Despite many of us feeling awkward in front of the camera, video has become an indispensable tool for marketers. Recent findings from Wyzowl, an animation company, reveal that video as a marketing tool has reached unprecedented levels. In their annual marketing trends report, Wyzowl surveyed 528 businesses and industry professionals in November, providing a comprehensive understanding of how video has impacted their business performance and why 2023 is poised to be the year of embracing the camera.
One type of video content that has consistently proven effective is the explainer video. According to the report, from the consumer’s perspective, an astounding 96% of individuals have watched explainer videos to gather more information about a particular product or service. This statistic underscores the enduring significance of delivering clear and concise messaging in video marketing campaigns, irrespective of the video’s length or subject matter. It emphasises that consumers value explainer videos as a valuable resource for obtaining a comprehensive understanding of products or services they are interested in. Therefore, businesses should prioritise creating engaging and informative explainer videos to effectively communicate their offerings to potential customers.

Video has established itself as a formidable force for lead generation and sales. An impressive 92% of video marketers have reported that video directly contributed to their bottom line, resulting in a positive return on investment (ROI). This figure represents yet another all-time high, indicating the increasing effectiveness of video as a marketing tool.

It’s important to acknowledge that the extent of this positive ROI can vary significantly depending on factors such as the nature of the business and the allocated advertising budget. Nevertheless, any positive return is a favourable outcome worth celebrating.

To maximise the ROI and drive it even higher, it is crucial to conduct testing. Instead of allocating the entire budget to one potentially groundbreaking video, it is advisable to allocate resources for producing shorter and longer versions of the same ad with varying music and colour grading techniques. Through this iterative process, it becomes possible to identify which iteration engages the audience more directly and effectively. Ultimately, this approach enables the creation of a captivating video that entertains, informs, and converts viewers with greater efficiency than any static still image ever could. By continuously refining and optimising video content, marketers can achieve increasingly impressive results.

The report highlights that while the number of video views is a crucial metric for measuring the initial success of video marketing campaigns, it should be viewed as a starting point rather than the ultimate goal. Marketers should shift their focus towards quantifiable metrics that directly correlate with Key Performance Indicators (KPIs) to gauge the true impact of their video ads.

Here are some essential metrics that the Vault Marketing team should be considered:

  1. Engagement: Assess the level of audience engagement with your videos, such as likes, comments, shares, and overall social interactions. This indicates how well your content resonates with viewers and generates meaningful interactions.
  2. Leads: Measure the number of leads generated through your video campaigns. This metric tracks the effectiveness of your videos in capturing potential customers’ interest and converting them into leads for further nurturing.
  3. Click-throughs: Monitor the click-through rate (CTR) to evaluate how successful your videos are in driving viewers to take action, such as visiting your website, signing up for a newsletter, or exploring specific product pages.
  4. Brand awareness: Track the impact of your video content on brand awareness by monitoring metrics like social mentions, brand searches, and overall brand recognition. This helps assess how effectively your videos are increasing brand visibility and recognition among your target audience.
  5. Customer retention: Assess how your video campaigns contribute to customer retention by analysing metrics such as repeat purchases, customer loyalty, and customer satisfaction. This demonstrates the effectiveness of your videos in maintaining a strong and loyal customer base.
  6. Conversions: Measure the conversion rate of viewers who take the desired action after watching your videos, such as making a purchase, filling out a form, or subscribing to a service. This metric directly ties video effectiveness to revenue generation.

By focusing on these quantifiable metrics and aligning them with your specific KPIs, you can gain a comprehensive understanding of how your video ads impact your overall marketing goals. This data-driven approach allows you to identify the most effective video formats that drive the desired results for your brand.

The future of video marketing looks promising, with a significant number of respondents indicating their intention to adopt video as a marketing tool in 2023 and beyond. In fact, 70% of those who currently do not use video have plans to start incorporating it into their marketing strategies this year. This demonstrates the increasing recognition of the value and effectiveness of video in reaching and engaging audiences.

While YouTube continues to dominate as the most popular platform for video marketing, it is encouraged to explore other platforms like TikTok and Instagram to tap into wider audience demographics and expand reach.

Insider information from TikTok reveals that the ideal video length is expanding. Currently, the “goldilocks zone” for video length ranges from approximately 21 to 34 seconds. This represents a shift from the 2020 sweet spot, which was between 11 and 17 seconds. However, it is important to note that this ideal length is not expected to grow much further. It is believed that videos exceeding one minute in length tend to cause stress and disengagement among viewers.

Therefore, marketers should aim to create concise and captivating videos within the recommended time frame to effectively capture and retain audience attention. By adapting to the evolving preferences of viewers, businesses can optimise their video content and enhance engagement levels.

In summary, it’s time to take action and leverage the power of video to promote your products and services in 2023. The compelling ability of video to engage, inform, and yield impressive ROI indicates a growing trend of businesses embracing video marketing.

If you’re looking for some icebreaker ideas for your first video, consider the following:

  1. Address Frequently Asked Questions: If you receive numerous inquiries about your product, creating a video that answers these common questions can be a valuable resource for your audience.
  2. User-Generated Content: If consumers are already posting videos featuring your product, showcase these videos in your own content. This not only highlights the popularity of your product but also engages and appreciates your customers.
  3. Tease New Releases: If you have an upcoming product launch generating substantial hype, creating a video that teases and builds anticipation around the new release can be an effective way to captivate your audience.

If any of these scenarios apply to your business, consider it a call to action to start filming compelling video content right away. By leveraging the unique advantages of video, you can create winning material that engages your audience, addresses their needs, and drives positive outcomes for your business. So grab your camera, hold auditions if needed, and get ready to showcase your brand through the power of video.