What is Video Marketing in 2021
In today’s competitive world there is an increasingly greater need to incorporate Video Marketing into your marketing strategy or risk losing business to your competitors. But what is Video Marketing? Where should you use it? What are the benefits?
In this article we will be answering these questions and more.
What is Video Marketing
Video marketing is using video content to promote or market your brand, product, or service. It should be seen as an extension of your overall marketing strategy. Its main purpose is to to raise awareness, create engagement, and drive sales.
Video Marketing falls under Digital Marketing and it overlaps with Content Marketing.
Does Video Marketing Work?
Here are some interesting statistics that should give you a sense of the importance of video marketing:
- 86% of business use video as a marketing tool (Wyzowl)
- 93% of marketers who use video say that it’s an important part of their marketing strategy (Wyzowl)
- The number of businesses using video as a marketing tool has increased 41% since 2016. (Wyzowl)
- 72% of customers would rather learn about a product or service by way of video. (Hubspot)
- 50% of internet users look for videos related to a product or service before visiting a store. (Hubspot)
What is the Difference Between Video Marketing and Video Advertising
Video Marketing and Video Advertising are often used interchangeably but they do not mean the same thing. The difference between them is that Video Advertising is the paid subsection of Video Marketing. There may be Video Marketing efforts that do not include Video Advertising at all. This may occur if there is no budget to promote the video content.
Examples of Video Marketing
Video Marketing can be used for any type of external Corporate Video. A Corporate Video is a catch all phrase used to describe video communications used for internal or external corporate messaging. There are 9 types of corporate videos:
- Company Profile Videos
- Promotional/Brand Videos
- Recruiting/Training/How-To/Safety Videos
- Investor Relations/Financial Results
- Explainer Videos
- Internal Communication Videos
- Event/Conference/Tradeshow Videos
- Testimonial Videos
- Corporate Social Responsibility Videos
Video marketing can be used to market any one of those types of corporate videos.
Who Is Using Video Marketing
A 2020 Content Marketing Institute Study found that 71% of B2B and 66% for B2C businesses used video marketing. It’s fair to say that the majority of businesses used video content and marketing of that content to stay competitive in their fields.
Where to use Video Marketing
You can use Video Marketing to market Video content on social media channels (such as Facebook, LinkedIn, Twitter, Instagram, and YouTube), on your website, or on email campaigns.
Another way to think about this is that you can use it to market on any channel that you are already using. Remember, it’s meant to be used as an extension of your overall marketing strategy.
Benefits of Video Marketing
1) Video Marketing gives you great Return On Investment (ROI)
Based on the same White Paper study by Wyzowl:
- 89% of video marketers say video gives them a good ROI.
- 83% of video marketers say video helps them with lead generation.
- 87% of video marketers say video has increased traffic to their website.
- 80% of video marketers say video has directly helped increase sales.
- 95% of video marketers plan to increase or maintain video spend in 2020.
2) Video Marketing Increases Conversions and Sales
Video Marketing has been proven time and time again to increase conversions and sales. For example, a Hubspot Study showed that conversions on website landing pages have seen an increase of 80% when a video was added.
According to research from the Aberdeen Group, there is a reported 27% higher click-through rate on video users and 34% higher web conversion rates.
3) Video Marketing Builds Brand Awareness, Trust, and Engagement
Video marketing can be used to build your brands awareness, trust, and engagement. This can be done by utilizing the different types of Corporate Videos. For example, a Company Profile Video can focus on giving a broad overview of your company, products, and services to consumers and stakeholders. It focuses on your purpose, values, history, and messages from high ranking executives.
Some more examples include using explainer videos to help explain your product or service in more detail, testimonial videos to showcase customer reviews, or Corporate Social Responsibility (CSR) videos to promote your charitable initiatives.
A Hubspot study highlighted that 97% of marketers stated that video helps customers understand their products better. When you factor in that audiences retain 95% of a message when watching video content but only 10% when it is text content it further highlights the importance of video content.
4) Video Marketing helps increase your SEO ranking
Search Engine Optimization (SEO) is how your website ranks on search engines like Google or Bing.
Video Marketing can be used to increase your SEO ranking by driving traffic to your website. Website traffic is one of the ranking factors for search engines.
It can also increase the amount of time a visitor spends on your website. This is known as dwell time and is also an important ranking factor.
According to research from Forrester, websites that utilize video in a strategic way on their websites have increased their likelihood of being ranked on the first page of Google by as much as 53 times.
Getting Started with Video Marketing
Now that you’ve reached the end of this article you might be interested in Video Marketing for your business. At Lapse Productions, we are a Video Production Agency that focuses on creating video content that connects to your target market. We will be more than happy to provide you with a free competitive quote for your video.
