Why You'll Be Behind If You're Not Using Video to Market in 2024

Is it just us or are you seeing more professional grade videos on social media and in ads? The age of the influencer and user-generated-content isn’t quite gone, but it seems like brands are starting to realize that the way to stand out is to have video content that actually looks professionally produced.

Here are some of our thoughts as 2024 is halfway gone; we’re excited to see what the rest of the year brings after what we’ve been able to do thus far!

Video Content Marketing: The Heartbeat of the Modern Marketing Strategy

Video content has rapidly become the centerpiece of modern marketing strategies. In 2024, the importance of video has only intensified. With consumers increasingly seeking engaging, easily digestible content, video offers the perfect solution. It captures attention, conveys information succinctly, and connects with audiences on an emotional level.

According to recent video marketing report from Wyzowl, a staggering 85% of video marketers plan to maintain or increase their spending on video in 2024. This indicates a strong recognition of video’s power to drive results and an understanding that to remain competitive, businesses absolutely must allocate significant resources to video content.

Budget Allocation: A Strategic Investment

The allocation of marketing budgets to video content varies, but a notable trend is emerging. Most marketers allocate between 21-30% of their overall budget to video, with 6 out of 10 marketers reporting they spend between 11-50% on video. This wide range highlights the flexibility and scalability of video marketing, allowing businesses of all sizes to invest in video content according to their capabilities.

The willingness to invest heavily in video is a testament to its effectiveness. By dedicating a substantial portion of the marketing budget to video, businesses can produce high-quality content that resonates with their audience and drives engagement. As the competition intensifies, those not investing in video marketing may find themselves at a disadvantage.

The Power of Video Ads

In the realm of paid advertising, video is a powerhouse and it pulls more attention than just your standard still image or text-on-screen ads. Approximately 69% of marketers have spent money on video ads, leveraging the reach and impact that these ads provide. Video ads are not just about visibility; they’re about engagement and conversion. They offer a dynamic way to showcase products and services, tell compelling stories, and create memorable experiences for viewers. These are ads that people actually want to see, and are far more likely to result in conversions.

While 31% of marketers still rely on organic reach, the investment in video ads underscores the growing recognition of video as a critical component of effective advertising strategies. Paid video ads can significantly boost a brand’s presence and drive targeted traffic to websites, leading to higher conversion rates and increased sales.

Boosting User Understanding and Brand Awareness

One of the standout benefits of video marketing is its ability to enhance user understanding of products or services AND to tell the story behind them. An impressive 88% of video marketers report that video has helped increase user understanding, and that makes a lot of sense when you think about the phrase, “show, don’t tell”.

This is a crucial idea in a digital age where consumers are inundated with information and have limited time to absorb it. Effective videos can simplify complex concepts, demonstrate product features, and provide clear, concise explanations that help potential customers make informed decisions.

Moreover, 90% of video marketers say video has helped them increase brand awareness. Videos are inherently shareable and have the potential to go viral, exponentially increasing a brand's reach. By creating engaging, high-quality videos, businesses can ensure their brand is seen and remembered by a wider audience.

The Influence of Explainer Videos

Explainer videos are particularly effective at boosting consumer understanding and engagement. An impressive 91% of people have watched an explainer video to learn more about a product or service. These videos are concise, informative, and visually appealing, making complex information easily digestible. By incorporating explainer videos into your marketing strategy, you can significantly enhance your audience's understanding of your offerings.

Driving Web Traffic

Increasing web traffic is a key goal for many businesses, and video marketing excels in this area. According to Wyzowl, 86% of video marketers report that video has helped them drive web traffic. Videos are highly effective at capturing attention and encouraging viewers to visit a website to learn more. Whether through social media, email marketing, or embedded videos on a website, this medium can guide potential customers through the sales funnel, from awareness to conversion.

Emotional Connection and Engagement

Beyond statistics, one of the most compelling reasons to embrace video marketing is its ability to create emotional connections. Videos can tell stories that resonate with viewers, evoke emotions, and foster a sense of connection with the brand. This emotional engagement is a powerful driver of consumer behavior, influencing purchasing decisions and brand loyalty.

Adapting to Consumer Preferences

Consumer preferences are shifting towards video content. With platforms like YouTube, Instagram, TikTok, and Facebook prioritizing video, consumers have come to expect it as part of their online experience. Businesses that fail to deliver video content risk losing the attention and interest of their audience.

In 2024, short-form videos, live streaming, and interactive video content are particularly popular. These formats cater to the desire for quick, engaging, and participatory experiences. By adapting to these trends, businesses can meet consumer expectations and stay relevant in a crowded digital landscape.

Competitive Edge in the Audience Game

Adopting video marketing provides a significant competitive edge. As more businesses recognize the value of video, those who lag behind will find it increasingly difficult to catch up. Staying ahead of the competition requires not just producing video content but doing so consistently and creatively. High-quality, innovative videos can set a brand apart, capture the attention of new customers, and strengthen relationships with existing ones.

Impact on Purchasing Decisions

The impact of video marketing on purchasing decisions is profound. According to Wyzowl, 82% of people have been convinced to buy a product or service by watching a video. Additionally, 77% of people have bought or downloaded an app after watching a video about it. These statistics underscore the persuasive power of video content in driving conversions and sales.

Consumer Demand for Video Content

Consumer demand for video content continues to grow. A remarkable 89% of consumers want to see more videos from brands in 2024. This demand indicates that businesses must prioritize video content to meet consumer expectations and remain relevant. Furthermore, 87% of consumers say video quality impacts their trust in a brand, highlighting the importance of producing high-quality videos to build and maintain trust.

Preferred Learning Medium

When it comes to learning about a product or service, video is the preferred medium for many consumers. When asked how they’d like to learn about a product or service, 44% of people said they’d most like to watch a short video. This preference comfortably beats other materials such as ebooks or manuals (16%), infographics (15%), text-based articles (13%), sales calls (6%), or webinars/presentations/pitches (5%). By providing the content consumers prefer, businesses can enhance engagement and improve the effectiveness of their marketing efforts.

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In 2024, video marketing is not just an option; it's a necessity if you want to stay with the pack. The statistics speak for themselves: businesses that invest in video marketing see increased user understanding, brand awareness, web traffic, and ultimately, sales. By allocating a substantial portion of your marketing budget to video, leveraging video ads, and creating engaging, high-quality content, you can ensure your business remains competitive and thrives in the digital age.

So, if you're not using video to market your business, you're not just missing out on an opportunity—you're falling behind. Embrace video marketing today, and watch your business soar to new heights.

All statistics from Wyzowl. Wyzowl conducts a fantastic annual survey of 900+ marketers to report on the statistical impacts of video content. Please check out the full report here.