As a marketing professional, you know the power of video and the importance of having a dedicated, realistic video marketing budget. But making the case to your company’s decisions makers can be more difficult. When you build a video marketing budget, higher-ups might wince at the amount allocated or even say something like, “We’ll focus on video next year.” Unfortunately, next year is too late. Your potential customers want video content right now, and, if you don’t give it to them, they’ll find video on your competitors’ sites and social media channels. To help you make the case for a proposed video marketing budget, here are 5 compelling video facts (and related video marketing statistics) for 2019 and beyond.
1. Everyone is Watching Video
The vast majority of consumers are watching video content on a regular basis. YouTube is now the world’s second-largest search engine, serving 1.5 billion viewers each month and playing more than 1 billion hours of video each day. In fact, video represented 74% of all Internet traffic in 2017, and that figure is expected to jump to 80% in 2019.
What types of video are consumers watching? Many of them are watching branded content videos — and they are hungry for more. HubSpot Research found that 54% of consumers want to see more video content from brands.
When sharing your video marketing budget, start by stating that your target audience is watching video every day — and that they want more video content from relevant brands. In short, there’s a huge demand for video content that needs to be met.
2. Video Delivers Value
Video content can be used to build brand awareness, grow an audience, educate prospects about products and services, and then to convert those prospects into customers. When evaluating marketing budgets, higher-ups are more concerned with ROI than cost. And video marketing delivers outstanding ROI.
A report on 2018 social media marketing trends found that 88% of video marketers are satisfied with the return they get from videos shared on social media. Also, 80% of marketers are pleased with the return they get from video ads shared on social media platforms.
When your brand invests in video, it gets results. Video allows you to engage with prospective customers in their preferred medium, and video can be used to lead them through each stage of the buyer journey. At the end of the year, you’ll be able to look back at your video marketing budget and see that you got real value and a strong return out of it.
3. Video Converts
Many brands run targeted campaigns that lead prospects toward specific landing pages. The inclusion of video on those landing pages can increase conversions by up to 80%. That’s an astonishing number. What would an 80% increase in conversions mean to your business and its bottom line?
The same holds true for email campaigns. When you include the word “video” in a subject line, open rates increase by 19%. Once your customers have opened an email or clicked through to a webpage, video continues to drive conversions. A Forbes report indicates that 90% of consumers rely on video to help them make buying decisions and that 64% of consumers say that video makes them more likely to purchase.
Even calls to action are more effective when shared by video. Consumers are 95% more likely to recall a CTA after watching video than when reading text only. Again, what would that additional 95% mean for your business?
4. Video Builds Awareness
Different types of videos can be used to address prospects at different points in the buyer journey. That journey starts with awareness, and video is one of the best tools for building that awareness. Social media videos, for example, are an effective method for introducing prospects to your products and services, as well as your brand’s culture, values and personality.
Video marketers enjoy a 54% increase in brand awareness. In time, that awareness translates into qualified leads and eventually conversions.
5. Your Competition is Using Video
If you choose to leave video out of your marketing budget, you’re ceding an important battleground to the competition. Reports indicate that 87% of marketing professionals are using video as a tool.
The average visitor also spends 88% more time on sites with video than on sites without. Imagine your ideal customer is considering your brand and two others. Now imagine that your competitors are using video — and that you are not. Are you comfortable with a prospect spending 88% more time on the competition’s websites, engaging with their content and learning more about their products or services?
Maximize Your Video Marketing Budget?
Once your video marketing budgets gains approval, it’s time to execute. But where can you find a brand video production company that maximizes your video marketing budget? It’s always a good idea to explore several video production agency options. Just keep in mind that not all production companies deliver the quality needed for your video marketing strategy to reach its full potential.
At Ezra Productions, we partner with brands to create the high-quality videos they need. We work with the best talent in the Los Angeles area. We spend time getting to know each client’s video marketing goals and objectives. We understand the new media environment in which you are operating, and we pay attention to detail at every step — working with an understanding that each second of a video matters when it comes to getting results.
After you get your video marketing budget approved, we’re ready to create a final product that meets the highest quality standards and that gets the desired results. Contact us to learn more about what we can do as your corporate video production company.