While marketers celebrate and/or panic about the arrival of ChatGPT, one thing is still certain — video will continue to dominate the world of content.
Yes, AI and chatbots may be able to write high-quality copy, prose, code, or even that birthday card you forgot to send to Grandma. In fact, AI is likely to revolutionize many aspects of how we do marketing. But what can’t a chatbot imitate? The powerful human connection that video can forge with audiences.
As marketing becomes more automated, audiences will be crying out for content with the authentic, human touch only video can provide.
So, it’s no doubt that you’ve been thinking about video marketing for your business in 2023. Whether you’ve already integrated it into your marketing strategy, or are wondering how to get started – you’re on the right track.
And if you’re still looking for reasons to get started with video, look no further. Here, you’ll discover 10 video marketing statistics that show why video is the must-have content format of 2023.
From increased video marketing budgets and in-house creation, to ideal video lengths and distribution platforms, in our recent research with HubSpot, 518 global marketing professionals offer their latest insights.
Let’s dive in!
1. 81% of companies have a marketing budget devoted just to video
Today, videos are a need-to-have, not just a nice-to-have. This is reflected in marketing budgets around the world, with the vast majority of companies investing to ramp up their video production.
That’s right, 81% of companies have a budget dedicated to their video marketing efforts, and more than half saw their budget increase in 2022.
And it’s easy to see why…
2. 87% of marketers claim that video was an effective tool for increasing brand awareness
Marketers know that video is one of the best ways to reach audiences and make a lasting impression. The format is engaging, shareable, and demands action online.
With video’s enormous reach, it’s no surprise that almost all marketers agree that it’s an effective tool for increasing brand awareness. And the benefits don’t end there:
- Video increases revenue and sales. Above all, marketers must contribute to their company’s sales. 41% of those interviewed say that the overall ROI from video marketing is high, and 32% think video ROI is better than other types of content.
- Video boosts knowledge sharing and education. These days, most of us will watch a how-to video to quickly pick up a new skill or deepen our knowledge about a topic. Engaging visuals and audio help us learn — and that’s why 86% of marketers say video is great for helping audiences learn more about a product.
- Video Improves customer service (and loyalty). 85% of marketers say video can strengthen audience engagement with a brand. Video is almost like a face-to-face interaction, providing that human connection other formats can’t. The regular engagement that video nurtures can lead to long-term brand loyalty.
3. 39% of marketers say their biggest challenge is a lack of time when it comes to creating marketing videos
Everything worth having takes time. At least, that’s what’s holding back over a third of marketers from reaping the full benefits of video — a lack of time.
And it’s true that video creation can be highly time-consuming when done by traditional methods like through an agency or via dedicated internal teams, for example. But there is another way, as you’ll discover in the next section.
Among other challenges raised is the lack of a video marketing strategy. 33% of marketers find it difficult to establish an effective roadmap that leads to concrete results.
Feeding into this difficulty is a shortage of inspiration, with 29% of marketers saying
that a lack of content ideas stops them from producing videos.
4. Videos have become easier to make in-house for 38% of marketers
The COVID-19 pandemic changed marketing forever in 2020. With face-to-face interactions completely restricted, video proved to be the next-best way to communicate — for businesses and consumers alike.
That’s why 50% of marketers believe that the pandemic elevated video to a whole new level of importance. A renewed emphasis on the power of video has led many marketers to focus their attention on developing an effective strategy.
In doing so, 46% of marketers discovered that creating marketing videos is less time-consuming than they thought. So, what’s in the secret sauce? Online video makers are the key ingredient — and they’re no secret!
With stock image libraries and drag-and-drop user interfaces, online video makers are helping businesses churn out high-quality videos faster than ever before – without inspiration loss.
5. 40% of marketers are able to create their own videos in a week or less
As marketing videos become easier to create in-house, production times have been slashed. What often used to take weeks can now be done in a matter of days, if not hours.
Of course, the time taken to create a video usually depends on a variety of factors. These include the type of video needed, the company’s budget, and the skill level of those creating it.
