Video as a Communication Medium
Statistical Predictions on The Future of Video for Different Industries
The video market is proving to be highly dynamic, due to various factors and drivers that include but not limited to, digitalization, new market offers, and disruption by critical digital players.
- Today, 92% of marketers are convinced that video plays an essential role in marketing, and this strategy could be applied even more aggressively in years to come. Video usage stood at 78% in 2015 and has continued to increase in 5 years and is expected to continue growing in the next five years.
- One of the biggest drivers of video use as a marketing strategy is a positive ROI. Five years ago, only 33% of industry players were convinced of the effectiveness of video use. Today, the number has shot to 88%, which proves that consumer sentiment toward videos is undeniably stronger. The number is expected to go higher in the future.
- Video has continued to show growth as it is the most commonly used format in content creation, taking over infographics and blogs. Promotional videos and brand storytelling videos are especially becoming the most frequently used videos by marketers.
- Studies show that 87% of video content creators have seen an increase in their website after using videos, while 80% of video marketers agree that they have increased sales through videos. These marketers say they will continue using videos in the future.
- Corporate outfits and various mainstream industries have embraced video usage as a marketing tool. Reports indicate that the average person spends 25 videos each day, while 3.7 years of video footage is uploaded to YouTube every nanosecond.
- Millions of business videos will continue to be created each year. It is expected that business videos will have better integration with marketing; the metrics will be more precise; videos will be more personalized and customized.
- Other than marketing agencies, e-commerce platforms are using digital sites such as Facebook to post videos as a marketing tool. Nonprofit organizations are also using videos to explain their cause and to fundraise.
- The ROI has been impressive, despite a few challenges, such as the risk of failure after spending much money creating the videos. However, many agencies that specialize in content creation for industries can be a great way to create high-quality and attention capturing videos for better engagement and ROI.
- Other industries that have continued to use videos include; finance, travel and tourism, education, healthcare, and SaaS (Software as a Service). These industries and more are expected to continue benefiting from using videos as a marketing strategy.
Video is quickly becoming a valuable marketing tool in various industries today. In the recent past, industries such as manufacturing, real estate, travel and hospitality, public relations, e-commerce and SaaS, have benefited from this strategy.
- Studies show that internet users today prefer videos over photos and texts. For instance, in 2019, manufacturing companies using videos generated 66% more qualified leads, proving that a video is a powerful tool for influencing buying decisions.
- Besides driving traffic, the manufacturing industry has used videos to keep website visitors interested and feel the urge to peruse through the products. A higher retention rate is ideal for SEO and search ranking. Through videos, many manufacturers have increased their conversion rates and influenced decision-makers. One of the most popular video marketing tips that most manufacturers are using today is including customer reviews and testimonials.
- Manufacturers such as Dove and Benefit Cosmetics are exploiting video messages through a series of live videos. Dove has been creating viral videos using the hashtag #ChooseBeautiful, where they engage their audience and welcome them to share personal experiences on video. Benefit Cosmetics started a tradition of going live every 4 PM, where viewers learn about the products and services offered by the company. The video includes welcoming questions from the audience and answering the questions.
- B2B video content is relatively new, especially in the manufacturing industry. However, it has proven to be an effective tool for sales and marketing, and this explains why it has dramatically increased in the past few years. Most manufacturers in various sectors, such as food production, are embracing this concept are producing videos that highlight their equipment, products, and services, with music in the background.
- Aggressive marketers within the manufacturing industry are creating content that involves engaging an explanation on what goes on during the manufacturing process, the features and functions of the machinery or equipment involved. To engage the audience and give a more personalized, informative explanation, marketers within the manufacturing industry include the perspectives of technical professionals such as engineers, to give these videos a human touch.
- Survey findings show that 79% of millennials and Generation Z demographic use Facebook, while 67% of this demographic uses Instagram. Of people aged between 30-49 years, 82% use either Facebook or Instagram. With these statistics, it is evident that realtors that post videos on social media are likely to attract the majority of homebuyers for the foreseeable future. In 2019, experts predicted that digital advertising would comprise more than half of the total ad spend at $336 billion by the end of 2020, as the world is trending away from traditional media such as billboards and magazines.
