You cannot escape video marketing as either a marketer or an average person. Video marketing is everywhere in the form of internet videos, live streaming apps, television programs, commercials, and so much more. It is the past, present, and future of marketing and the area where there is still the most work to be done.
And as you are also well aware, there is good and bad video marketing. Some videos (most if we're being honest) are relatively ignored, and others still create a lot of backlash for the creators, whether intended or not. Some techniques work, and some are summarily rejected. But which ones, and why? Furthermore, what can we expect from the future of video marketing, and what are some trends driving the modern marketing world?
Here is what you need to know about video marketing in 2023 and some of the key trends and stats you should keep in mind moving forward:
Video marketing is a visually engaging way for brands to reach out and connect with potential customers, catching their attention in a digitally overloaded world. Strategic video marketing considers your customer's location and your brand’s goals and metrics in the sales funnel. For effective video marketing, it is essential to consider the user experience and determine where videos should be placed and in what context they will appear to better reach and serve your targeted audience.
People are used to video at this point, and due to television practically always has been. It has been the primary medium for decades; some prefer video content over others. One can learn almost anything by video through platforms like YouTube, where there is a show or video for every interest and niche topic.
And while we might think that most of the time looking at a screen is spent on the television, that is partially true, but becoming increasingly less true. Look at the following:
The information above also excludes digital TV, which means that live streaming TV might boost the numbers further, and streaming such as Netflix and Hulu is becoming more popular (even if those particular companies might trend up and down). What it does show, however, is that there is a clear trend toward online video and slightly away from television. Television isn't going away anytime soon. People will watch it for the next century, but its makeup and our relationship with it will change.
The data is also about United States adults, which excludes the teens and even younger people who are growing up on computers, tablets, and smartphones today.
On top of the above data, other reports and studies state that we spend about six to seven hours each day watching videos of at least some type. The exact stats will vary based on the research and the year, but it is overwhelmingly clear that we spend an overwhelming amount of our time with technology and video. Video marketing is part of that, and marketers need to know how much we watch.
Related to this, we also all love our phones. The average American will spend about 5.4 hours on their mobile phone daily. That is about a third of one's waking life, depending on sleep habits. And while not everything done on the phone is watching a video, people spend a lot of time watching on their phones, and with better connections and more content, we can expect people to spend more time doing so each day in the future, so mobile marketing is a great way to reach your potential customers.
And the last piece of the time puzzle is social media, which people are addicted to now more than ever. The average person worldwide will spend about 147 minutes on social media daily, up from 145 the previous year. Yet how does this relate to video marketing? Well, video is now one of the cornerstones of social media. Facebook videos and Instagram videos are becoming more popular. TikTok video is all TikTok is for, and it's taking off like almost no other social media network before it.
These pieces state that people are glued to screens more than ever and that marketers need to meet people on those screens if they hope to get people's attention.
If you're a professional marketer reading this, the last section doesn't reveal anything new to you. People watch video content, and they do so a lot. In some cases, they might not like it (perhaps a video pop-up when they're reading an article or checking the weather), but they do watch it, and video ads are often the most effective way to reach people.
Yet to what extent do they believe in video marketing and mobile marketing at that. What level of investment is going into it? Let's take a look:
You will find similar results and thoughts if you look at other surveys and roundups of marketer opinions. In general, marketers know that video marketing is a vital part of the future and that there is no turning back now that we have the technology we do on a grand scale. Video will only become more ingrained in our society, and most people aren't complaining. Marketers will need to adjust and produce content as necessary.
Now that the capabilities are here, we are seeing a massive boom in live streaming and live streaming viewers.
To look at it from a different angle, you can see the numbers grow on Twitch, a popular live streaming site that generally focuses on gaming but hosts other content and events. More people are looking to sites like Twitch (and its most direct competitors Facebook Gaming and YouTube Gaming), as a form of entertainment instead of more traditional television.
How does this relate to video marketing? In some ways, we aren't entirely sure yet. Some influencers connect to their viewers more on a live platform, and others still use it as a supplement to their main content. About 54 percent of live streamed content is still about gaming in some form, so it may be some time until live streaming entirely breaks out of that space.