This is where marketing teams have to weigh up handling the production themselves, or outsourcing to video specialists. A useful principle to stick to is this: if you need a video that’s of TV-commercial quality, consider outsourcing to an agency. If you’re creating social or internal comms videos, it’s worth doing them in-house.
Whichever route you take, the ROI of creating video content remains the same. However, if you’re pressed for time, remember that nearly half of marketers (40%) are able to create their own videos in less time, while outsourcing generally takes much longer.
With video makers like PlayPlay, communication experts can create impactful video content in just 15 minutes — without any technical or editing experience.
6. Video content that showcases products/services achieves the biggest ROI, according to 66% of marketers
From event teasers and news stories, to tutorials and interviews with experts — the sky’s the limit when it comes to choosing your video format.
Different video types serve a variety of purposes, such as thought leadership, brand awareness, or lead generation. But which video type brings in the highest ROI?
According to 66% of marketers, video content that showcases products/services wins in this area. These videos put your product front and center, focusing on its uses and benefits. With such strong ROI and the ability to influence purchasing decisions, no wonder it’s the video type marketers most commonly produce.
7. Switching to a vertical-video-first approach can increase views by 507%
We all do it — scrolling through Instagram or TikTok when we’re supposed to be doing something else. It’s just all too easy to pick up our phones and start scrolling.
These days, most people consume content almost exclusively on mobile. Consumer habits have changed and companies need to adapt their content to match. In fact, most major social media platforms have integrated vertical video as a key component of their future strategies.
Dan Knowlton, Co-founder & CMO of the marketing agency Knowlton, is now operating a ‘vertical video first’ approach to meet this demand. “The data shows that it’s the right one” — switching to a vertical-video-first approach has increased video views by 507% & watch time by 319%!
Thinking about buying a flashy new camera to shoot your next video? You may want to reach for your phone instead.
8. 83% of marketers identify the best short video length as less than 60 seconds
We all know that online attention spans are shorter than ever. That’s why the best short videos get straight to the point. Defined as anything under three minutes, short videos have taken social media by storm and the ideal length is under a minute, according to 83% of marketers.
Instagram and TikTok have become the natural home of short video content. Audiences usually visit these platforms for a quick hit of entertainment, and are more likely to stick with a video that doesn’t demand much of their time.
That said, there is certainly a place for longer video content. Webinar recordings or how-to videos are a great option for increasing user understanding of products or services. Longer video formats allow you to deep-dive into a topic, and YouTube is the ideal platform for sharing them.
9. 53% of marketers generate leads by placing links on landing pages on video ads for social media
Video continues to be an effective lead-generation tool for marketers. One of the key reasons is that it’s so versatile and can be used almost anywhere — your website, landing pages, social media ads, etc.
53% of marketers place links on their social media video ads to generate more leads. Whether it’s a standard link, button, or swipe-up, this trend proves just how much marketers trust animated video content to boost conversions.
How else do marketers generate leads from video?
- 49% place links to landing pages in their video descriptions
- 48% add videos to their blogs or website
- 42% add videos to marketing emails
- 39% use videos for gated content and in-app content
10. For 79% of marketers, the sweet spot for posting is between 2-10 videos a month
Balance is key when it comes to deciding how many videos you should post each month.
On one hand, you need to post content that engages your audience on a regular basis, keeping them hungry for more. On the other hand, you don’t want to overwhelm them and risk losing their interest forever.
79% of marketers say that the sweet spot for posting is between 2-10 videos a month, while only 12% post videos more frequently than that.
Start creating engaging videos
Hopefully, these 10 marketing stats have given you a taste of what video can do for your business. From boosting brand awareness to attracting more leads, video is one of the most effective tools right now for marketers.
To get your hands on even more stats and insights, check out the full report by Hubspot and PlayPlay: The Video Marketing Playbook Trends & Tips to Create a Video Strategy in 2023. You’ll discover more tips about getting started with video, and how to create a winning strategy that sees real results.
And video is easier than ever to create. Equipped with online video makers like PlayPlay, businesses across all industries are producing their own video content in-house — at scale. Brands are saving time and costs on agencies, without compromising on quality.
PlayPlay makes content creation fast, easy, and cost-effective. So, no more excuses — it’s time to create more video content and transform how your company communicates!