Over the last decade, video marketing has changed and grown into one of the most prominent forms of advertising. With the consumers making the switch to more online platforms, whether it be streaming their entertainment or spending a huge amount of time on social media, online video advertising has found its place and has become part and parcel of the online environment. Ad revenue from online video now funds careers, and now with technology being a lot more accessible, more than ever businesses and companies can take advantage of this form of marketing. As it has absorbed its place into our landscape, it can be hard to imagine a world before getting lost in Facebook videos, but really, just how much has video marketing changed and grown over the last decade? Did anybody predict that it would become this popular and how can we look at the growth and determine our path for the future?
2009-2020: How have has it grown?
In 2009, video marketing was a luxury. To produce quality videos and have the know-how on how to use them in marketing as well as uploading them on the Internet- it was not as straight forward as it is now. This means that only companies that had the real dollars to be able to invest in this form of advertising took advantage of it. While it was predicted that this form of advertising would become popular, just like with anything that is seemingly new, there is always a little hesitation putting money behind something that does not have a proven track record. For the last six years, the Wyzowl’s State of Video Marketing Survey has been gathering data on how video marketing has been used. It was noted that since 2016, video marketing has become an important part of businesses marketing strategies. Jumping from 61% to over 85% of businesses from 2016 till now using video in their marketing and with 92% of businesses stating that video marketing is an integral part of their marketing strategies- the growth has been immense. In 2015 only 33% businesses surveyed stated that video marketing was giving them a positive return of investment, but as marketers and content creators are now having a stronger understanding of how to use video marketing, the number has now jumped to 88%. This shows that was once an out of price form of advertising, much like television advertising, has now become an easy to access option and a vital tool of marketing amongst businesses.
What will the future bring?
Those in the know predict that use of video marketing will only grow from here. With 99% of those who are utilising video marketing surveyed stating that they would continue to use video marketing, and a whopping 95% of them planning to increase the spending in this medium, you cannot deny just how much faith marketing teams are placing in video marketing. This faith is never misplaced, with marketing teams always relying on hard facts and figures- which shows just how powerful this medium is. Of those surveyed who currently do not use video marketing, 59% of them are planning to incorporate it into their marketing strategies. What does this mean for video marketing though, other than growth? It means that the bar will now be set. With more competition, more noise and more opportunities; it means the standard of what companies are putting out there must also grow. It is not enough to simply make a video and put it online. Quality of content, quality of production and overall quality of the video has become increasingly important. As we see this medium grow, and just look back in 2009 and see how much the content has improved to now, we will see not just an increase of video marketing but an increase in quality. What an exciting time for businesses and consumers alike.