A Look at the ROI of Video
In today’s digital world, video is more important than ever before. People are more likely to watch a video than read a blog post or article, and video content is more likely to be shared on social media. Stats, you ask? Absolutely.
- 80% of internet users can recall a video ad they saw in the last 30 days (Hubspot)
- Videos are shared 1200% more than text or images combined on social media. (Market Splash)
- 72% of customers say they would rather learn about a product or service by way of video. (Wyzowl)
- 84% of people say they’ve been convinced to buy a product or service by watching a brand’s video. (Wyzowl)
- Viewers retain 95% of a message when they watch it in a video, compared to 10% when reading it in the text.(Insivia)
- Marketers who use video grow revenue 49% faster than non-video users. (Content Marketing Institute)
TLDR? Absolutely. We’d really be missing the mark if we created an article on the importance and ROI of video – without a video.
Video is Everywhere for a Reason
As you can see, video is more engaging than any other form of digital content right now. And if you haven’t jumped onboard, you’re in the minority. Some 91% of businesses use video in their marketing today. That’s because they know their video content is more likely to be seen, absorbed, and shared by their target audience.
Video is the most shared content for a variety of reasons, beginning with the brain’s ability to process visual content 60,000 times faster than text. Next, the medium’s use of imagery, voice, and sound elicits stronger emotional connections and reactions than text and flat imagery could ever maneuver. Video is the closest medium to real-world experience, and able to portray familiar voices, emotions, surroundings, and sentiments – in a matter of seconds. This makes the content more realistic and relatable, which helps viewers better understand messaging and remember it.
And let’s not forget the fact that it now plays in the corner of your browser after the scroll on certain social media platforms. And if your volume is actually on, you can hear it even if you can’t see it. It’s effective in both delivery and stickiness.
So yeah, video is highly visible. What about its actual impact on the sale?
Video Belongs in Every Stage of the Funnel
When videos are informative, helpful, and engaging, they help build trust and rapport with your audience. They can help those at the top of the funnel understand your offerings – and your ethos. They can provide specs and statistics, helping decision makers understand products quickly and effectively. And they can restart conversations by introducing new improvements, products, or even new, more targeted branding. In short, they drive brand growth,moving your audience from awareness to action quickly and efficiently.
In statistics, they can move your business forward:
- 86% of businesses say that video has helped them to increase website traffic (Wyzowl)
- Nearly 93% of brands say they got new customers due to the videos posted on their social media accounts (Hubspot)
- 83% of marketers say that video has helped them to generate leads (Hubspot)
- Saas companies that had a video in their proposal got a 41% higher closing rate (Proposify)
- Event service companies whose proposals had a video also had a 103% higher closed rate (Proposify)
The ROI of Video
The ROI of video marketing can be significant. As you can see above, it improves conversion rates across the field – and can even reduce staff time spent on Q&A and simple/standard service queries. And those who understand the power of video are going all in. A recent Hubspot survey found that companies that utilize advanced analytics on their video content are highly likely to increase their video production budgets year over year. That makes sense, as another study found 92% of businesses say that video marketing has a positive ROI.
ROI can be increased through creative video use as well. When it comes to video production, you have the capability to really create content that suits every need. A day’s shoot can result in three month’s worth of footage/content: spliced into reels, stories, hero content, brand videos, FAQs, tutorials, and more. The resultant .mp4s can be used across every digital platform, and, if evergreen, reused over time. The video world is your digital oyster. We highly recommend you get to shuckin’.