- Videos have a real-time element compared to pictures or texts. Unlike photos, videos, especially impromptu house tour videos, can perfectly capture people's attention, thus conveying a sense of space or flow. Nowadays, real estate agents use videos to educate their social media followers, on things they value and notice in a property.
- More real estate companies are using videos to market properties. Often, real estate companies will hire a marketing agency to provide custom-made campaigns and marketing strategies. Alternatively, some real estate companies are outsourcing marketing services for specific offerings and completing marketing tasks.
- Warburg Realty, New York, is one of the real estate companies that have benefited from posting videos on Instagram. By sharing property tours on Instagram stories, the company has piqued the interest of potential buyers. Instagram is a popular platform, and real estate brokers and interior designers exploit this platform by sharing videos on their platforms to target potential clients.
- While photography dominates social media, videos have a higher value than the other content. Viewers have become numb to pictures, whereas videos, especially those that have been professionally shot, are intriguing and likely to capture audiences' attention. Videos have a real-time element compared to pictures or texts.
Travel and Hospitality
- Through video content, the travel and hospitality industry stakeholders have helped customers and their potential customers tell hotels apart as they select their accommodation, especially in new environments. While photos are ideal for showing things such as exotic foods, video content does more. More so, video content bridges the gap by giving customers, both existing and potential ones, a more in-depth experience or hotels, restaurants, and destinations.
- Nowadays, more hotels use video content to focus on what gives them more edge over the competition. In this case, hotels, restaurants, and destination marketers can use video content to showcase the menu, cooking demos, recipes, behind the scene clips of the world, or ambiance of the location. Video content is ideal for restaurants and food businesses in general.
- Limerick Strand Hotel is an ideal example of hotels that have benefitted from a virtual reality tour. In this case, the tour looks like an actual excursion, which allows potential customers to enjoy a thorough tour. Virtual reality is not only entertaining but also convinces potential customers to try out the hotel.
- The travel and hospitality industry has found a way to leverage video marketing to a high degree, especially when advertising new hotels. In this case, marketers are showcasing new hotels through a virtual reality where would-be guests are taken on a virtual tour of the grounds and services offered by the hotel.
- Compared to photos and other forms of advertising, video advertising is more convincing as it conveys the qualities of a hotel or destination, thus capturing the attention of the target audience. Video advertising in the travel and hospitality industry can be in the form of; user-generated content, event recap, employee spotlight, behind the scenes, virtual reality tour, or brand marketing.
- Nowadays, top public relations (PR) firms such as Finn Partners and Edelman, are abandoning the traditional methods of content creation and taking the reins in their own hands by using video content to appeal to their audiences. Through high-quality videos, content creators make highly effective videos for campaigns across social media pages. Most PR firms are opting to use in-house video creating strategy, instead of sharing auto-generated content or content created by other brands or businesses. Today, more PR firms are using video marketing software to create personalized content, while some are forming their studio to produce high-quality video content for their audiences.
- PR firms are optimizing their content to reach an even bigger audience and increase brand value and create content that will attract people's attention. Studies indicate that using videos as a marketing tool can improve the audience's trust in a brand. More so, 93% of people search for video content to learn more about an organization and its services or offers. PR firms have also learned that video content is not just enough, as there is a need to improve SEO and enhance media pitches. These methods have been known to increase audience engagement and growing customer base at least 49% faster than other strategies because the audience is likely to share video content 12 times more across social media than photos and text combined.
- PR firms are applying various strategies to create marketing videos that will resonate with their audiences. These strategies include inspirational videos, quotes, flat lays, motivational images, and influencer shout-outs. Educational videos provide training, answering FAQs, and free resources, while conversational videos are meant to create a buzz and show the authenticity of a brand. PR firms understand the need to connect with their audience, which explains why connection videos are becoming popular, where brands show behind the scenes, product reviews, events lifestyle, team, and clients. Promotional videos are also a popular way of capturing the audience's attention through self-promotion, webinars, and podcasts. Brands are using video content to shine and highlight their accomplishments to their audience.
