It’s well established that video has been one of the top trends in the marketing world for the past decade. But how does that claim stand up to the twists and turns of a global pandemic? The challenges – and changes – brought about by this surreal year have affected us all. At Wyzowl, we’ve published an annual survey on the state of video marketing every year since 2015, tracking usage, spend, channels, and sentiment among video marketers and consumers. We recently launched our seventh Video Marketing Status Report And, in light of the chaos of the past year, it’s perhaps our most fascinating set of finds yet. Our Research Suggests: Video remains a key priority for marketers with usage and spend generally increasing slightly throughout 2020, and planning to increase again in the next 12 months. The pandemic has impacted the video marketing landscape in contrasting ways, while both marketers and consumers view video as a more necessary tool, many have seen restricted budgets and archived plans. The pandemic has overwhelmingly increased the number of online videos people watch. Marketers are feeling more positive than ever about the return on investment video offers as it continues to heavily 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 coming year.
About the survey
Wyzowl Video Marketing Status Survey is an annual report, now in its seventh iteration. Each year, we ask a variety of questions, many of which are the same from year to year, to assess how the video marketing landscape is changing and growing. This time, our survey was conducted by a sample of 813 unique respondents (our highest sample) consisting of marketers and consumers.
The key findings …
86% of companies use video as a marketing tool, up slightly from 85% in 2019. This is the highest point in an overall history of video usage growth dating back to 2016 (the first time we asked this particular question in this one). Additionally, 93% of marketers using video say it’s an important part of their marketing strategy – a 92% increase in 2020, making it the highest percentage of any year since 2015. Perhaps it more surprising is that 87% of video marketers reported that video brings them a positive ROI, a world away from the humble 33% who felt that way in 2015. This could well be attributed to a greater understanding of how to use the video, as well as how to track and quantify its impact.
So what about the impact of the global pandemic? Let’s start with the fact that 91% of marketers feel that the pandemic has made video more important to brands. A fairly substantial 40% of video marketers said their plans to create videos were affected by the events of the past year; about 74% of them said they were more likely to use video and 26% said it was less likely. Around 60% of video marketers say they expect their budget to be hit by 2021, with around 70% of those people expecting a higher video marketing budget and the other 30% expecting it to be lower. 68% of consumers say that the pandemic has affected the amount of video content they have viewed online, and the overwhelming majority (96%) say this has increased.
Looking forward …
All signs suggest that usage and spending are on track to continue growing in 2021. More than 99% of current video marketers told us they will continue to use video in 2021 and 96% plan to increase or maintain their spending (again, a little more than 95% last year). Also, of the people who told us they don’t currently use video, 69% told us that they expect to start in 2020 (this is 10% higher than last year’s figure of 59%.) The net result of this is that We can all expect to see more noise and competition for public attention in the next 12 months. Of course, while this is challenging, it is not insurmountable. It just raises the bar in terms of content quality. The video must be well planned and very well executed.
The great opportunities …
You will be forgiven for looking at these numbers and feeling like the video might be about to hit saturation point. Most of the data on usage, spending, and consumer sentiment can be found in the 1980s and 1990s, where it has been held steadily for several years. But the good news is that there still seem to be underutilized opportunities for marketers to explore around video. Unsurprisingly, YouTube and Facebook are the most used platforms among video marketers, used by 87% and 70%, respectively. But some of the less used video tactics also seem to be reaping real results for video marketers. Most notably, perhaps given global events and an increased desire for remote connection, 2020 seems to have been the year of the webinar. In 2019, only 46% used webinars, but in 2020, this increased significantly to 62%. Additionally, an overwhelming 91% of webinar marketers say they have been successful, making it the most effective video marketing channel of all those listed.
To sum up
The events of 2020 did, and are doing, little to stem the rise of video. In many ways, with people isolated in their homes and some teams working with less budget and resources than before the pandemic, the demand (and consumption) for video has accelerated. It looks like the video will continue its ten-year overnight success story into the next decade. These statistics paint a picture of a type of medium that is almost universally popular with marketers and their audiences, helping to achieve a number of incredibly important goals. You can see the full report, with many more data points, and get a downloadable version by visiting Wyzowl’s State of Video Marketing 2021 Page.