Video marketing is set to increase rapidly over the coming years, according to a new research from Wyzowl. The State of Video Marketing 2018 report, based on the answers of 570 marketing professionals and online consumers, notes that a whopping 81% of businesses already use video as a promotional and marketing tool – up from 63% in 2017.
At the same time, 65% of businesses who aren’t using video right now, plan to do so in the future.
With the average person now viewing more than 1.5 hours of online video content a day, it’s hardly surprising that 82% of companies are planning to spend big on video advertising in 2018.
Wyzowl also determined the effectiveness of video marketing. A resounding majority (97%) of marketers agree that video has led to increased product or service understanding among consumers. Another 76% also admitted that video marketing helped to boost sales and 76% said it drove up traffic.
This may be attributed to a growing number of people now viewing videos that explain products or services. Videos are becoming a first port of call for many consumers to find out more about a product they are interested in. In addition, the format is beginning to act as a decisive factor in persuading them to buy a product or not. That’s particularly true for software.
Interestingly, consumers aren’t shy to sharing branded videos which they have enjoyed viewing, with 83% of people saying they would do so.
Some of the core emerging trends from the report include that of the 87% marketers who have published video content on YouTube, 90% found it to be effective.
Facebook is also considered effective for video among 87% of marketers. Meanwhile, fewer advertisers have utilized Instagram (41%) and 78% found it to be effective. Similarly, just 39% tried Twitter user and 70% said it was effective.
Bad news for Snap Inc though, Snapchat video has only been trialled by 11% of advertisers and a mere 27% said it offered effective ROI. A mere 9% of marketers are planning to use it in 2018.