- As online shopping continues to become popular, the internet continues to play an essential role in growing and developing this industry. As a result, e-commerce players have invented new advertising methods to stay afloat, as customers are spoilt for choice with many e-commerce platforms sprouting up today. Video has proven to be a powerful tool for sellers to sell.
- Mega retailers online such as Zappos, are using product videos to entice their customers. Amazon vendors are also using this tactic to appeal to their target audience in an otherwise crowded market. Original video content helps customers identify a brand's ethos, and associate it with its values, rather than just a service provider.
- Making a product video is complicated as there are many factors to consider, such as vertical, target audience, and customers' expectations of what they want to see. Seeing that different customers have different needs, e-commerce marketers are tasked with the duty of ensuring that they curate content that will impact positive purchasing decisions. In this case, online retailers create videos that tell a story with context, short and concise videos, and videos with a human aspect.
- Ecommerce retailers have experienced the positive side of using product videos to increase conversion rates. The task is always to convert website visitors into actual buyers, and videos have proven to be effective. Analytic reports show that 85% of website visitors are likely to purchase a product after watching videos on those products.
- Reports show that 40% of people want to see more video content created by e-commerce brands than outsourcing, as it is more engaging and creates room for interaction. Videos break the monotony of texts, photos, and other auto-generated messages. Besides, customers react more positively to video compared to other media. As a result, 45% of marketers have turned to platforms such as YouTube, while 41% are using Facebook for content creation and distribution.
- While social media platforms such as YouTube, LinkedIn, and Instagram are shaping the way people consume video today, Software-as-a-Service (SaaS) companies have been taking stock on how to create their video content strategy. The survey shows that 59% of senior executives would rather watch a video than read an article. In comparison, 72% of the target audience would instead learn about a brand through video than other means. As such, SaaS marketers have been using video content to market and appeal to their target audience.
- SaaS companies such as Shopify, Microsoft, and SurveyMonkey are using video marketing. The average attention span of an internet user is 8.5 seconds, and this explains why videos are fast taking over blog posts in content marketing. Studies show that 55% of web visitors read articles for less than 15 seconds before losing interest. However, video content can nail the average attention of a visitor for 12minutes.
- SaaS companies are learning not only the importance of video marketing but also the importance of using the right context, mainly because software often lends itself to visual representation. Whether a SaaS company offers a secure, shared drive, or innovative CRM, the aesthetic design factors have proven to be an essential aspect and can bring impressive conversions. To attract visitors and increase conversions, SaaS companies are making demo videos, including case studies and testimonials, before promoting them on social media platforms and through paid campaigns.
New Products and Technologies
As technology continues to evolve, new products and technologies continue to be released in the market to improve the work of content creators, and give audiences a flawless experience. Some of the new products and technologies in the market today include; RODE VideoMic Pro+ microphone, Data Scorytelling Technology, Atomos Shogun Inferno Recorder, Wearable Technology, Sennheiser HD 380 Pro Noise Cancelling Headphone, 5G & Wi-Fi 6, and Tripods.
RODE VideoMic Pro+ microphone
- The VideoMic Pro+ is the newest shotgun microphone by a shotgun that is designed to be mounted on top of the DSLR/CSC camera. Given its predecessor's success, this new version has undergone improvements such as its battery door that makes switching batteries easier.
Data Scorytelling Technology
- Texts with visuals are becoming increasingly satisfying to the audience. Data scrorytelling improves visualization, which has made it easier for content creators to present data in interactive and bite-sized chunks, thus increasing interaction. As scrolling takes over clicking, the transition between different multimedia data has been made effortless by this technology.
