March 14, 2020

Video Marketing Stats and Trends in 2020

Social media, the rise of Stories and the way in which people consume media have all contributed to making video more important than ever before, meaning it pays to be aware of the video marketing trends for 2020. In fact, 83% of marketers believe that video is becoming increasingly important, which signals the start of more brands using them as part of their digital marketing strategies.

While this is great for those who produce videos, it also shows that soon you will have more competition in this area than ever before. Just as the increased use of email as a marketing channel is making it harder to be seen in crowded inboxes, as well as be viewed as useful to customers, marketers will likely struggle to get engagement from videos as the industry becomes saturated.

This means it is vital that marketers stay ahead of the competition in order to deliver the next big video type at the right time. Ensuring you use the latest techniques or focus on the right areas can help you continue to see returns from your video content. 

Personalized videos

Personalization is a huge buzzword right now and is something that marketers not only need to take seriously but also need to get right. Not only do 72% of consumers say they will now only engage with marketing messages that are personalized, 60% of marketers consider personalization to be a key strategy for improving the quality of their leads. 

Beyond these statistics, personalization across marketing allows you to build a relationship with your audience by providing them with experiences that are tailored to them. This helps you to stand out from the crowd, giving consumers a reason to purchase and addressing their requirements and pain points.

On top of this, 48% of consumers say that they want videos to reflect the products/services they're interested in when it comes to informing their decision making. Interestingly, a further 43% said they want videos to be interactive in order to allow them to decide what information they want to view and when, which could be the next step to video personalization. 

As we’re seeing across marketing as a whole, the one-size-fits-all approach is no longer delivering. A data-first approach can ensure you’re targeting the right audience with the right messaging at the right time in order to increase engagement and conversion. This is why this approach is going to be applied more to video marketing in 2020.

Long-form videos

We’ve all heard repeatedly that the human attention span is shrinking and is now shorter than that of a goldfish – even though a study disproved this fact a few years ago. This has resulted in many marketers falling back on short-form videos in a bid to inspire greater engagement, but this looks set to change in 2020.

While there’s no denying that shorter videos are easy to consume, especially on the go and via social media, they fail to allow brands to form the emotional connection that makes them memorable to consumers.

In 2017, around 80% of videos were under five minutes in length, however, these short videos tended to drive less than a third of overall engagement in video content. In comparison, videos that were 15 minutes or longer resulted in 50% of audience engagement.

These statistics combined with the fact that the average user will spend 88% more time on a website with video content goes to show that long-form videos can help keep people interested in your message and your brand. Long-form videos enable you to tell a story that can make you memorable, as well as help educate your audience – whether about your products or your brand values.

360-degree videos

Smart devices and VR headsets, such as the Oculus Rift, are making 360-degree videos a lot more accessible. As a result, people are more likely to view a 360-degree video than the same video in a traditional format, with Magnifyre finding that 29% more people opt for the 360-degree option.

This form of video also drives a 7% higher purchase intent while simultaneously helping brands stand out from the crowd, as they result in a 12% increase in the belief that the brand is telling a unique story. This means that 360-degree videos can help deliver greater ROI than traditional video formats while also increasing brand awareness and engagement.

One brand that saw great results from a 360-degree video was Kit Kat, which used the format to showcase its matcha chocolate bar. The YouTube campaign resulted in a completion rate that was more than double the average on the video platform. It also managed to deliver an impressive 35% increase in consideration and a 100% rise in ad recall.

It’s no wonder then that 360-degree videos are bound to become a more popular option in 2020. Brands are more likely to embrace the immersive experience they offer in a bid to tell stories and gain engagement.

Considering the fact that video is a powerful content type when it comes to encouraging certain behaviours in your audience, it’s surprising that many marketers are still viewing it as a “nice-to-have” tool rather than a necessity. This means that many strategies are failing to make videos work as hard as they could be. This is why in 2020 brands are more likely to start integrating video across their entire marketing funnels.

As videos are such a hardworking form of content, using them at different stages of your marketing funnel and across different channels can help make the customer journey smoother and shorter.

From videos that explain brand values to those that provide more details on products or services, people prefer to watch videos where possible, with 72% of people preferring to learn about a company via video rather than text.

Videos at the brand awareness stage can help drive people to your website, with 53% of consumers engaging with a brand after viewing one of their videos on social media. They are also beneficial through the nurturing stage, especially within emails, as they can help to increase the click-through rate by up to 300%.

Videos can serve as an interesting and highly engaging way of addressing pain points, providing customer support and helping leads convert to customers, so it’s no wonder that the next year will see them popping up through brands’ marketing funnels.

Videos offer consumers content that can be quickly and easily digested across a high number of channels. From B2C and B2B perspectives, they are effective at answering questions, giving information and creating relationships, making them a must-have for your digital marketing strategy.

However, it is no longer enough to simply create a short video for social media, you need to ensure you’re using videos across your marketing funnel, as well as making use of the latest video formats and techniques in order to remain competitive.

Video marketing remains best performing digital content type, driving more views, more engagement and more response than any other social posting option.

Questions have been raised about the actual viability of video content following revelations of problems with Facebook's video usage metrics, which some have claimed indicate that the prominence of video is not as significant as The Social Network might want us to believe. But for one, the reported errors don't relate to overall video viewing stats, which remain strong, and second, Facebook isn't the only platform reporting higher video consumption and engagement numbers:

For example:

Done right, video content can drive greater response than other social content types. But 'done right' is the key element.

Video has revolutionised the way we consume content because it delivers information in a much more interactive, visual, and entertaining way. Additionally, video is a natural storytelling medium, making it an effective method of persuasion, which in turn makes advertising more compelling.

Millennials' favorite form of content to consume is video. According to a Hubspot study, 96% of consumers between the ages of 18-34 watch videos several times throughout the week, and 75% of millennials watch at least one daily video.

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