Video content accounts for 80% of all the marketing material we see online today. Focusing on video marketing in 2024 is a great move for businesses and marketers.
2023 has been a great year for marketers who created more video content for businesses.
Times are changing, and the video marketing sphere will witness a lot of advancements in the coming years. Particularly due to the rise of the famous TikTok reels, and the latest technologies like AR, VR, and AI.
Easy accessibility and ease of targeting prospective clients make video marketing unique and a go-to marketing strategy in 2024.
Importance of Video Marketing
Customers love video content. That’s just one part of the story. On the other side, video marketing helps businesses with brand discovery, brand awareness, and brand engagement. It improves the overall engagement rates of the brands, particularly in the B2B sphere.
If this doesn’t convince you enough, let’s look at the statistics on how video content has revolutionized the way brands leverage and people consume video content.
But first, let’s look into the statistics.
The following statistics are sourced from Wyzowl :
In 2023, 91% of businesses use video marketing and, this is the highest number of businesses endorsing it as a significant marketing tool since its rise in 2016.
96% of marketers believe that video marketing helps them understand their audience better which makes video one of the significant marketing tools.
95% of marketers believe that video marketing has helped them improve brand awareness and make the brand more discoverable.
Video content contributes to the overall search engine optimization. 91% of marketers claim that it has helped them to improve web traffic. 87% of marketers say that video content improves dwell time
Video marketing strengthens lead generation across businesses. 90% of marketers say it has helped them to generate leads.
Video marketing engages customers at a personalized level, thus encouraging them to buy products. 87% of marketers say that video content plays a crucial role in generating sales.
Video marketing like demo videos, and Q&A sessions results in 53% reduced support queries. It minimizes the overall operational costs.
92% of marketers claim it has given them great support and a great return on investment.
Video Marketing as Account Base Marketing
Since video marketing is an outbound strategy, it comes with a lot of challenges. It includes creating awareness, getting attention, and ensuring personalized messaging to make sure your sales and marketing strategies are aligned.
If done correctly, video marketing is an effective account-based strategy — meaning you can leverage it to create campaigns to target your customers through a personalized approach.
Whether it’s just traditional video marketing or the most viral reels, video marketing is helping businesses to achieve their goals seamlessly.
Video Production Trends
96% of marketers actively work on creating unique videos every year. Marketers and brands create videos to keep the audience engaged on social media, email campaigns, websites, etc.
Video is a go-to marketing tool in 2024 for businesses and marketers whether they want to,
- Launch a product
- Introduce a new business idea
- Inform the audience about a company update
- Introduce a new feature in the current product
Video Consumption Trends
Statistics show that people watch at least 17 hours of video content weekly.
Video content is a great start to help your audience understand the product/service. 96% of the consumers say that they watch videos to understand any product during their awareness stage.
The video acts as a great tool to assist your customer in educating and informing throughout the buying journey. It helps them get answers to most of the queries.
- 89% of people claim that video content has helped them through their buying journey. It is particularly helpful in assisting your audience in making buying decisions in the SaaS industry, where customers rely on product demos to make informed decisions.
- 79% of people say that they bought at least one app or software after watching some kind of video.
- 91% of people say they will love watching more videos.
Engagement Rate Trends
People share video content 1200% more than other content on social media, both text and images combined. The engagement rates of video content are higher than all other content types.
Marketers need to monitor engagement rates closely to get a clear idea of what your target loves the most, and what needs to be done to improve the overall engagement rates.
As a result, marketers will be able to create videos that succeed at creating an emotional connection with the brand.
Video content is one of the most shareable content types on the internet. 51% of people reveal that they love to share videos with their friends and family.
The better the quality of your video content, the better the engagement rate is. Create a great hook to engage your customers from the start. Identify the drop rates to adjust accordingly.
How to Measure Video Marketing Engagement Rates
Analyzing, measuring, and tracking the engagement rates of video content will help businesses make informed decisions and leverage this marketing strategy.
Marketers use the following parameters to measure the engagement rates of video marketing.
- Number of views
- Shares, comments, and likes
- Number of clicks
Video Marketing Trends for 2024
YouTube Videos
YouTube continues to be the most trusted video marketing platform in 2024. It is a great place to have professional, and educational videos that are in-depth, authentic, and reliable.
90% of video marketers trust YouTube for its authenticity. Some video types on YouTube include,
- Video tutorials for educational purposes
- Product Demos for product launch
- Technical videos for client boarding
- How-to videos
Live Streaming
23.7% of people watch live streams on social media on their phones. Real-time broadcasting of video content has helped marketers to achieve business goals more than ever before. They can use it to host events, promote products, and increase customer engagement rates.
Live-streaming helps retail marketers connect with the audience at a personal level and share expertise and insights about the products. The share of live-streaming in global marketing is going to get bigger with a great share of live-streaming in China.
Amazon Live Demo Videos
Live streams are creating a huge impact on e-commerce. Amazon live videos are a great way to engage customers with live demos to make their buying journey seamless.
It’s a wonderful opportunity for makeup and beauty businesses where customers are interested in how the specific product works before making a buying decision.
