As marketers look for new ways to reach out to their target audience, new research shows that video is growing in popularity as a form of content.
Wibbitz recently conducted the “How to Make Social Video Work for Your Marketing Team” report to gauge how marketers are leveraging this content as a part of their strategies. Statistics showed that 89 percent of marketers are now using video in their content strategy, and social engagement is the marketing metric that video impacts the most.
On average, marketers publish between one and two videos per month. In terms of challenges, time is the biggest obstacle between marketers and pushing out more videos on a monthly basis. This is followed by budget, personnel and strategy.
Marketers who publish between one and two videos per month utilize an average of nine video tools. This number increases as the number of published videos rises per month – on the highest end of the spectrum, marketers who publish between 51 and 100 videos per month use an average of 30 video tools.
Video Marketing Budgets on the Rise
As the demand for video content continues to rise, previous research suggests that the budget dedicated to video initiatives is also increasing.
IAB published the “IAB Video Advertising Spend Report” and found that between 2018 and 2019, there was a 25 increase in the average dollar amount spent on digital/mobile video advertising. In 2019, marketers were projected to spend about $17.8 million on digital/mobile video.
Additionally, about three-out-of-four people intend to increase their video ad spend over the next 12 months.