Video Marketing Insights 2024 are crucial for businesses looking to stay ahead in the competitive landscape. Dive into the latest trends and statistics to optimise your video marketing strategy effectively.
In late 2023, I had the opportunity to work with an organisation to boost its visibility and increase donations. We created simple yet emotionally engaging videos using basic filming equipment, focusing on raw interviews with the people the organisation helped. As these videos were shared on social media, the response was overwhelmingly positive, leading to a significant rise in donations and volunteer sign-ups. This experience underscored the power of genuine storytelling in video marketing.
In 2023, 91% of businesses were already leveraging video as a marketing tool. As an avid consumer and professional in the marketing industry, I believe it’s essential to examine video marketing insights for 2024 to stay competitive. Wistia conducted an in-depth study to uncover how businesses are creating videos, which types of videos are most effective, and how these videos contribute to achieving business goals. Let’s dive into the findings and see what worked, what didn’t, and what companies are planning for the future.
2024 State of Video Report
Wistia surveyed over 2,000 professionals, analysed the usage of their platform by more than 100,000 businesses, and reviewed over 90 million uploaded videos. They compiled their findings into the 2024 State of Video Report. Here are some of the key takeaways:
– **Audiences are hungry for educational content.** Instructional videos were the most engaging type of video content created by businesses last year. You don’t need a big budget to start creating them.
– **Bigger budgets don’t guarantee higher engagement.** High production values aren’t the key to keeping viewers glued to your videos. Audiences often prefer low-budget, authentic content, making video production accessible for smaller brands.
– **Video is a powerful tool for lead generation.** By incorporating email capture forms and calls to action (CTAs) into your videos, you can make video an integral part of your lead generation strategy.
Video Performance Statistics
For 63% of video marketers, measuring the ROI of video content involves tracking the number of video views. Wistia’s research revealed that 28% of businesses use engagement graphs and heatmaps, 27% rely on a video analytics dashboard, and 19% check traffic sources to measure performance.
Key Performance Metrics
– **Conversion rate** is the most valuable metric, followed by engagement rate and traffic to the video’s page.
– **Engagement rate** measures how much of your video holds the viewer’s attention, providing insights into the effectiveness of your content.
– **Video play rate** is influenced by factors like thumbnail appeal, video length, placement, and surrounding content.
Video Creation Statistics
In 2023, there was a noticeable dip in the average number of videos produced by businesses. This is likely due to economic constraints. The main hurdles identified were time and bandwidth (61%), team size and resources (44%), and technical ability (44%).
Embracing Generative AI
Only 18% of businesses are currently using AI tools in their video production workflows. However, 66% are eager to incorporate AI in 2024 for tasks like scriptwriting, video editing, and creating promotional copy.
Video Distribution Statistics
Wistia found that 67% of businesses embed their videos on their own websites, while 49% use email blasts. LinkedIn is the top social channel for video distribution, followed closely by YouTube, Instagram, and Facebook.
Boosting Accessibility
Improving video accessibility is a priority for 26% of businesses, with many using AI to auto-generate captions and transcripts.
Video Strategy Statistics
In 2023, product videos were the most common type of video content. Followed by educational and instructional videos, live events, and social media content. For 2024, businesses plan to focus on creating more product videos, educational content, and social media videos.
The Future of Video
Despite producing fewer videos, audiences are watching more than ever. This trend suggests that viewers are willing to engage with content they find valuable, even if it’s lower in production quality. Companies are encouraged to create videos using smartphones and embrace AI tools to streamline the production process.
In conclusion, video remains a vital component of any marketing strategy. By staying informed about the latest trends and leveraging tools like AI, businesses can create impactful video content that resonates with their audience and drives results.
For more insights and tips on video marketing, visit our blog. If you have any questions or need assistance, feel free to contact us via email at info@07hm.co.uk or call us at 01702 410663.
