Welcome back to the second part of our two-part blog series, where we continue our deep dive into the ever-evolving landscape of video marketing in 2023.
As we navigate this era dominated by visual content, the significance of video marketing has never been more pronounced. With rapid developments in engagement metrics, conversion rates, and industry trends, staying well-versed in the latest statistics is not just advantageous but an absolute necessity for businesses striving to excel in the digital arena.
In this article, we will explore the next set of 5 pivotal video marketing statistics that possess the potential to reshape your marketing strategies and open up exciting avenues for success. If you’re ready to tap into the dynamic potential of this medium, let’s continue our exploration of the numbers that hold the key to your marketing triumph.
Unlocking Lead Generation Potential
According to a study by OptinMonster, video marketing yields a remarkable 66% increase in qualified leads annually. The research also reveals a substantial 54% boost in brand awareness among video marketers. Furthermore, an impressive 93% of marketers report acquiring new customers through videos shared on social media platforms.
This surge in lead quality is largely attributed to the educational value that video content offers. Not only does it foster trust between customers and companies, but it also empowers individuals to self-educate about the company and its products through engaging visuals.
These statistics unequivocally demonstrate the undeniable advantages of incorporating video marketing into your business strategy. Looking ahead to video marketing in 2023, it promises to be an effective means of expanding your network and customer base, both now and in the foreseeable future.
Utilizing Video Marketing Across Social Media Platforms
Having established the immense effectiveness of video as a marketing tool and consumers’ preference for brand videos on social media, the next question naturally arises: Which social media platforms are marketers prioritizing for their video marketing efforts?
The latest video marketing statistics point to YouTube as the frontrunner, with a staggering 89% of marketers intending to utilize it for video marketing (Wyzowl). Following closely is the social media giant, Facebook, with seven out of ten marketers planning to incorporate video marketing on this platform.
While relatively new to the video marketing scene, LinkedIn has swiftly risen in prominence, surpassing platforms like Instagram and Twitter to claim the third spot among social media platforms favored for video marketing, with just under two-thirds (63%) of marketers indicating their intent to use video on LinkedIn.
The Impact of Video on Buying Choices
Videos not only captivate users but also wield substantial influence over their decision-making process.
A survey conducted by Wyzowl reveals that nearly eight out of every ten users have made software or app purchases after watching videos produced by brands.
The impact of video marketing extends across the entire buyer’s journey. The same study underscores that an overwhelming 96% of individuals turn to videos as their go-to resource for gaining deeper insights into specific products and services.
Moreover, when even internet giants like Google label videos as “indispensable,” it becomes evident that integrating video into your digital marketing strategy is the right course of action.
According to Google, video serves as a shopping list for users, reminding them of their purchasing needs, equipping them with vital information and confidence to make informed decisions, and acting as a valuable source of product reviews.
The Surging Popularity of Video Content
If the preceding video marketing statistics haven’t yet swayed you toward recognizing its advantages, perhaps this will: the amount of time people devote to watching online videos is steadily on the rise.
In 2023, the typical viewer now allocates a weekly average of 17 hours to consuming digital video content (Statista).
For businesses, this presents a golden opportunity to connect with consumers through online videos, but understanding their preferences is paramount. The latest statistics on online video consumption reveal that a remarkable 92% of internet users worldwide engage with digital videos on a weekly basis. This encompasses a wide spectrum of content, ranging from music videos and tutorials to gaming and influencer-driven videos.
Music videos stand as the most favored category among internet users, with nearly half (48.9%) tuning in at least once a week. Following closely are comedy, meme, or “viral” videos, capturing the attention of just over one-third (34.7%) of global internet users. Video live streams rank third in popularity, with 27.4%, while tutorial or how-to videos maintain a solid presence, attracting 25.9% of the online audience.
The Impact of Video on Internet Traffic
As the popularity of video continues to surge, it comes as no surprise that its presence in internet traffic is steadily on the rise.
In 2022, it was estimated that a substantial 82% of global internet traffic originated from video streaming and downloads (Cisco). This marked an impressive 88% increase in video’s share of internet traffic, up from 72.3% in 2017.
To offer further perspective, the monthly consumption of internet video in 2017 amounted to a staggering 56 exabytes (equivalent to one billion gigabytes). This astonishing figure witnessed an extraordinary fourfold increase, soaring to 240 exabytes per month by 2022.
The surge in video consumption isn’t limited to pre-recorded content alone. The same study by Cisco reveals that live internet video traffic experienced a remarkable 15-fold growth over the five-year period from 2017 to 2022.
In 2022, live video accounted for a significant 17% of the total internet video traffic share—a noteworthy video marketing statistic to bear in mind, particularly if you are contemplating the use of platforms like Instagram or Facebook for live video marketing in your ecommerce business strategy!
Final Thoughts
This wraps up our overview of video marketing statistics for 2023. We hope this has provided valuable insights into how video marketing can benefit your ecommerce business!
For those contemplating an investment in video marketing, it’s worth noting that you don’t necessarily require a substantial budget or external resources to embark on this journey. Smaller companies can compete effectively in the realm of video production. A prime illustration of this is the success story of Dollar Shave Club, which transformed from a viral video sensation into a billion-dollar brand. This exemplifies that you don’t need an extensive cast and crew to kickstart your video marketing efforts today.
Ready to Transform Your Video Marketing Vision into Reality? With global services and Final Cut HD Editing Suite, we create top-tier videos for your dream projects. Get in touch with us today!
