At least the rest of 2024 that is...
As we move further into 2024, video marketing continues to prove itself as a cornerstone of successful digital marketing strategies. With its unparalleled ability to engage audiences, grab attention, and convey complex messages quickly and effectively, video remains the most powerful tool for businesses of all sizes. At Focus Forward Media, we’ve gathered some of the most compelling statistics and insights to highlight the effectiveness of video marketing for businesses in 2024.
1. Explosive Growth in Video Consumption
(This shouldn't be a surprise) The popularity of video content shows no signs of slowing down. According to recent studies, the average person is predicted to spend 100 minutes per day watching online videos in 2024.
Have you ever went to look at your phone to watch a few videos, then you look up and it's been 30 minutes? Yup. Us too. This represents a significant increase from previous years, highlighting the growing importance of video in daily digital consumption.
2. Impact on Conversion Rates
Video marketing has a significant impact on conversion rates. Research indicates that including a video on a landing page can boost conversions by up to 80%. This is because videos can clearly and concisely convey value propositions, making it easier for potential customers to understand the benefits of a product or service. Bottom line, it's crucial to include video throughout your website, your customers and potential customers will watch them.
In 2020, we worked with Providence Bagel to produce a video for their new mobile app. A month after the video was live, we were informed that app sales + downloads had increased by 62%! Talk about driving conversions.
3. Engagement and Retention
Videos are exceptionally engaging, with viewers retaining 95% of a message when delivered via video compared to just 10% when reading text. (Shoot, maybe this article should just be a video...) This high retention rate makes video an ideal medium for delivering key messages and ensuring that your audience remembers your brand.
4. Social Media Dominance
Social media platforms continue to favor video content. On Facebook, videos receive 135% more organic reach than photos. We have an Instagram video from our sister brand, Neilan Media, that has 2 MILLION views, largely in part to Facebook views, and these are organic views.
Similarly, tweets with video see 10 times more engagement than those without. These statistics highlight the necessity of incorporating video into your social media strategy to maximize reach and engagement.
In 2023, we worked with our client Big Brothers Big Sisters of Rhode Island to produce a video for their 2022 Matches of the Year, and from the roughly 2:30 video, we made this 40-second video for social media.
5. ROI and Budget Allocation
Marketers are recognizing the value of video, with 86% reporting that video has helped them generate leads. Additionally, 78% of marketers say that video has directly contributed to an increase in sales. As a result, more businesses are allocating a larger portion of their marketing budget to video production and distribution in 2024.
6. SEO Benefits
Video content significantly boosts SEO efforts. Websites with video are 53 times more likely to rank on the first page of Google search results. This is partly because videos increase the time users spend on a site, reducing bounce rates and signaling to search engines that the content is valuable.
7. Mobile Optimization
With more than 75% of all video views coming from mobile devices, optimizing video content for mobile has never been more critical. We can't even tell you how much content we've shot vertical in the last couple of years with the rise in mobile video. Making an effort to produce vertical content will make a real difference, we promise. Mobile users are also more likely to watch, share, and engage with video content, making it essential for businesses to create mobile-friendly videos.
8. Live Streaming Popularity
Live streaming is gaining traction, with 47% of live streaming viewers watching more live videos now than a year ago. Live videos create a sense of urgency and real-time engagement, making them a powerful tool for events, product launches, and interactive sessions where businesses could answer questions from the audience, bring collaborators on, and more. We're personally big fans of interactive live videos, it's a great opportunity to involve your audience and drive more engagement.
Conclusion
The data is clear: video marketing is an indispensable part of any effective digital strategy in 2024. Its ability to engage, inform, and convert makes it a vital tool for businesses looking to stay competitive in today’s digital landscape.
At Focus Forward Media, we specialize in creating impactful, engaging video content that drives results. Whether you’re looking to enhance your social media presence, improve your website's visual content, or increase conversions, our team is here to help you leverage the power of video marketing.
Ready to take your video marketing to the next level? Contact us today to learn more about our process and how we can help!
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