We asked Video Marketers the most sought-after questions that can help us gauge the impactful video marketing trends and also understand our industry a bit better.
Let’s face it, last year ended on an unstable note with the advent of AI in the Video Marketing Industry, rocking all of our boats and sending all our plans and strategies into a tailspin.
If you have been making videos for a while now, which is most of us (67%), it feels like we’re seeing something close to the evolution of phones, in a blink, we’ve gone from a rotary to a smartphone.
And for the rest, who started leveraging videos after 2020, it can feel like a lot to take in. Just when you got the hang of it, someone (Open AI ) came in and changed the game's rules!
61% of current video marketers left 2023 feeling overwhelmed by the changing scenarios when it comes to digital marketing.
But don’t worry, we’re all in this together!
At such times, it’s necessary to turn to our community of fellow video marketers and consumers to see how everyone’s been doing so far and analyze where we’re headed.
Let’s dive in!
62% of businesses actively utilize videos as a part of their marketing strategy.
Where there is a supply there has to be a demand. Since we’re all spending a lot more time in front of a screen, video has become almost necessary for businesses these days.
98% of businesses feel that video works as an amazing marketing tool,
which does not come as a surprise at all!
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57% of businesses prefer to create live-action videos.
51% of businesses are gravitating towards 2D animation, that’s a win for many of us!
29% of businesses go for UGC video creation.
20% of Businesses opt for 3D video creation.
24% of businesses delve into interactive video creation.
24% of businesses are already working on AI-generated videos!
According to 90% of Video Marketers, YouTube is their most preferred video marketing platform.
65% of Video Marketers use LinkedIn Videos for marketing.
63% of video marketers use Instagram for video marketing.
60% of businesses utilize Facebook for video marketing.
42% of businesses create videos for Webinars.
23% of businesses turn to TikTok for Video Marketing.
15% of businesses utilize the interactive platform for video distribution.
6% of businesses use Snapchat for video distribution.
6% of businesses use 360-degree video.
6% of businesses use Virtual Reality videos.
88% of businesses create videos to spread brand awareness.
66% of businesses create videos for Lead generation.
54% of businesses create videos for product education.
46% of businesses create videos to drive sales.
66% of businesses create videos to build trust.
34% of businesses use video to assert thought leadership.
49% of businesses aim to improve their brand perception with the help of videos.
31% of businesses create videos to enhance their company culture.
67% of businesses create educational videos for their brand.
59% of businesses create social media videos.
57% of businesses create product demo videos.
55% of businesses create Landing page videos.
45% of businesses create testimonial videos.
37% of businesses create Training videos.
37% of businesses create event videos.
31% of businesses create sales videos.
31% of businesses create Videos for Webinars.
25% of businesses create videos for internal communication.
23% of businesses create Support Videos to help their customers post-sale.
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Spreading Awareness and Educating customers about a brand and their products seems to be the most preferred strategy for Video Marketers.
This accurately places YouTube as the #1 platform for that purpose. Not only does YouTube Favour longer videos, it also serves as an excellent search engine, bringing more attention to educational content.
59% of businesses create Social Media Videos but we expect to see a rise in the numbers with a shortening attention span and increasing digital competition in the coming years.
48% of people prefer 30sec - 1min long videos.
With reduced attention spans, this is the perfect duration for a quick mix of storytelling and information to grab some eyeballs.
59% of businesses have an in-house team for video creation.
28% of businesses hire an agency for video creation.
12% of businesses hire freelancers for video creation.
50% of businesses spend less than $500 on a single video.
13% of businesses are willing to spend more than $10000 per video.
8% of businesses invest in videos on a daily basis.
19% of businesses produce videos weekly.
27% of businesses have monthly video production plans.
21% of businesses invest in videos quarterly.
25% of businesses invest in a yearly video production plan.
On average, businesses invest 21% of their marketing budget in video content each year.
