So what's the latest in the world of video marketing? You're about to find out..
When it comes to video marketing, we know that it's the coolest kid on the block. Sure blog posts like this one are super useful, but countless studies show that people prefer to view videos than read text because it's visually engaging, and really easy to consume.
But as with everything else in content marketing, the world of video is changing. Take a look at these 7 eye-opening stats from our 2016 video marketing research to see what you can learn...
#1. 77% of consumers have been convinced to buy a product after watching a video
Product videos are the very best way to educate your customers on what your product can do for them, which will ultimately increase your ROI.
And the great thing about a product video is that you can create any kind that you like.
For example, you could hold a webinar and educate people about your product in-depth, create an animated video to show the benefits of a service in a fun and engaging way, or produce a screen-recorded walk through instructing a user on how to use your product. The choices are endless!
Related reading: 16 types of marketing videos.
#2. 70% of consumers say that they have shared a brand's video
So the good news is, those videos that you create for social don't go to waste! You've probably already noticed more and more videos popping up on your social feeds, and most of them are from brands.
But the key to a shareable video somewhat differs to that of a product video. You should aim to see this as a brand awareness goal, rather than trying to hit your conversion goals. That's not to say that you won't increase your conversions, but it's important to understand that videos on social should be more focused towards the initial attraction stage of the buyer's journey.
So what does it take to get a person to share your video on social...?
#3. 76% of consumers would share a brand's video if it was entertaining
When it comes to social media, the aim of the game is to get people to hit that share button. But if you're struggling to see many shares then it could be to do with the type of content you're trying to promote.
Does it keep your audience entertained? Getting weighed down in trying to push your product onto your viewers is why most people will switch off. Think about what you can do to make it fun, interesting and entertaining.
Related reading: How to make videos that people will actually want to watch.
#4. 61% of consumers were put off buying a product after watching a bad explainer video
Yikes! This is an important statistic to take note of. If you're going to create a video to explain what your product or service does then you need to make sure that it's done right. And by right, we mean quality scriptwriting, illustrations and animation -- the whole package.
Interestingly many respondents told us that they were put off buying a product because the messaging was so unclear. Rather than trying to squeeze in every single feature that your product does, think about using the video as the hook rather than the manual.
The very best explainer videos follow a very similar formula in that they connect with the problems of the viewer, they then go on to show how that business solves those problems by highlighting the product benefits, and they close with a killer CTA.
Related reading: Ultimate guide on how to create the perfect explainer video.
#5. 72% of businesses say video has improved their conversion rate
Do you have a video on your website? If you don't then you could be losing out on a huge opportunity to increase your conversion rates.
The Crazy Egg video is the perfect example of this. The reason they wanted to create an explainer video was because they discovered that their customers found it difficult to justify paying so much for their service. By creating an animated explainer video and featuring it on their homepage, they grew their conversions by 363%.
The reason it worked so well is because not only does it use a fun character to keep it super engaging, it drills right down to the core and shows viewers the benefits of how they can actually use their product to increase their own web conversions.
Relating reading: How to use video to increase conversions.
#6. 53% of businesses struggle to promote their video content
Promoting any content can be tricky, let alone a video. But if you want it to be a success then you need to ensure that you have a promotion strategy in place.
So where do you start?
Once you've created your video and sourced a hosting platform, first step is to put it on your website -- so that could be your blog, your product pages, or your homepage. Next, share it on social and pay to promote it so that you can attract your target audience. Once you've got that covered, email your database, leverage influencers and set up an ad campaign so that you can drive plenty of viewers to your video.
Related viewing: 6 tips to promote your video.
#7. 91% of businesses say they plan to increase or maintain their spending on video in 2016
If there's one thing we can say for certain it's that video isn't going anywhere anytime soon. We learnt that in 2015 on average, marketers intended to spend up to $5,000 on video, and this looks set to increase for 2016.
After looking at the stats it's clear to see that the future is bright for video marketing. With more and more businesses using it to educate their audience, raise their brand awareness, and increase their ROI, isn't it about time you jumped on the video bandwagon?
Related reading: Brand videos: How much do they really cost.