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Videos - Just the Facts

Ernest Hemingway

Nothing Tells a Story Like a Video

"Show the readers everything, tell them nothing." 
 – Ernest Hemingway

Videos are the hottest thing on the internet today. There is a reason why YouTube is the second highest trafficked site on the internet (after Google). Nothing tells a story, your story, like a video.  

A simple video will do wonders. Forrester Research Group says, “video is 53 times more likely than text pages to appear on the first page of a search engine.” People love to view video. In a recent conversation with a client, he told me, “If you put a video in an email; I am watching it.” In fact, if you have a limited marketing budget, a video is a good place to start

Most B2B organizations use video marketing in some manner. Of these, somewhere between 73% to 85% (depending on who you ask) would consider their video marketing to be successful in increasing their brand awareness, educating customers and generating leads.

Demonstration or tutorial videos are the most difficult to create, but they are by far the most effective type of video content, and most useful to consumers. On the other hand, nearly two-thirds of consumers prefer videos to be less than 60 seconds in duration.

Companies that utilize multiple vehicles for their video marketing (e.g., various social networks, emails and landing pages) typically experience the greatest ROI.

How are business-to-business (B2B) brands doing when it comes to measuring their success with video?

Benchmark Reports - Business to Business Video Effectiveness

AdobeStock 5758378In 2014 the video marketing platform Vidyard partnered with Demand metric, a marketing research & advisory firm, to research video benchmarks and trends. Their results indicated the following:

  • Almost 70% of B2B marketers use video in their marketing mix,
  • Marketing budgets for video are increasing, and
  • 82% of B2B marketers reported success with their video marketing initiatives.

More recently, Vidyard sponsored another report about how B2B marketers measure video’s impact. Here are their results:

  • More than one-third of large companies produce more than 100 marketing videos annually.
  • More than  70% of respondents claim that video performs better than other content for producing conversions.
  • 86% of B2B survey participants are using some form of measurement of video marketing effectiveness.

(Note: Details of the survey methodology, including sampling size or collection technique, were not available.)

In addition, according to the most recent Vidyard survey, some best practices appear to be emerging, specifically, the combo approach to video distribution. In other words, organizations that host video on a combination of their own website and external websites, such as YouTube, are seeing the greatest ROI on their video marketing efforts.

Here’s Vidyard’s checklist of the best places to share your video marketing content every time you have something new:

  1. YouTubeAdobeStock 56098631
  2. Website/campaign landing pages
  3. Email signatures
  4. SlideShare
  5. Facebook
  6. Twitter
  7. LinkedIn
  8. Instagram
  9. Pinterest
  10. Google+
  11. Sales assets
  12. Blogs
  13. Press releases
  14. Partner blogs

Ascend2’s Video Marketing Survey

Another 2016 survey was recently conducted by research and marketing firm Ascend2. The 280 online respondents included US and international marketing, sales and business professionals and represented a range of demographic roles, channels and company sizes.

According to Ascend2, the most important objectives of an effective video marketing strategy are:

  1. To increase brand awareness
  2. To increase online engagement
  3. To improve customer education, and
  4. To increase leads generated.

However, the company’s survey results indicated that video marketing is rated as “very successful” at achieving these important objectives by only 25% of companies. Another 60% of the respondents rated video marketing as “somewhat successful.” So 85% of the companies surveyed recognized value in the use of video marketing as a strategy. The remaining 15% did not.

Ascend2 also found that the most challenging obstacle to video marketing success is lack of an effective strategy, according to 48% of those surveyed. Other challenging obstacles included: Lack of compelling content, inadequate video budget, and lack of production resources.

Content Matters

AdobeStock 114304499About half of the marketers surveyed consider customer testimonials, explainer or tutorial videos, and demonstration videos the most effective types of video content used. However, these were also considered by the respondents to be the most difficult types of video to create.

In comparing the most effective types of video content with the most difficult to create, Ascend2 found that explainer or tutorial videos and demonstration videos are nearly twice as effective as they are difficult to create. On the other hand, project reviews or case studies are much more difficult to create than they are effective.

Finally, the Ascend2 report found that video marketing effectiveness is increasing for 87% of respondents, with 43% saying the increase is significant.

Hubspot Video Marketing Stats

Hubspot, an inbound marketing and sales software firm, recently compiled the following video marketing statistics:

Product Video

  • Four times as many customers would rather watch a video about a product than read about it. (Animoto, 2015)
  • Almost 50% of internet users look for videos related to a product or service before visiting a store. (Google, 2016)
  • 53% of smartphone users feel more favorable towards companies whose mobile sites or apps provide instructional video content. (Google, 2015)
  • 4 in 5 consumers believe that demo videos are helpful.
  • Shoppers who view video are 1.81X more likely to purchase than non-viewers. (Animoto, 2015)

Social Video

  • 39% of marketers plan to add Facebook video to their content strategy in the next year. (Adobe, 2015)
  • 45% of people watch more than an hour of Facebook or YouTube videos a week. (HubSpot, 2016)
  • 100 million hours of video are watched every day on Facebook. (TechCrunch, 2016)
  • 82% of Twitter users watch video content on Twitter. (Twitter, 2015
  • 90% of Twitter video views are on mobile. (Twitter, 2015)

Video Analytics

  • 55% of people consume video content thoroughly. (HubSpot, 2016)
  • 43% of people want to see more video content from marketers. (HubSpot, 2016)
  • Marketers who use video grow revenue 49% faster than non-video users. (Aberdeen, 2015)
  • Nearly two-thirds of consumers prefer video under 60 seconds. (Animoto, 2015)
  • 51.9% of marketing professionals worldwide name video as the type of content with the best ROI. (Adobe, 2015)

HyperFine Media Research

In May of 2016, HyperFine Media, a video production company based in Manchester, England, collated a list of the most important video marketing stats. Here are the stats that pertained specifically to business-to-business marketing:

  • 50% of executives look for more information after seeing a product/service in a video.
  • 65% of executives visit the marketer’s website and 39% call a vendor after viewing a video.
  • 96% of B2B organizations use video in some capacity in their marketing campaigns, of which 73% report positive results to their ROI.
  • 75% of executives watch work-related videos on business websites at least once a week.
  • 59% of executives would rather watch video than read text.

(For the complete Infographic, detailing conversion rates, user identification, user interaction, spending and content, click here.)

Conclusions on Videos - Don't be Left Out

  1. Video marketing has a significant positive effect on the bottom line for B2B organizations.
  2. Short demonstration videos should be used often. (For instance, organizations might consider creating a separate video for each step of a process.)
  3. B2B organizations should take advantage of the multiple outlets available for their video marketing, specifically all the various social networks. 

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Sources: 

Vidyard.com

Tubularinsights.com

Ascend2.com

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