In 2016 social media platforms experienced a huge spike in video based contents from users by billions of video views and millions of new hours of video being uploaded every day. Online video has become a key part of the strategic business model for both brands and marketers as they seek more innovative ways to capture consumer attention. Video marketing enables the future possibilities of digital marketing. Among the various forms of digital marketing such as social media channels, visual materials, articles, e-books, blogs and videos, the last one is surging high in popularity among the digital era audiences. It is highly perceived that 2017 will be a year of video marketing. Right form traditional platforms to all the social Media the one thing that’s gained more attention is the videos.
Video and Marketing go together like peanut butter and jelly..
Featuring videos on website increases the web traffic by 55%. Cisco has perceived that by the year 2018, more than 80% of the internet traffic may be consumed by video content with more than 150 million mobile viewers watching videos at least monthly. The video marketing statistics issued by insivia shows some insight on the pace of the changing market.
- Watching videos online accounts for 1/3 of all the online activity
- 90% of internet users say that watching a video on a product helps them make quick decisions
- 87% of online marketers use videos to promote their products
- 64-85% of video watchers are convinced to buy a product
- 39% executives call the vendors on viewing a video
- Shorter videos are shared and viewed by 37% more than the longer ones
The above data reveals that people are more inclined and convinced by looking at a video. A mere mention of video on the subject line make the viewer’s click the link. Products gain more popularity when they are explained in real-time. 360 degree video gives the satisfaction of viewing a product in person and can increase the sales rate.
A promotional video can increase the sales rate. An internet retailing company, StacksAndStacks.com reports that people are 144% more likely to click on a product and purchase it after watching a product video. The conversion lift is high when the video is short and catchy. The Click-Through-Rate (CTR) of video ads has an average of 1.84% which is marked as the highest CTR of the entire digital ad format.
Live streaming is getting popular among the tons. More advertisers are trying it as it is lively, interactive and catches people’s attention. Creative live streaming video initiatives and campaigns are a way for companies to cut through the digital clutter and have emerged as the medium of choice not only for person-to-person sharing, but also for business-to-consumer (B2C) and business-to-business (B2B) communication. This technology changes the idea of how videos are produced and consumed. And there is another technology that is ready to evolve – Virtual Reality (VR). It is expected this year could make VR possible for all but still there is plenty more to explore in this field.
Popular Online Video Platforms :
Video content is not new to the market. It has been there in the social platforms for some years now. But technology keeps growing and there is a lot we can expect in the year 2017. Social platforms abide to the trend by adapting themselves to the tech growth.
According to sources the age group 18 to 34 watches 64% less TV and more of YouTube videos and list it as their top choice among social networks in video sharing. YouTube tops in the video ad revenue with hundreds of millions of hours of video a day and 76% of marketers plan to increase video marketing through YouTube.
Facebook has been a major video hub next to YouTube. The video ad market has influenced facebook to upgrade to autoplay video, which has massively increased the video viewers list with its impressions count 334% higher than YouTube. The increase in viewers list has increased the vloggers list as well. Facebook has also moved on to live streaming videos and could become highly profitable when ads are allowed in the platform.
Following the path of Facebook, twitter has also introduced the possibility of broadcasting live video directly from its app. This is made possible by Periscope – a live video streaming app. Livestream and Twitch are other live streaming technologies that are gaining popularity. Anyone on twitter can now tweet live video and communicate with the broadcaster.
The biggest mobile ad platform has enhanced its ad formats by adding videos that autoplay. In fact, Instagram stated that over the last six months, the time people spent watching videos on Instagram increased by more than 40 percent. Its idea of 60 second video ads has increased the number of viewers giving markets the statistics on how many watch their video. It is improvement in algorithm helps video marketers better.
There are several other video platforms such as Snapchat which predominantly targets the age group of 16 to 24 . This helps marketers to use videos as a content medium, an interactive base with customers, providing tutorials, marketing their products etc.
Preference % in India:
The global video insight submitted by Vuclip a year back suggests that developing countries are more inclined to the video content than the developed ones. Its comparative study of Indian audience with the developed nations such as the US and the UK gives a statistics that proves the above statement. The number keeps on growing!
Videos with fresh content, high quality and variety in content catalogue are preferred more by Indian viewers than the developed nations.
- 65% of video content are watched through smartphones compared to 49% in developed nations.
- 60% of Indian viewers prefer comedy content and 65% look for new fresh content.
- 85% watchers consume videos with short format.
- 56% of video content were consumed by Indians during travel, whereas this accounts for 46% in developed nations
- 23% of Indian viewers consider buffering as a greatest hindrance while watching a video content.
And because mobile viewers are high in India, Indian marketers have a huge opportunity in mobile advertising. As per a research, by the year 2020 the number of people accessing net through smartphone will touch 600 million. The research team of eMarketer suggests Indian advertisers spending will hit $11.82 billion in 2020.
Looking at the above stats and trends makes one thing quiet clear, with 78% of the whole internet users on earth watching online videos every week any growing business with a well-defined video strategy can grasp tremendous opportunity to engage its target audience and attain success.