With higher conversion rates and improved ROI, 69 percent of marketers claim they plan on increasing video marketing budgets.
Marketers who fail to incorporate videos into their content marketing strategy may be overlooking a potential goldmine.
According to a video benchmark report from video marketing and analytics platform Vidyard, 71 percent of marketers said their video content’s conversion performance was either somewhat or much better compared to other types of marketing content.
Based on a poll conducted by marketing research firm Demand Metric and sponsored by Vidyard, the video marketing benchmark report included survey data from 235 respondents representing B2B, B2C and agency organizations.
When asked if they believed their video marketing ROI was getting better, staying the same, or declining, nearly half of the survey respondents claimed video content ROI was improving.
How is the ROI of video changing?
Eighty-six percent of the survey respondents said they were measuring their video content engagement rates, but, at 48 percent, the majority were only analyzing basic metrics like views and shares.
Twenty four percent of the respondents were tracking more intermediate metrics such as average viewing duration.
Fourteen percent used advanced engagement metrics, including views by embed location, viewer drop-off rates, viewing heat maps and attribution to sales pipeline.
Video content effectiveness measures in use:
While it’s important to note the survey respondent pool was limited with only 235 responses, nearly all survey participants – 95 percent – rated the importance of video as becoming somewhat more, or far more, important in terms of marketing and sales content.
Importance of video:
In light of the positive results marketers are achieving with video, it’s not surprising 69 percent of the survey participants said they plan on increasing their video content budget.
This study has shown that video converts better than other forms of content, and this performance certainly contributes to an improving ROI for video.
The survey also looked into how much video content is being produced and preferred hosting locations, with 46 percent of survey respondents currently hosting video content on their website in addition to external video platforms like YouTube.
Of the survey respondents, 17 percent claimed their organization produced more than 50 videos per year, and 32 percent were producing anywhere from 11 to 50 videos a year.
Twenty-five percent said they were creating less than five videos per year.
Marketing Videos Produced Annually:
PRODUCE MORE MARKETING VIDEOS
This is the new phenomenon even for us as a video production company in Singapore. It used to be that clients come to us for one to two videos per year, but now they came with a bigger paycheck. We personally have experienced this, an established brand that came asking for more than 25 videos for a quarter (year) consumption. That's like 2 videos per week. It makes sense!
Why Need More Videos?
Simply because you need more videos for different needs and messages. The second most important reason is to continue engaging your audience (video retargeting). Last but not least, it takes a lot of effort to make it work, meaning to say that the first video may not work well for some, so you just got to find the right tune for your audience.
What does this mean to you as Brand owners, Marketers?
It means more opportunity for you to bring in business and engagement with videos. It definitely helps reinforce your brand positioning, business offerings delivery and outperforms your competitors. To be honest, we felt it's not that overwhelming for brand owners, so be the first in your industry to embark on this video journey. Simply, video makes your business more human!
Recently we wrote an article about viral video hack happening in Singapore. Take a quick look how those videos have perform and discover what it takes to make such viral videos (ideas). Feel free to reach me, and let us help you both on the video production and the video marketing.
THEVIDEOCOMPANY a video production house based in Singapore that helps companies develop and produce videos for corporate and strategic social media content for audience engagement. Collectively they have more than 10-years of experience in visual-motion and content marketing experience.