The video has been a part of marketing since the 1940s, when the Bulova Watch Company released a 10-second video advertising its timepieces during a Brooklyn vs. Philadelphia baseball game.
Since then, the use of video in marketing has evolved — as have our feelings about commercials. Now, more than ever, video is an essential part of a marketing strategy. Here’s why.
Your Competition Is Doing It
You know that saying, “if your friend jumped off a bridge, would you?” When it comes to staying ahead of the competition, companies not only have to jump, it’s preferable if they jump first.
Every year dating back to 2016, Wyzowl releases a State of Video Marketing Report. 2023 showed record numbers for video marketing, with an astounding 91% of businesses using video as a marketing tool in 2023, up from 61% in 2016.
Of the 9% who don’t use video marketing, 70% plan to implement video elements in their strategy for 2023.
What started out with a few pioneers blazing the trail and revolutionizing marketing has become a well-worn path. In this case, your business can’t afford to take the road less traveled.
The Potential for Going Viral
Going viral requires creativity, relevance, and more than a little luck. However, it carries the potential for an exponential ROI and a significant jump in reach and engagement.
The Dollar Shave Club is a prime example of how video marketing can turn small businesses into profitable enterprises. In 2012, the marketing team at an unknown startup created an interesting, funny video talking about something boring and taboo: shaving. It was edgy, tongue-in-cheek, and connected with what its target audience thinks when it looks at the competition.
Yes, their success comes down to offering a valuable solution to a problem their customers face. However, without that video, they may never have reached so many qualified leads.
The result ten years later? A billion-dollar buyout from Unilever — in cash.
Video offers marketers the opportunity to reach a global audience, increasing their ROI with every like, share, and comment. 92% of Wyzowl’s study participants indicated a high ROI with their video efforts, though the average return was left undefined.
It’s Affordable and Accessible
Creating video content used to be astronomically priced. The process typically involved professional equipment, set shooting days, and a full production team.
Now, businesses can create successful videos from an iPhone using less than $200 worth of equipment from Amazon and an online video trailer maker and editing program.
Part of this is thanks to the evolution of technology. The other part is related to the rise of the subscription model — especially for software.
The upside of this evolution is that small businesses can now participate in competitive marketing. Fledgling entrepreneurs, mom-and-pop shops, Etsy makers, and social media creators can all compete with the large, established brands that have million-dollar marketing budgets.
This aspect of video marketing also pairs well with another burgeoning trend from recent years: authenticity and transparency. 90% of consumers indicated a desire to connect with authentic brands. Video presents an opportunity to showcase the human side of a brand — all without breaking the bank.
Improved Customer Satisfaction
While many businesses focus on video marketing as a medium for acquiring and nourishing leads, it’s also a valuable tool for boosting customer satisfaction and retention.
Video content provides an opportunity to educate the audience about the product, from highlighting the features and benefits to showcasing demos and tutorials.
Bells of Steel is a Canadian fitness brand that offers proactive customer service by addressing a pain point through video marketing: assembling complex gym equipment. Not only do the videos improve customer satisfaction, but they also drive traffic to the site and increase reach on social media — a win-win for all involved.
While video marketing has been a part of doing business for 80 years, it’s a must in 2023. This medium is effective, accessible, and difficult to ignore — both for your customers and your competition.