Video for Business is Essential in 2024

Video has proven to be an essential business tool for many years now with 92% of video marketers reporting it giving them a positive ROI. Despite this fact, many businesses still shy away from utilizing it in their marketing approaching. In this post we will break down why video is essential for (basically) every business in 2024.

Obviously video isn’t a new medium, it’s been a part of our daily lives for almost 100 years, however it’s been restricted to television and cinema for a large portion of that time. Only in the last 15 years has video become a widely accessible tool for brands and businesses to harness for marketing purposes without going through the expensive and arduous process of producing a TV commercial. And really in the past 5 years has it really ramped up to be something businesses can be using almost daily through various social media platforms. Why is it that video has become so necessary for business?

Standing out Online
By the end of 2023 82.5% of internet traffic was video content, surpassing predictions. By participating in the most widely viewed form of online content, platform algorithms will reward you with enhanced visibility online.

Impact and Retention
If you haven’t noticed yet, every brand and company is grasping for our attention everywhere we look and consequently our capacity to pay attention has diminished greatly. Unless an individual is personally invested, they’re unlikely to read a long body of text (like this one) and they’re certainly not likely to read it in depth. Video solves that problem, studies show that people retain 95% of a message when viewed through video as opposed to just 10% when reading text. Additionally 68% of consumers say they would enjoy learning about a new product or service by watching a short video.

The Importance of Video in Marketing
You might read the above statistics and think, “Great, but that doesn’t apply to my business or industry.”. To that I would ask you to humbly reconsider, in 2023 91% of businesses relied on video as a marketing tool. And if you’re that 9% who see it’s as unnecessary, I would reframe that thinking as a huge opportunity to stand out from your competitors.

So, if I have your attention now, you’re probably curious on how this tool can be so effective.

The Top Reasons You NEED to Embrace Video

• Video helps consumers find products and services

  • 90% of people discover new brands or products via Youtube
    

• Video content is adaptable

  • Unlike a magazine ad or a radio spot, one video can easily be cut down into multiple smaller videos.

  • Videos can be repurposed and reformatted for different platforms (social, webpages, email newsletter etc…).
    

• Videos achieve results

  • Marketers that use video content grow revenue nearly 50% faster than those who don’t.
    

• Videos work at every level of the sales funnel

  • 84% of marketers say video helps them generate leads.

  • Video is versatile and content can be created for TOF, MOF, and BOF ensuring you are keeping your customers attention all the way to their purchase.
    

• Videos create trust

  • Video enables you as a business to showcase a personal side to your customers which people prefer as it gives them confidence in their purchasing decision.

  • Consumers prefer person-to-person interaction and video allows you to bridge that gap.
    

• Videos get attention

  • Video is the most rewarded type of content on Google, Facebook, Instagram etc… By using it, you’re keeping viewers attention to your pages longer, which in turn boosts online visibility, which attracts more viewers, which increases the attention to your pages… (see the pattern?).

Final Thoughts
By now I hope to have brought you onboard with the value video can bring to your business. However, implementation is crucial to achieving results and there is in fact a difference between just a video and a video that drives a desired outcome. The key is have a production partner that also understands the underlying strategy behind your video marketing so that you can achieve your desired goals. If you’re curious about how you can use video to achieve profitable results for you business I’d love to chat and discuss what we can do for you!