eighth Status of video marketing report and, given the chaos of recent years, this is perhaps our most fascinating set of findings yet.
Our research suggests:
- Video remains a key priority for marketers with all the usage and spending increasing in 2021, and plans to increase again in the next 12 months.
- The pandemic is still affecting video marketing plans – but the disruption appears to be diminishing compared to last year as people adjust to a ‘new normal’.
- People are watching more video online than ever before – in fact, the amount of online video they watch has nearly doubled since 2018.
- Marketers are feeling more positive about the return on investment that video offers than ever, as it continues to strongly impact traffic, clues, sales and audience understanding.
- Consumers continue to use video as an integral part of their journey with brands, and are excited to see even more video content in the year ahead.
About the Survey
Wyzowl’s state of video marketing recording is an annual report, now in its eighth iteration. Each year, we ask a series of questions – many of them the same from year to year – to evaluate how the video marketing landscape is changing and growing.
This time, our survey was taken by a sample of 582 unique respondents (only about 7% of whom were Wyzowl customers) consisting of professional marketers and consumers.
The most important findings…
86% of businesses use video as a marketing tool, which has been steady since last year.
This is the culmination of an overall story of growing video usage, which can be traced back to 2016 (the first time we asked this particular question in this way).
Also, 92% of marketers who use video say that it is an important part of their marketing strategy.
Perhaps most striking is that 87% of video marketers reported that video gives them a positive ROI – a world away from the meager 33% who felt that way in 2015. This could very well be attributed to a greater understanding of how to use video, as well as how to track and quantify its impact.
Most marketers feel that video is a brilliant investment for lead generation. 86% of video marketers say video was effective in generating clues, a further 2% from 2021 and more than 5% since 2019.
81% of marketers feel that video has a direct, positive impact on sales.
94% of marketers agree that videos have helped increase users’ understanding of their product or service.
When measuring success, most marketers (62%) consider video engagement to be the top measure. Views or plays were a short second (61%).
While only 27% of video marketers view sales as a measure of success, 81% report that video marketing has improved their company’s profit margin – meaning that videos will have a positive impact even if the focus remains on other measures.
Unfortunately, 2021 was not the end of the pandemic – and it looks like COVID is likely to make its impact in 2022.
So what impact does this have on the world of video marketing?
Well, 64% of marketers say the pandemic has affected their video marketing plans for 2021 and 2022. Three-quarters of these people said the pandemic made it more probably they would create video, and the other quarter said it made it less probably.
But the good news is that the impact of the pandemic on video marketing budget seems to be diminishing.
In last year’s survey, our marketers asked if they expected their 2021 video marketing budget to be affected, and 63% said they thought it would be.
This year’s number – still high, at 50% – represents a significant drop.
All the signs are that use and spending are on track to continue their growth in 2022.
More than 99% of current video marketers have told us they will continue to use video in 2021, and two-thirds plan to increase or maintain their spending.
What’s more, of the people who told us they were not currently using video, 79% told us they expected to start in 2022. (This is 10% higher than last year’s figure of 69% and 20% higher than the year before.)
The net result of this is that we can all expect to see more noise and competition for audience’s attention in the next 12 months.
Of course, while oversaturation is a challenge, it is not an insurmountable one. It simply raises the bar in terms of content quality. Your videos will need to be well planned and executed very well.
The great opportunities for video marketing in 2022
You will be forgiven if you look at these figures and feel that video may be on the verge of reaching saturation point. Most of the percentage data on usage, spending, and consumer opinion is in the 80s and 90s – where they have been kept consistent for a number of years.
But the good news is that there are apparently still underutilized opportunities for marketers to explore video.
It is noteworthy that audiences are increasingly watching video. Our data indicates that the amount of online video viewed per person per week has almost doubled since 2018.
And what about where do they look at it? It is not surprising that YouTube is the most used platform among video marketers – used by 88%, with a significant gap to the next widely used.
But some of the less commonly used video tactics also seem to yield real results for video marketers.
This year, we asked people to tell us what the purpose of the videos they created was.
Explain videos have been a huge success. In addition to being the most common ‘goal’ of a marketing video, an overwhelming majority of people (96%) report watching explanatory videos to learn more about a product, with 88% pruning around a purchase to do.
The product also does not have to be physical. 78% of people say they are convinced to buy an application or piece of software because of a video.
To sum up
The rise of video as a marketing tool seems relentless.
Nearly nine in ten people report wanting to see more branded videos by 2021, making video an excellent tool for lead generation and brand awareness.
In many ways, with people spending more time at home – working remotely – the demand (and consumption) of video has accelerated.
It looks like video will continue its ten-year overnight success story in the coming decade. These statistics paint a picture of a media type that is almost universally popular among both marketers and their audiences, helping to achieve a number of incredibly important goals.
You can check the full report – with many more data points – and get a downloadable version by visiting Wyzowl’s State of Video Marketing 2022 page.
Editor’s note: This post was originally published in January 2018 and has been updated to reflect the latest data.