2024 State Of Video Marketing Report

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We gathered the video marketing statistics below by surveying 486 unique individudals in Q2 2024.
Our sample included both marketing professionals and online consumers.
We separated these groups with a preliminary question, to make sure that respondents were only asked questions relevant to them.

Section 1: Video Marketing Usage

πŸ† 89% of businesses now utilize video as a marketing tool, maintaining a peak since we began tracking this data in 2016.
πŸ”‘ 90% of video marketers consider video a crucial part of their overall strategy. Although this figure is slightly lower than in recent years, it's still higher than when we first posed this question in 2015.

Reasons for not using video marketing:

⏰ The primary barrier to adopting video marketing is a lack of time, with a quarter of marketers citing this as their main challenge.

πŸ€‘ 22% of marketers avoid video due to its perceived high costs.

πŸ€” 18% of marketers don't use video because they are unsure where to start.

🀷 9% are unclear on the ROI of video marketing.

πŸ‘Ž 10% feel they don't need video in their marketing strategy.

However, πŸ”œ 72% of marketers who currently don't use video plan to start in 2024.

Our Analysis:

Video marketing remains a mainstay in the digital realm, utilized by over 90% of businesses.
Time constraints are a significant hurdle, with a third of non-video marketers indicating that time scarcity is their main obstacle. Although most marketers recognize video’s importance, many still struggle with execution.

The future looks promising, with nearly 70% of current non-users planning to adopt video in 2024.
Yet, can the rapid growth of video marketing continue indefinitely?
With current adoption rates exceeding 90% and more marketers planning to join in 2024, video marketing may be nearing saturation.
Moving forward, video marketers might need to explore innovative ways to leverage this powerful marketing tool.

Section 2: Types of Videos Created

πŸŽ₯ Animated Videos are the most commonly produced, with 44% of video marketers predominantly creating animated content.
This is followed by live action videos (32%) and screen-recorded videos (12%).
Video Creation Breakdown:
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🏠 32% of video marketers create their content in-house (down from 60% in 2023).
🎨 42% exclusively use external vendors for content creation (up from 11% in 2023).️
26% use a mix of in-house and external teams (up from 29% in 2023).

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42% of video marketers have used Explainer Videos, making it the most popular single use case for video marketing.

Our Analysis:

Animated and live-action videos continue to be the most favored formats among marketers.
As the demand for video content increases, brands are increasingly outsourcing or supplementing their in-house production. While outsourcing can accelerate production, businesses must ensure their output remains consistently on-brand.

The diverse use of video content is notable, with testimonial videos being a key tool for gaining customer trust.
Explainer videos are also highly popular for elucidating products, services, topics, and ideas.

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Section 3: Video Marketing – The Financials

🐷 The allocation of marketing budgets to video content varies significantly.
Most marketers fall within the 21-30% range of their overall budget, but there is no clear consensus.
Grouping responses, 6 out of 10 marketers spend between 11-50% of their budget on video.

πŸ“ˆ 89% of video marketers plan to maintain or increase their video spending in 2024.
πŸ“’ 72% of marketers have invested in video ads, while 🌳 28% rely on organic reach.
πŸ’Έ 52% of marketers believe video marketing costs are rising, 25% say it’s becoming cheaper, and πŸ˜’ 23% feel costs are stable.

Our Analysis:

Spending on video content varies widely among marketers, with no clear standard on what constitutes a 'normal' amount. However, with most marketers planning to increase their budgets next year, video remains a top priority.
Notably, nearly a third of marketers depend solely on organic reach rather than paid ads.

Section 5: ROI – What Does Success Look Like?

πŸ‘ 88% of marketers report good ROI from video marketing.

How ROI is Measured:

πŸ‘ 58% measure ROI through video engagement (likes, shares, reposts).πŸ§‘ 26% measure ROI through leads/clicks.

🀝 44% measure ROI through customer engagement and retention.

πŸ‘€ 38% measure ROI through video views.

πŸ—žοΈ 41% measure ROI through brand awareness/PR.

πŸ‘› 26% measure ROI through sales.

Video Length and Effectiveness:

16% of companies believe less than 30 seconds works best.
40% say 30-60 seconds is the most effective length.
25% prefer 1-2 minutes.
12% opt for 2-3 minutes.
7% favor videos over 3 minutes.

Achievements Through Video:

90% say video increases user understanding of their product/service.
92% say video boosts brand awareness.
84% report increased web traffic.
89% say video generates leads.
89% report direct sale increases.
80% say video extends website visitor dwell time.
64% report reduced support queries, an all-time high and a 13% increase from last year.
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Our Analysis:

A significant majority of marketers report strong ROI from video across key areas like sales, leads, and brand awareness. However, many still focus on vanity metrics like likes and shares rather than tangible financial returns.

Short videos perform best, being quick to produce and consume, allowing for ample testing and iteration.
Brands should experiment with various styles and topics to identify what resonates best with their audience. Video marketing can directly impact lead generation, website traffic, and sales.

An optimization mindset, coupled with actionable performance insights, is key to converting awareness into acquisition and real revenue growth – the ultimate ROI measure.

Section 6: The Customer View

πŸ‘¨πŸŽ“οΈ 89% of people have watched an explainer video to learn about a product or service.
πŸ›οΈ 84% have been convinced to buy a product or service after watching a video.
πŸ“² 75% have bought or downloaded an app after watching a video about it.

Consumer Preferences

πŸ™‹ 87% of consumers want more videos from brands in 2024.
🀩 89% of consumers say the quality of a video affects their trust in a brand.

πŸ’¬ When asked how they prefer to learn about a product or service, 45% chose watching a short video.
This preference outpaces other formats like ebooks or manuals (17%), infographics (14%), text-based articles (12%), sales calls (8%), and webinars/presentations/pitches (4%).

Our Analysis:

This data highlights that videos can significantly influence purchase decisions and brand learning.
Almost all consumers desire more video content from the brands they follow, with over 85% stating that production quality impacts their trust in a company.
Given the choice, most people prefer short explainer videos over other types of content.
Video is convenient, engaging, and influential, creating a strong case for brands to increase video production to inform, educate, and persuade in a video-centric market. The demand and impact are undeniable.

Section 7: Video Marketing Channels

The πŸŽ‰ MOST WIDELY USED πŸŽ‰ Video Marketing Platforms:

YouTube is the top platform, with 88% of video marketers using it.

Facebook follows with 84%.

Instagram at 81%.

LinkedIn at 78%.

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The πŸ‘Ž LEAST WIDELY USED πŸ‘Ž Video Marketing Platforms:

Virtual reality (58%)

360 video (54%)

Snapchat video (59%)

The 🀩 MOST EFFECTIVE 🀩 Video Marketing Platforms:

YouTube is the most effective, with 78% of marketers reporting success.

Facebook video follows at 71%.

Instagram video at 64%.

Webinars at 61%.

Interactive video at 60%.

Twitter/X video at 60%.

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The ☠️ LEAST EFFECTIVE ☠️ Video Marketing Platforms:

Virtual reality (49%)

360 video (51%)

TikTok (52%)

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Our Analysis:

Marketers are leveraging a diverse array of video channels to achieve their goals, with varying levels of success.
Notably, there's been a rise in the adoption of previously less-used channels. For example, Snapchat usage among brands increased from 13% last year to 57% this year. Similarly, video marketing on X (formerly Twitter) surged from 54% to 69%. This highlights the dynamic nature of video marketing, with brands continuously exploring and adapting to new platforms.

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