If a picture is worth a thousand words, then a video is worth even more.
Marketing professionals realize this and are increasingly incorporating videos into their strategies.
Using video as a marketing tool can increase traffic to your website or social media profile, help you rank higher in search results, and enhance your brand identity.
As a result, you are more likely to convert leads into customers and grow your revenue — which is the goal of any campaign.
Despite these benefits, many businesses are still not leveraging video marketing opportunities.
According to a survey of over 500 video marketers in Hubspot Blog Marketing Report, their top challenges in using video as a marketing tool are:
- Lack of time to create video content.
- Lack of content ideas.
- Difficulty with creating videos (producing, filming, and editing).
- Inadequate budget to create video content.
- Challenge with creating an effective video strategy.
These concerns are legitimate. However, with video marketing offering the highest ROI of any media format, overcoming these challenges and incorporating video into your marketing strategy is worth it.
Still on the fence about adding video to your marketing arsenal? These 10 noteworthy video marketing statistics will convince you that it’s time to start making videos today.
Top Video Marketing Statistics for 2023
1. An estimated 3.37 billion people consumed video content in 2022
Statista estimates that over three billion internet users watched a video online each month in 2022, and it predicts this will reach nearly 3.5 billion soon. It’s clear that many of your customers (and potential customers) enjoy watching videos. So, you need to integrate it into your strategy.
2. Video accounted for 82.5% of global internet traffic in 2022
Due to the popularity of video content among internet users, video content made up 82.5% of worldwide internet traffic in 2022. That’s a lot of traffic.
That means your content marketing strategy needs to incorporate videos in different forms — explainer videos, product demos, or how-to guides — to reach a wider audience and increase traffic to your website or social media profile.
Using videos in your blog posts can also increase your SEO performance since it results in a high CTR (Click-through Rate). In search engine results pages (SERPs), CTR refers to the number of people visiting your website’s attached page when they click on a search result.
A high CTR is a sign that the content is relevant, which is why Google and other search engines prioritize posts with high CTRs.
3. 14.9% of millennials watch 10-20 hours of video per week
Millennials are tech-savvy, and it appears they are more into consuming video content than their predecessors. According to Statista, 14.9% spend 10-20 hours weekly watching online videos — that’s a lot of screen time per week.
But it’s good news for you because it shows you can successfully market to them using videos. So if you have a product or service that caters to this demographic, creating video content that offers value to them is a step in the right direction.
4. The most popular video-sharing platform for marketers? YouTube
YouTube is the second-largest search engine in the world and has over 2 billion active users monthly. So, it is unsurprising that since 2021, 89% of video marketers say they plan to use the platform more for their campaigns.
Here are a few more YouTube stats:
- YouTube is most popular among 15-35-year-olds
- 70% of people have purchased a product after watching a YouTube advertisement
- Each day, over 1 billion hours of video content are viewed on YouTube
- Branded searches account for 52% of the top 100 searches
- YouTube is accessed every day by 62% of users
These stats show how important YouTube is for content distribution. With YouTube, you can share videos of different duration — from seconds long video shorts to hours long video essays — and reach a wider audience full of diverse tastes. Businesses that want to scale with video marketing cannot overlook this platform.
5. Make use of Facebook’s 2.9 billion users
Live videos are great because they are authentic, accessible, and encourage people to engage with the brand. And there is no better social media platform to leverage this medium than Facebook.
With over 2.9 billion monthly active users, it is the biggest social media platform, so you can be sure to reach different demographics there.
One brand that is seriously rocking Facebook live and reaping the rewards is Benefit. The cosmetic manufacturer hosts a Facebook Live series called Tipsy Tricks. On Thursdays at 4 p.m. PST, the Benefit team sits with some wine and make-up and shares their best beauty tips and tricks.
Their video views are usually in the thousands, and the engagement is high since fans ask questions in the comments.
6. 90% of consumers prefer to watch videos from their mobile devices
Wyzowl reveals that 90% of consumers consume video content on mobile devices. This is no surprise since you can use them on the go. Moreover, 60.28% of internet traffic is on mobile phones, so it makes sense.
This means you must optimize your video content for mobile viewing since most viewers will view your content on smaller screens. As you aim to improve your customers’ experience with discounts on products or toll-free numbers to call in for customer service, consider making videos mobile-friendly.
7. 96% of people turn to video to learn about a product or service
Most people prefer using video to take in information, with 96% of consumers choosing to watch explainer videos about products or services.
Brands must double down on video marketing to ensure they have content available when potential customers search for what they offer. Let’s say you’re a communications provider. Rather than writing a lengthy article answering questions like ‘What is IVR’ or ‘how do I port my number over’, consider making a few quick video walkthroughs that are easily accessible.
8. 88% of video marketers are satisfied with the ROI on their video marketing
A recent survey by Animoto found that 88% of video marketers are satisfied with the ROI of their social media video marketing efforts. Likewise, 80% of respondents were happy with the ROI of video ads they ran on social networks.
Since other businesses are achieving success with video marketing, there’s no reason for you not to try it yourself. Here are some different ways to drive sales with video content:
- Introduce your brand and products to potential customers with explainer videos.
- Creating how-to videos that teach customers how to use your products or use your service
- Build your brand's credibility and trust by using customer testimonials. Potential customers will love your product if real people love it.
- Add product demos to your YouTube channel or blog content so customers can see your products in action before they purchase them.
- Create customer testimonials and publish them on your website or YouTube channel. This builds trust among potential customers and makes them more likely to buy from you.
- Use eye-catching visuals in your social media posts that encourage people to click through to your website or YouTube channel to watch your video.
9. In 2022, 60% of content marketers increased their video budgets
In 2021, Statista surveyed a group of content marketers in the U. S. who were already creating marketing videos. Approximately 60% of respondents said they planned to increase their video marketing budget in 2022.
This group understands that video marketing is the future of marketing, which is why they are investing more in it.
10. Video advertising spending in the U. S. will reach $78.5 billion in 2023
The cost of video ads continues to rise and shows no sign of slowing down soon. As per Statista, video advertising spending in the U.S. was estimated to be $55.34 billion in 2021. But that figure is expected to rise by more than $22 billion in 2023 and exceed $78.5 billion.
It shows that more businesses are investing more in video content, so you must follow suit if you want to stay competitive. However, to reap the rewards of your campaign, track your ad metrics performance regularly and tweak your strategy accordingly.
Start Using Videos in Your Marketing Strategy Today
Video has come a long way from its early days of grainy footage and shaky cameras.
Today, it’s a powerful tool for marketers, and it’s not going anywhere anytime soon.
In fact, video will only grow in importance as it becomes more accessible with the rise of 5G.
With these video marketing statistics in this article, it’s clear that using video in your marketing strategy can help you reach a wider audience, increase traffic to your website or social media profile, and drive sales.