Atomos Shogun Inferno Recorder
- The Atomos Shogun Inferno recorder has HDR monitor-recorder that is meant to help content creators make the best of the camera’s sensor and capture shots to their fullest color, and also enjoy the dynamic range.
- Seeing that recorders are extremely versatile bits of kits for video content creators, the shotgun inferno is an important element in widespread adoption. The shotgun revolves around a 7in, 1500nit screen, making it easier to show HDR video even with daylight, something that cannot be achieved with the little screen behind the regular camera.
- Wearable technology is bringing a paradigm shift in the way consumers access the content. The Apple Watch is an ideal example of wearable technology that tells the latest news and updates briefly before the wearer has the time to get full news. Thus, wearable technology provides reporters or content creators with an opportunity to deliver content in trimmed-down formats while maintaining the essence of the story.
Sennheiser HD 380 Pro Noise Cancelling Headphone
- The Sennheiser HD 380 Pro Noise Cancelling Headphone includes a 3.2-foot coiled cable extension and 1/8 jack connector. The headphone design is meant to provide significant passive attenuation of ambient noise so the user can isolate the audio recording without interruptions from outside noises or any noise cancellation.
5G & Wi-Fi 6
- The 5G data and WI-FI 6 networks can enhance speed, thus ushering in mainstream and augmented reality. With these data networks, data delivery runs almost 10 gigabits per second, thus creating a flawless experience for both the content creator and the audience.
- Video tripods come with necessary adaptations that help content creators lock the camera down. The Sachtler Flowtech 75 MS Carbon Fibre Tripod is one of the best tripods in the market. Unlike regular tripods, Sachtler Flowtech 75 MS Carbon Fibre Tripod does more than holding the camera down as it is also designed specifically for moving images.
Video Marketing in Different Industries
There are various ways that video marketing is used in different industries, such as; education, medicine, oil and gas, agriculture, automotive, advertising, and finance.
- Medicine is a complex industry. Healthcare providers have resorted to using videos to help patients understand not only the bigger picture but also the small vital details. The medicine industry is making videos to help clients select insurance plans and make the most out of benefits. Doctors and hospitals are making videos to educate on standard procedures.
- The University of Pittsburgh Medical Center (UPMC) is a prime example of how video marketing has influenced the medicine sector. By featuring patients and doctors who share their experiences, UPMC gives detail and engages its audience fully. On the other hand, Cleveland clinic marketers shoot videos within the facility while engaging patients and their families, doctors, and nurses. The stakeholders share stories of their ailments and the recovery process.
- The finance industry, and particularly the banking sector, has embraced the use of videos as a marketing strategy and as a way to foster a sense of trust with clients. Through explainer videos, banks are helping their customers know about a banking institution, and educate clients on everyday transactions such as making deposits and payments.
- Citibank and Bank of the West are some institutions that use video as a marketing strategy. Citibank's video content is accessible to anyone through Citi Entertainment, where viewers can access the bank's content on social media or email. Bank of the West creates educational video content to educate their customers on money matters and other essential topics such as climate crisis and sustainability.
- Even as video marketing continues to become popular, the advertising industry is tasked with increasing user engagement for its clients, increase conversions, and brand awareness.
- Nogood advertising company is using video marketing to prove that it is better than other content media. Nogood delivers content on channels such as Facebook, YouTube, and Instagram, consistently, and the results have continued to be exceptional. Harmon Brothers is an agency that has continued to prove that video marketing can yield some of the most successful campaigns in the world. Some of the agency's best works include; Squatty Potty, Poo-Pouri, and Fiberfix.
- Most car dealers are currently taking advantage of video marketing on their websites. In 2019, reports indicated that marketing through increased conversions by 80% in the automotive industry. Thus, proving that video marketing is no longer an optional tool, but a necessity for car dealerships.
- Toyota, through video marketing, managed to market its Prius Prime plug-in to its target audience; tech-savvy drivers aged between 18 and 49, with household incomes of around $75,000, who are not only economical but also environmentally conscious. Audi and Cadillac are running tests on VR viability in the dealerships. The intention is to allow their consumers to test and configure car features at a convenient location.