The goal of Amazon’s live demo videos is to entertain the audience and inspire them to take action. Brand influencers create content and use the power of storytelling to generate sales.
They use the personalized video creation format to highlight the products and give the audience a real firsthand experience. The brand influencers build their community and bring exciting new products that customers won’t resist.
Based on your product type, the goal could be to inform and educate your audience. Marketers can give a demo of how to operate an LG washing machine in real-time.
It can also have a Q&A session, where viewers can leave their queries in the comment section and can get answers to the questions live.
- Entertain and inspire the audience with authentic products
- Use a personalized approach to connect and engage the audience
- Inform and educate to make the buying journey easy
Amazon Live Shoppable Video by Delfina
Below is a great example of an Amazon Live Shoppable Video by Delfina. The content creator provides a live demo of a hairstyling product for frizz-free hair. This makes it easier for the audience to know how the product works, and what results they can expect. 
Source
Social Media Shoppable Reels & Videos
Reels
First introduced by TikTok, reels are now endorsed by all social media platforms including Instagram, and Facebook. Reels are your go-to marketing tools, if your target audience is Generation Z. They are just TikTok lovers!
Customers love reels for two major reasons, first, they need to be more interactive, and second, they need less effort to consume the content.
One of the significant features that we like the most is, ‘Inclusion.’ Live captions throughout the videos, and reels cater to the diverse group with hearing disabilities and ensure inclusion.
Shoppable Videos
Shoppable videos on TikTok, Instagram & Facebook give the viewers an immersive experience. The displayed link on the video directs the user to the product catalog or the specific product.
The videos are normally short and often have a short ‘call to action.’ As a result, a customer can make a buying decision in just a few steps.
User Generated Video Content
Just like user-generated content like posts, testimonials, and reviews, user-generated video content has been popular recently. It strengthens your brand credibility, brand awareness, and authenticity. It acts as a word of mouth and can greatly convince potential leads.
Since user-generated videos are created by a variety of customer bases, they are diverse, creative, and have unique perspectives.
A great way to leverage video UGC is to share them on all social media platforms, place them on the website, and include them in your email campaigns.
Encourage your customers to generate video content. It strengthens brand loyalty, and they can become brand ambassadors. This also results in improved lifetime value of a customer.
GoPro Video Challenge
GoPro recognizes and appreciates its loyal customers for documenting their thrilling journeys using its video gear. This contributes to the overall marketing strategy of GoPro.
The brand leverages user-generated videos and images to sustain YouTube channel and other social media platforms.
The best video gets featured on their website and other marketing channels. To participate, all you need to do is shoot, and submit the content and the best one wins the award. GoPro’s #goprosnow contest had around 80K entries on Instagram.
Podcasts
Podcasts are a great way to build industry authority. Marketers can interview industry leaders to discuss the latest trends, innovations, and business news.
The number of active listeners increases every year, and there are 464.7 million active podcast listeners today. This makes podcasts one of the sought-after video marketing strategies.
Podcasts are great because people can either watch them or just listen to them when driving or working out at the gym. It gives them the freedom to consume the content in any format.
AR/VR/AI Videos
Augmented Reality and Virtual Reality have been popular for a while. These technologies are finding a way to be included in mainstream video marketing trends.
They are a great way to provide an immersive experience, enhanced storytelling, and interactive product demonstrations.
With a great blend of real and virtual world, the goal is to give customers a great experience from the comfort of their home. Customers can get a better understanding of product features, benefits, and functionality, providing an authentic, real, and memorable experience.
Factors that Affect the Success of Video Marketing Engagement Rate
Marketers need to consider a few factors to ensure the success of video marketing.
Length of Video
Your video content could be under thirty seconds or a few hours long. The length of your video content varies based on your various factors, including;
- Marketing intent
- Use case
- Target audience
- Channel
- Industry
Quality
Embrace quality over quantity. With so much availability of top-notch video content, nobody will click through a poor-quality video.
Pay attention to the video resolution, sound quality, and image quality that you use. Furthermore, you can outsource video editing or video recording to professionals for better results.
Relevancy
Your video marketing efforts should be relevant and timely. Use your video marketing efforts to inform, engage, and convert your leads as per their requirement at specific stages of the sales funnel.
For example:
An educational video is a great fit for someone who is at the awareness stage. If a potential prospect is searching through your website, and he signs up for your newsletter you can send him a video to educate him about your product/service.
A product demo video is great for someone who has just signed up for the trial version of your product.
A promotional video for people who are existing customers to keep them engaged with your brand.
A personalized video for cart abandonment. Because for ecommerce businesses, cart abandonment could be a potential-missed opportunity. It’s great to leverage this opportunity by creating a personalized video and sending it through email.
Conclusion
With the blend of creativity, innovation, and ease of targeting, video marketing is going to significantly impact businesses in the coming years. It’s a fast-growing marketing tool that ensures great customer engagement, better lead generation, and more revenue.
Keep the latest video marketing trends in mind to make informed decisions and make the most of the video marketing efforts.
