Why video marketing is a powerful tool for small businesses.
The newest Wyzowl’s State of Video Marketing Survey reveals the continued effectiveness of video marketing for businesses—92% of those surveyed “value video as an ‘important part’ of their marketing strategies.”
The most popular type of video companies are using is live-action (42%), followed by animated videos (33%) and screen-recorded videos (15%). And contrary to what you may think, making these videos don’t break the bank. On average, 40% of companies spend $0-500 on a typical video, and 97% spend less than $10,000.
Most businesses that use video in their marketing (55%) create their own in-house, while 12% exclusively hire other people/companies to make their videos for them. Almost one-third (32% ) do both—creating some videos in-house while outsourcing others.
Wyzowl asked the businesses what channels they planned to use for their video marketing:
- 88% YouTube
- 68% LinkedIn
- 68% Instagram video
- 65% Facebook
- 46% Webinars
- 33% TikTok
- 30% Instagram TV
- 29% Twitter
- 26% Facebook Live
Of course, not all businesses have added video to their marketing strategy. Why not? Well, the excuses range from not having enough time to create/deploy videos (23%) to not knowing where to begin (16%), to 7% saying they’re unclear on video’s ROI. Optimistically, 79% of the businesses that don’t currently use video marketing plan to start this year.
If you’re one of the business owners who is not sure if video marketing is worth it, the ROI reported in the Wyzowl survey is pretty impressive. They say video marketing helped:
- 94%: increase the understanding of their products/services
- 93%: boost brand awareness
- 87%: increase traffic
- 86%: generate leads
- 82%: increase dwell time
- 81%: directly increase sales
If you’re not yet using video to market your small business, the Wyzowl survey suggests this is an excellent time to start.