Let’s get this out of the way before we even begin: video marketing is currently the single most important form of marketing, and if you’re not using it at all, you are seriously hurting your business.
With that said, most people reading this are probably already using video in some form, but most are still not using video to its maximum potential relative to video marketing.
In our modern world, people are consuming video at an insane pace. For any given person, free time usually involves some kind of video streaming service, spending time on social media (where most every platform now revolves around video), or watching videos on YouTube, where you can find anything from random nonsense to highly technical tutorials. YouTube alone is responsible for over 1,000,000,000 hours of video consumption each day. That’s right, people watch over 1 billion hours of YouTube every single day. It achieves this staggering amount of traffic thanks to its worldwide reach, with over 1.9 billion users logging in every single month. This wide appeal is helped by the fact that YouTube has launched local versions in over 91 countries and is available in 80 different languages, which covers 95% of the population of internet users. (source: YouTube)
With all of its impressive numbers, you may be surprised to learn that YouTube isn’t the king of video consumption. That title goes to Facebook and its 2.38 billion monthly users—nearly half a billion more users than YouTube. These Facebook users put YouTube’s video consumption to shame, with nearly three billion hours of video consumed every day, compared to YouTube’s one billion hours per day. Since Facebook is centered around social interaction, each hour of video consumed on Facebook results in much more engagement and interaction than videos viewed on YouTube. In fact, Facebook native videos have an 86% farther reach than comparable videos on YouTube. Therefore, you should definitely be posting your video marketing content to Facebook. If you are only posting it to YouTube, you are missing out on quite a bit of interaction and engagement from potential customers.
We could go on all day about how prevalent video is in the modern world, but you probably get the point by now: video is being watched everywhere, by almost everyone, all the time. This is why video marketing is so vital to modern business. If you are going to market your product, reaching as many potential customers as possible is the ultimate goal. For that reason alone, video should be part of your marketing strategy. However, video is not just crucial because of its wide reach, but also due to the simple fact that people prefer video over any other method of getting information. Wyzowl’s annual consumer survey for 2019 found that when people were asked about their preferred method of learning about a new product or service, more than two out of three people said that they prefer video. Since so many people are actively seeking out products and services at any given time, this means that there are constantly millions of people who actually want to consume video marketing and are actively seeking it out. If you are not regularly producing video content about your products and services, then you are losing customers to competitors that do.
So the whole world is constantly consuming video and people actually want to watch video to learn about products and services. Still not enough to convince you to step up your video marketing? There’s one more reason to put a lot of focus on video, and that is…simple convenience.
Video is fairly quick to produce, very cheap to produce (quality video recording capabilities can be found in just about any smartphone), and video is a highly versatile form of media. From shooting a single video, you can create several different forms of media to be consumed on a wide variety of platforms. Any video consists of visuals, audio, and some kind of information being conveyed. Each of these things can be broken down and used in various marketing channels. The first and most effective thing to do is to transcribe the audio to get a text version of the information that the video contains. With a text version of the video, you can turn it into a blog post, use the transcription for subtitles (which results in a much higher watch rate for videos), or place the transcription right below the video, which also results in a much higher rate of consumption. Another way to convert a video into other forms of marketing is to take the audio and post it as a podcast, expanding the reach of the video into a very popular media format that is purely audio. These are the most common ways to convert or enhance video, but as technology continues to advance, the possibilities of a video will continue to advance with it.
This was a lot of information and statistics to cram into a single blog post, so let’s recap:
Billions of hours of video are being consumed all over the world on a daily basis through social media platforms
Consumers are actively seeking out video marketing
A single video can be used in several different ways to maximize its reach
All of this adds up to video being an extremely important form of marketing today. Now what are you waiting for? Go do your best Spielberg impression and watch your business boom!