The growing importance of video marketing in 2023

The trend of videos is growing, and so is video marketing. Now, videos are not confined to family photo collages created to preserve memories.

It has gone far, becoming an important aspect of content marketing and one of the most demanding types of content.

In fact, branches of digital marketing, like viral marketing or influencer marketing, gave wings to video content.

Creating lengthy videos was seen as time-consuming among people, but those short Instagram reels and TikTok videos, and their ability to go viral, just changed the whole scenario- Not for individuals but for brands also.

Explainer videos, funny videos relevant to the product or service, tutorial videos, and many more have become a tool for brands to reach their brand message quickly and easily.

But that does mean the popularity of YouTube has gone less.  In fact, that still remains on top, with more than 2 billion users watching videos for 1 billion hours every day.

Still, even if they are short, creating videos takes time and some sort of skills in video making and editing.

But guess what?

The AI has become a saviour in this scenario.

AI video generators now seem to eliminate the lack of time or skill hurdles. With AI video generators, you can type scripts of whatever you want the video on, and the tool quickly generates.

Here are the Top 5 AI Video Generators to use for social media marketing

The growing importance of video marketing in 2023

The importance of video content in digital marketing is not new. Videos have constantly become a popular way to marketing for the last two decades, or at least since 2005- when YouTube came to life.

But here, we will discuss the growing importance of video marketing in 2023.  We will quote stats from the report of the Wyzowl survey to understand the current scenario of video content in digital marketing.

Remember that platforms like YouTube or other social media channels are not the sole reason for making video content popular.  Smartphones and high-speed internet have also contributed.

Read also: How to make your digital marketing successful?

Why is Video Marketing Important in 2023?

Video marketing is important for the competition.

According to the Wyzwol survey, most businesses rely on video content.
91% of businesses say they use video as a marketing tool. If you compare this in the chart below- this is an all-time high.

Note: Image via Wyzowl

Seeing this chunk of businesses using videos, you wouldn’t want to lag behind.

Importance of Video content- based on different types

If we talk about 2022, marketers created various styles of videos. This includes social media videos, live videos, testimonial videos, explainer videos and more.

Topping the list, social media remained the most popular.  Seeing this, it becomes important for you also to make videos a part of your social media marketing strategy.

As we see, the next type of video in the list is “Explainer videos”, with 70% of marketers saying they used them, while demo videos or employee onboarding videos came last.

Note: Image via Wyzowl

Videos give ROI

All businesses want any investment to yield results- so do you.  Videos pay off for everything you spend, including money, time, or skills.

92% of those surveyed say videos yield a good return on their investment. This is the highest so far.

Return in the sense of how people interact with the content or, to be more precise, video content.

Videos usually go viral, giving them more views than any other form of content.  Also, the rate of people engaging with them is quite good, as they are easy to understand.

Here are some KPIs that marketer in the survey said they measure to determine the success of their investment.

Note: Image via Wyzowl

In almost every aspect of marketing, businesses say videos have helped them. Here are some stats.

• 96% of video marketers say video marketing has increased user understanding of their product or service.
• 95% say video marketing has helped them increase brand awareness.
• 91% say video marketing has helped them increase traffic.
• 90% say video marketing has helped them generate leads.
• 87% say video marketing has helped them increase sales.
• 87% say video marketing has increased dwell time on their website.
• 53% say video marketing has helped them reduce support queries. 

Get to know: 5 Misconceptions about Digital Marketing

People love videos

People love to interact with videos. No matter what kind of!

From funny videos to those how-to-do guides, we love to share them with our friends, family and loved ones.  In fact, videos also influence our purchasing decisions.

Maybe that is why we spend our 19  hours per week watching videos, making them the most liked type of content.

When it comes to brand, product or service videos, see what consumers have to say:

• 96% of people say they watch an explainer video to learn more about a product or service.
  89% of people say watching a video has convinced them to buy a product or service.
• 79% of people say watching a video has convinced them to buy a software or app.
• 91% of people say they want to see more online videos from brands in 2023
• 51% of people are more likely to share video with their friends than any other type of content, making video comfortably the most ‘shareable’ type of online content.

Note: Image via Wyzowl

Videos are good for SEO

If ever, in response to your query on Google, you got those snippets showing videos, you will understand how important videos are for SEO.

The reason is that, just like people, Google also loves and prioritises videos. So, whenever there is a query related to a task, an event or explaining or demonstrating concepts, Google shows videos via YouTube.

In fact, not only using videos in place of hero images or as thumbnails of the blog can also make Google display them in SERP.

So, if you embed videos while conducting on-page SEO, you may expect a better engagement rate on your website.

For local SEO also, videos are important. So, if there is a local search query and your video is well optimised for that, chances are higher that Google ranks your video, giving a high click-through rate.

Not a part of Wyzwols survey, but here are some stats that show the importance of videos for SEO.

• Videos are 50x more likely to be organically ranked in Google than text-based results. (source)
• When you include a video on your landing page, it can increase your conversion rates by up to 80%. (source)
• Video Increases Organic Search Traffic By 157% (source)
• 62% of Google searches feature video
• Websites that use video have a 8%conversion rate, while those that don’t sit at 2.8 per cent. (source)
• Ninety per cent of users say that seeing a video about a product is helpful in the decision process. (source)
• People spent on average about 1.4x more time on pages with video than without” (source)

Importance of Videos- social channel-wise

If you guess YouTube is the popular platform when it comes to videos, give yourself a pat on the back!

In Wizowl’s survey, 90% of marketers say they see YouTube as the best site for video content. Followed by Facebook, with 86% of marketers trusting it for video marketing.

Next on the list are Instagram & LinkedIn, both being reliable for 79% of video marketers.

This was all about the trust of marketers in the platforms. If we talk about the effectiveness of platforms for video content, here also YouTube wins the game.

78% of video marketers found YouTube effective for videos.  LinkedIn and Instagram took the second and third spot, with 69% and 67%, respectively, of participants finding them effective.

Note: Image via Wyzowl

Interestingly, Twitter and Snapshot were labelled as the most ineffective channels. More than half of the participants found them least effective when it comes to video marketing.

That’s it

So as of now you must have gotten the idea how important video marketing is for you if you want. If think  making videos takes time and skills,  you can take the help from the AI video generators available in the market.

Moreover, you can also go for a professional content marketing agency like Bitvero if you want to nail in video marketing.