Video has been a powerhouse for many years when it comes to business communications, marketing, year-end reports, and more. The stats about video marketing use in 2022 are stronger than ever. If your company still isn’t reaching its maximum video potential, here’s what you need to know:
In 2023, Video Demand Will Continue to Grow
More companies are using more video than ever. There are a few key statistics that every marketer and business leader should be aware of.
First, it’s important to understand the growing importance of video in the marketing mix. According to Wyzowl, 96% of consumers find videos helpful when making purchasing decisions. Last year, 81% of marketers said video helped them increase sales and 87% said videos helped increase online traffic.
It doesn’t stop there—Cisco reported that video content was expected to drive 82% of all internet traffic by 2022. This means that businesses that are not utilizing video in their marketing strategies are missing out on a significant opportunity to connect with potential customers.
Another important statistic to keep in mind is the continued rise of mobile video consumption. According to a report by Cisco, mobile video traffic accounted for 55% of all mobile data traffic in 2018, and that number was expected to reach 75% by 2022. This means that businesses need to ensure that their video content is optimized for mobile viewing, as the majority of consumers will be watching on their smartphones or tablets. And companies should be taking advantage of social platforms for both follower feed and paid advertising videos.
Internal Corporate Video is on the Rise
Additionally, it’s worth noting that the use of video in corporate training and employee development is as popular as ever. Many HR departments are swapping PowerPoints and paper handouts for engaging videos. Training and compliance sessions that are jam-packed with information can be rewatched again when they’re converted to video.
A study by Forbes found that video-based training results in a retention rate of around 50-60%, compared to 8-10% for text-based training. Businesses that aren’t using video already should consider incorporating video into their employee training programs to achieve better results.
Why Some Companies Still Aren’t Using Video
At Tribe, we understand that video isn’t always the right tool for the job. But some companies still aren’t using video at all. Wyzowl’s study found that:
- 30% of people lack the time to create video content
- 18% of people don’t know where to start with creating video content
- 10% of people are unable to convince key decision-makers of the need to invest in video
- 10% of people feel that video is too expensive
- 8% of people don’t create video content because they don’t feel video is needed
- 5% of people are unclear they’ll get a good ROI from creating video content
When companies work with the right production team, they can create videos to be multipurpose and earn a greater ROI. Tribe has worked with corporations that find success from one brand film for many years. Universities have hired us to create campaign videos that double as recruiting films for prospective students. Working with a strong creative agency ensures that you’re getting the most successful video, and that it’s worth your time, effort, and money.
Looking ahead this year, Wyzowl reports that 70% of “non-video-marketers” plan to start using video in their communications tool belt in 2023. Video will continue to play a major role in the business world. Businesses that are able to effectively utilize video will reap the benefits and prove the power of video time and time again. If your company isn’t taking advantage of video yet, it’s never too late to see what a great business video can do for you.