And while live streaming is still growing and finding its footing in the online and marketing worlds, it should be noted that it is expected to become an industry worth hundreds of billions in the next few years. These predictions don't always pan out, but we expect the volatility here to not be in the popularity of streaming but where people go and what people watch. It might be a wise idea for marketers to invest in live stream ads or start working with live streamers in influencer marketing.
You probably don't need us to tell you that user-generated content is on the rise and getting used more frequently. It might be on social media, or it might be on a video-sharing site; it is here regardless.
Consider how popular YouTube video watching has become over the past decade and a half. While some content creators are more professional than others, and there is no shortage of major brands on the platform, you will find that there is still a root in user-created content made without a professional team. While there are exceptions, and while editing and quality have improved on average over the years, there is no doubt that the average user and individual creator drive the platform. Just take a look at the number of users over the years:
As opposed to more branded and professional content, user-generated content is far more likely to get people's engagement. It does better at converting users to sales and other forms of engagement. People like to feel a more personal connection and are more likely to trust someone who seems like them instead of a company, whether they want to admit it. Consumers consider it 9.8 times more impactful than influencer content when deciding whether to buy something. About 74 percent of consumers use social media to help inform them on what to buy.
And yet, despite this, most brands hardly consider user-generated content from a formal perspective. While brand-generated content can never be user-generated, not all user-generated content is video content. However, brands could benefit from encouraging such content from existing customers when the opportunity presents itself.
The changes in attention span that have been spurred on by the internet mean that getting people's attention via video is more complicated than ever. People are bored with most of the past marketing techniques, meaning video marketing will need to adapt to become better at attracting that attention and keeping people together. You might have already seen and studied new techniques yourself, but let's go over some of the common trends:
And while we're discussing trends, let's talk about some of the major options available to marketers online in today's world:
Many people are deeply concerned with the information large tech companies gather on users. And they have many reasons to be rightfully concerned, especially as we might not be fully aware of how far this information collecting can reach. Nonetheless, it is here as a marketing tool.
About 91 percent of consumers are more encouraged to make a purchase when they see a personalized ad. A majority of people are concerned about the privacy issues involved. Yet most of the time, it does not seem like an actual decrease in efficacy.
Interestingly, about seventy-five percent of marketers do not use behavioral data for their marketing efforts, opening up an opportunity for those who do.
If you are a concerned consumer or if you are a marketer who wants to know what a "fresh start" online looks like when it comes to the content and ads you are shown and recommended, do the following:
The above might not be a clear trend or statistic you can follow. However, collecting data and targeted advertising is the most effective option for understanding how much is affected. It'll help you look for examples the rest of your time online.
However, for those who hate targeted advertising on a personal level, there is hope that regulations and requirements that allow for easier opting-out will save the day. This means that marketers might not wish to go all-in on targeted advertising.
Now with the internet, most videos can have links or web addresses that allow people to get a product right away or learn much more than the ad can say. Some ads might include QR codes, but these are perhaps more effective on static images. In any case, it is easier to have a QR code that provides much more detailed information on a product. Some can lead to a sales page.
There is the concept of the "shoppable video," which lets someone buy a product just a few clicks away from a video shown online. Convenience is king online in a world of short attention spans and endless options.
In this way, video marketing online is far more effective and adaptive than the standard television commercial. There is no shortage of networks, channels, and options, and there is a lot regarding audience targeting. With the proper research, a marketer today can ensure that potential customers are engaged precisely how they would like to be.
Video marketing wouldn't be much to talk about if it didn't work. It has to work to some degree; otherwise, companies wouldn't invest billions into it regularly. However, just how much does it work, and are some strategies that work more than others? Here are some of the stats and numbers to watch:
If you're interested, there are additional statistics to look up on the subject. However, they all say the same thing. Usually, most customers or potential customers are interested in video marketing. In short, it works.
When we look at all these video marketing statistics and how ingrained it is in current society, we need to ask ourselves where it is all headed. While no one can create concrete predictions today, especially where the internet is concerned, there are a few trends and things that are highly likely to happen. Consider the following:
Video marketing has been with us for decades, but the game has changed considerably with the internet and mobile apps. There will be no shortage of changes to come. We hope the information above has given you a baseline to work from in your efforts (whether you are working on an online marketing strategy or seeking understanding). Given how everything is constantly moving forward, keep paying attention and do more research on your own. You'll see the trends few others can and feel much better about it.
