27 Reasons You NEED to have a Video Marketing Budget in place.
Over the past five years, the pressure to use videos as part of your small business marketing efforts has grown exponentially.
As a small business owner however, you’re constantly bombarded with “things you should be doing” and the “next best thing.” To many, video falls into the same categories.
Happily, the usefulness of video marketing has been proven many times over by compelling statistics like the ones below.
Take some time to look them through and you’ll be reworking your marketing budget faster than you can say "Black Friday!"
Video Consumption is Up and Heading Higher
According to Cisco’s Visual Networking Index, by 2019, global consumer Internet video traffic will account for 80 percent of all consumer Internet traffic.
This data was backed up during a 2015 Q3 call, where Facebook founder and CEO Mark Zuckerberg announced that the social network was generating 8 billion video views daily, and while Snapchat had 15 times fewer users, it generated almost as many video views at 7+ billion.
People Often Prefer Video
Many people just like video more than text. In fact, 59 percent of executives would rather watch video than read text while four times as many consumers would rather watch a video about a product then read about it.
Seventy-four percent of millennials find video helpful when comparison-shopping while 60 percent prefer to watch a video to reading a newsletter.
Video Marketing is Super Effective
Video can increase your leads and sales and boost your bottom line:
Video Increases Your Marketing Reach and Duration
If you want to stay top of mind, you’ll be glad to know that 80 percent of users recall a video ad they viewed in the past 30 days.
Videos turn watchers into advocates as 92 percent of mobile video consumers share videos with others while social video generates 1200 percent more shares than text and images combined.
You’ll also get more visitors on your website using video because companies using video enjoy 41 percent more web traffic from search than non-users and video drives a whopping 157 percent increase in organic traffic from search engines.
Video Drives More Leads
If you’re looking for customers to take action, then consider adding video to your emails for a 200-300 percent increase in click-through rate. Another tactic: combining video with full-page ads boosts engagement by 22 percent.
Sell real estate? Then you’ll want to know: listings that include a video receive 403 percent more inquiries than those without.
Video Drives More Sales
According to 70 percent of marketers, video produces more conversions than any other type of content. This pays off nicely for ecommerce sellers who have found that using product videos can increase product purchases on an online store by 144 percent
Even if you don’t have an online store, including video on a landing page can increase conversion by 80 percent and after watching video, 64 percent of users are likely to buy a product online.
Simply put, videos drive sales: 74 percent of users who watched an explainer video to learn more about a product or service subsequently bought it and 77 percent of consumers say they’ve been convinced to buy a product or service by watching a video.
Video Contributes to the Bottom Line
The biggest advocates for video marketing seem to be the businesses and marketers who use the approach. In fact, 76.5 percent of marketers and SMB owners that have used video marketing said that it had a direct impact on their business.
And finally, a doozy of a statistic: businesses using video grow company revenue 49 percent faster year-over-year than organizations without video.
Ready, Set, Action!
With these video marketing statistics in mind, you may want to make the studio your next stop. Go ahead, all the benefits of video marketing await.