Oil and Gas
- The oil and gas industry is moving away from traditional forms of advertising and embracing new-age content creation, especially on social media platforms.
- BP is a prime example of an oil and gas company moving with time and embracing new technologies. Through video marketing, BP has managed to reach its clients worldwide, thus maintaining the global energy provider status. Shell is also another company that has taken advantage of its wide following on social media platforms. Through video, content Shell has continued to keep millions of its social media followers interested and informed on various aspects of the energy market.
- As competition intensifies, the education industry is rethinking its marketing strategies. School rankings and reputations do not hold the same influence they did in the yesteryears. Higher education institutions have particularly embraced new approaches such as video marketing, as this method has proven to be more productive.
- Harvard University and the University of Chicago are some higher learning institutions that continue to benefit from video marketing. These institutions are using platforms such as YouTube to advertise their course and intake and to fundraise for projects.
- Farming equipment, precision agriculture, and the overall industry are catching up to the digital marketing techniques, albeit slowly. Digitization and easy access to the internet has made it possible for stakeholders to advertise products and services through video marketing.
- Farm Market iD has been providing farmers with grower data and creating videos to inform and improve agribusiness strategy, marketing, and sales in general.
- Fastline Digital creates agribusiness video content and shares this content on the internet, specifically agriculture sites.
Video Influence on Business and Customers
Video is expected to have a great influence on both businesses and customers.
Video Influence on Business
Remote Work Will Normalize
- The use of video in communication is expected to see an embrace to full-time remote employment, especially with the continued outbreak of the COVID-19 pandemic. Businesses will, therefore, be able to hold virtual meetings and business briefings via platforms such as Zoom and consequently cut on their operation cost.
Increase in Face-to-face Video Communication
- Eye contact is a major aspect of business communications. Businesses that are suing video-asynchronously “as "video voicemail" (e.g. Loom) or synchronously, as "video conference" (e.g. Zoom with video) -- are a generation ahead.” Video voicemails are business-improving tools that every business should embrace.
Video Marketing for Every Demographic
- While various age groups use different social media platforms to access information and communicate with family and friends, everyone loves video. The use of video to reach different demographics goes beyond when and if the business and target market shifts. As a business, therefore, there is no worry in having to build a presence on an entirely new platform, since the response from the new demographic on video is similar to the old one.
Higher Ranking in Search Engines
- In the current world, where almost every business has an online presence, competition for the top spot is evident. For the big firms with substantial marketing budgets, attaining the top spot on search engines with paid advertisements is not hard. However, for startups and SMEs, traditional search engine optimization (SEO) alone will take a long time to achieve the intended results. Luckily, using YouTube, the second-largest engine, owned by Google, the largest search engine, is a sure way of ranking high on top of the competition.
Video Influence on Customers
Videos for Product Education
- Although videos are not new in marketing, more businesses are creating video content because of their broad demographic reach and relevance even in years to come. On the other hand, customers are spending more time watching product videos on business pages and social media platforms like YouTube.
- Research shows that 72% of customers prefer watching videos than reading texts.
Heightened Mobile Video Content
- Customers are regularly using their mobile phones not only for communication but to access the internet. According to research, “desktop users tend to only stick with a video for about two minutes or fewer. Mobile users, on the other hand, have an attention span of 2.4 to 5 minutes, depending on the device.” With this information at hand, customers will get a lot of information targeted on mobile devices instead of desktop.
More Access to Streaming Services
- A survey carried out using SurveyMonkey Audience on 500 Americans showed that 60% of the correspondents currently using both streaming services and cable or satellite plans to dump satellite or cable in the next 12 months. During this time of COVID-19 pandemic, more customers are spending time using streaming services.
- Netflix, for example, added 15.77 million customers in April. Customers can, therefore, expect to have access to more streaming content from platforms such as Hulu, Disney+, Amazon Prime Video, among others.