61% of businesses plan to invest more on videos in 2024 than they did in 2023.
Businesses are aggressively increasing their yearly spend on videos which is a testament to the ROI videos bring in.
But with 50% of businesses choosing to pay under $500/per video, we wonder if AI video production is where B2B videos are headed. They are quick and cheaper in production, but so far nothing can beat the quality of handcrafted videos.
And with the market getting more and more competitive, will companies go for quantity or quality?
A lot of this is also dependent on how companies utilize their social media, because where one platform might require a good frequency of uploads another might favor individuality.
72% of businesses said that they receive a good ROI from their videos.
Out of those, 49% of businesses receive the best ROI from social media videos.
45% of businesses receive a good ROI from Product demo videos.
31% of businesses receive a good ROI from Webinars.
29% of businesses receive a good ROI from Landing Page Videos.
29% of businesses receive a good ROI from Testimonial videos.
27% of businesses receive a good ROI from Sales Videos.
27% of businesses receive a good ROI from Educational videos.
18% of businesses receive a good ROI from Customer Service Videos.
16% of businesses receive a good ROI from Event Videos.
12% of businesses receive a good ROI from Internal communication videos.
18% of businesses receive a good ROI from Training Videos.
8% of businesses receive a good ROI from Support Videos.
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The most common way of measuring success:
76% of businesses measure their video’s success by the number of leads generated.
49% of businesses measure their video’s success by the increase in their website traffic.
53% of businesses measure their video’s success by the video’s engagement (likes/shares).
51% of businesses measure their video’s success by the video views.
35% of businesses don’t have a strategy to drive more ROI from videos.
Why do Videos get a good ROI?
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82% of people said they made a purchase after watching an explainer video of the product.
89% of people feel videos impact their trust in a brand.
94% of people have watched video tutorials of a product.
73% of people have watched an internal communication video in their company.
92% of people believe brand videos helped them form a better relationship with a company.
96% of people think educational videos help improve retention and understanding.
We have now known for many years that videos fetch us a good ROI, but despite that 35% of businesses being clueless about their strategy to push numbers calls for a need for education on how to use videos.
Ultimately, no matter how amazing your video is, if it isn’t uploaded and marketed with the proper techniques, you could be losing out.
While it might seem like videos are primarily for marketing, support videos like Tutorials have a wide audience but not enough supply as only 8% of businesses create support videos.
Videos helped 92% of people build better relationships with brands, which goes out as a message to brands to find possibilities where videos can help ease their customers’ journey and make them feel special.
When it comes to animation:
79% of video marketers feel that people in their industry like watching animated videos.
61% of people enjoy consuming animation for entertainment like animated films.
63% of people would like to see more animated videos from brands.
While Live Action videos always remain a crowd favourite, animation comes in second, which is great!
With 63% of people wanting to see more businesses delve into animation, we’re curious to see if 2024 is the year businesses realize the true potential of animation and the flexibility it provides in terms of repurposing.
33% of businesses have already started using AI for video creation.
71% of businesses plan to use AI generated videos a lot more in the future.
That’s a huge number, which suggests that the evolution of video production is at the horizon of a new era.
That said,
90% of businesses feel that handcrafted videos have an edge over AI video productions.
Seeing the trends, it's no surprise that businesses are eager to explore AI generated videos to cut down on costs, production time and maybe even the team size.
So far, from our experience, AI has a long way to go to provide uniqueness which is each brand’s requirement.
When it comes to animation, we have AI tools that can create graphics, adding movement is still a work in progress.
That being said, there are many AI platforms coming out soon that promise a lot more when it comes to video production.
But how would these trends affect our Marketing Strategies?
Seeing as searchability has already changed drastically, video marketers might need to think of video production as an asset that makes their brand start apart in a world filled with AI generated voices.
Note: You'll be redirected to another page that gives you a sneak peak into what it would cost you to implement learnings from this survey.
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