5 Big Video Marketing Statistics and why it’s time for your company to take the plunge
If you have been sitting on the fence regarding getting a video program started for your business here are some of the big statistics that will make you want to dive in in 2014.
Your clients love video
# Big Marketing Statistic 1
Video consumption already accounts for 50% of online mobile traffic and this figure has been predicted by Forbes to reach 90% of all internet traffic by 2017.
The consumption of video is driven by the increase in engagement of a visitor to a website with video. Visitors stay, on average, on a website with video for up to six times the amount time spent on text only sites. This means visitors engage longer – putting them closer to doing business with you.
# Big Marketing Statistic 2
Online video marketing has superseded all other marketing methods to become the fastest growing marketing medium in history – and this growth has all occurred in the last five years.
The reasoning behind the phenomenal growth of video marketing is a combination of three driving factors. Firstly, it is clear that customers love to watch video. Smart marketers offer their customers a choice. If you did your own survey you would quickly find that your colleagues, friends or family will all attest to having a preference in the way they absorb information: some will prefer to read, some will prefer to watch, some listen; and most will tell you it’s a combination. If you don’t offer your customers a choice, you are going to alienate those who simply prefer video. It’s clear that the demand for video is there.
Meanwhile two other factors have enabled businesses to meet this demand: production costs of video have come down and video download speeds have increased rapidly. Do you remember when a video had to be viewed on a VHS tape? And do you remember when video did finally hit the net, waiting an hour for a few minutes of video to download? Things change quickly in the information era.
# Big Marketing Statistic 3 – Video Sells
52% of consumers say that watching product videos makes them more confident in their online purchase decisions. (Internet Retailer, 2012, USA) Video drives conversion and traffic to your website while reducing returns and service costs
At 1 Minute Media we recently completed an online ad for Harvey Norman. The product sales were split tested in the early stages of the marketing launch – there was a website landing page without our video and there was a website landing page with our video. The above statistic was proven to be conservative in this test. The page with our product video produced a 200% increase in sales.
# Big Marketing Statistic 4 – Video Increases Email Open Rates
In a study produced by “Marketing Sherpa” it was found that just having the word “video” added to the email title caused a double in the rate of email opens. It’s clear that many consumers want to be informed, educated and/or sold to by video. For companies who use email as an integral part of their marketing strategy the advice is simple – add a video.
#Big Marketing Statistic 5 – Australian business investment in video is projected to continue to grow beyond 2014
Online video is projected to outperform all other online advertising such as banner ads, advertorials, sponsorships and e-newsletters. Frost & Sullivan predicts a strong market growth to reach $442 million in 2017. (‘Australian Online Video Market 2012’ report)
The key take-away for businesses is this: if you are not utilizing video in your marketing you are risking letting your competitors reap the benefits. Consumers will stay longer on their sites and make more informed and therefore confident decisions about their products and services.
In 2014 it’s very easy to get started and simplifying the process of professional video production is our specialty at 1 Minute Media.
Guest Post by Kathy Moran, Director and Owner of 1 Minute Media
Kathy Moran – Business Journalism and Corporate Video Production
Kathy is a new media entrepreneur and combines a background in sales and marketing with a comprehensive understanding of online media. Kathy’s business objectives are to ensure businesses grow their market share using a unique strategy combining business journalism and corporate video. For video production Sydney contact Kathy and the 1 Minute Media team