In this most surreal time capsule we have been locked in for more than a year now, how has video marketing been standing up to the pandemic challenges? The recently released annual State of Video Marketing 2021 report by Wyzowl contains some insightful stats gathered by surveying 813 unique respondents (the highest ever sample for this survey) in December 2020, with the sample including both marketing professionals and online consumers.
The report deals with how the pandemic has affected the demand, consumption and spend on video marketing, and what it will mean going forward. Want to dive deeper? Check out our selection of key takeaways:
- Video ROI highly valued: Marketers feel more positive about the ROI offered by video than ever as it continues to strongly influence traffic, leads, sales, and audience understanding. Consumers continue to use video as an integral part of their journey with brands, and are excited to see even more video content in the year ahead.
- Rising importance for brands: 91% of marketers feel the pandemic has made video more important for brands.
- Increased video creation: A fairly considerable 40% of video marketers said their plans to create video were affected by the events of the last year — with around 74% of these saying they were more likely to use video, and 26% saying it was less likely.
- Increased video spend: More than 99% of current video marketers will continue using video in 2021, and 96% plan to increase or maintain their spend (up slightly from 95% last year).
- A higher video marketing budget: Around 60% of video marketers say they expect their budget to be affected for 2021, with around 70% of those people expecting a higher video marketing budget, and the other 30% expecting it to be lower.
- Consumers watching more videos: 68% of consumers say the pandemic has impacted the amount of video content they’ve watched online, with the overwhelming majority (96%) saying this has increased.
- Easier to create in-house: 51% of marketers agree that companies will make more videos because they are easier than ever to create in-house. Nearly half say that competition will be tougher because the pandemic made video a necessary investment.
- More videos from brands wanted: Nearly 9 out of 10 people report wanting to see more videos from brands in 2021, making video an excellent tool for lead generation and brand awareness.
Apparently, the events of 2020 did, and are doing, little to slow the rise of video. All signs suggest that usage and spend are on course to continue their growth in 2021, along with the competition for audience attention. Keep following our Marketing Bites to discover the most relevant insights for your powerful marketing strategy.