Nearly 85 percent of marketers have seen a positive ROI from their video marketing efforts, according to a new study by Firebrand Group.
That’s good news as more companies look to expand their video marketing efforts and the appetite for video, mobile video in particular, is increasing among internet users.
In terms of how marketers are using video, the vast majority (90 percent) are using it for brand awareness, while 56 percent are using it to drive conversions, 43 percent to support sales objectives, 42 percent for customer loyalty and 16 percent are using it for customer service efforts.
According to the survey, Facebook is the platform of choice for video marketers; it has the greatest return on investment for 80 percent of study participants. YouTube and Twitter were distant second and third choices with 10 and 5 percent, respectively.
“Video produces a much more pronounced emotional reaction from viewers, and can endear your company to the audience in a very profound way,” wrote the authors of the study.
Marketers are bullish on video and are preparing teams and budgets for video production. About 70 percent say they are “ready” or “somewhat ready” to make the budget investment in video production, while 62 percent say they are “ready” or “somewhat ready” in terms of manpower.
The data shows promoted video on social media is a part of video marketing strategies for 68 percent of marketers. However, only 32 percent are employing it on a daily or monthly basis; others are using it infrequently, every few months or on an annual basis.
Video is the Most Thoroughly Consumed Form of Content Marketing
A June 2016 HubSpot survey revealed video to be the most favored form of content by customers and prospects. As marketers continue to diversify their digital efforts, the data showed videos are the most thoroughly consumed form of content (55 percent), followed by social media posts (52 percent), news articles (49 percent) and research content (47 percent).
Nearly half (45 percent) of the respondents said they would like to see more social media content in the future. Videos took third place, with 43 percent of the vote.