A few years ago, Chartwell anticipated the boom in video for marketing. We prepared our clients, as well as launched our very own series of videos, to stay far ahead of the curve. Since that time, video use in marketing has exploded and shows no signs of slowing down. When we committed to leading the way in video, our thinking was twofold: We wanted our clients to continue to be trail blazers in their respective industries and we wanted to keep pushing ourselves to discover best next practices. What makes video such an integral part of an overall marketing strategy? It is all about the consumer/customer. The sheer number of people consuming video is where we will start.
If a picture is worth a thousand words, then is a video worth a billion? Video is now consumed by over 3 billion users worldwide on a daily basis. That is an eye-popping number. According to Cisco, online videos will account for 82% of all internet traffic by the end of this year. Over 70% of the global population will be connected to the internet by a mobile device by 2023. With the expansion of 5G technology the viewer’s online experience is better with less bandwidth issues putting up roadblocks. The average viewer spends more than 10 hours per week watching online video content. All of these stats taken together lead us into our second area of discussion: consumer habits.
We are always on the go and our choice of how we consume video reflects this fact. Apps on mobile devices accounted for over 66% of global mobile data usage worldwide according to statista.com. The leading apps for video consumption are the usual suspects Facebook, YouTube, Instagram, and the newest video app on the block, TikTok. In fact at the end of 2021, TikTok was found to have more traffic than Google! So far, we have established that video is being consumed by a vast amount of viewers and mostly on mobile devices. What is the result? Marketers are spending more on the creation of video ads than ever before.
Companies are projected to spend $46.5 billion by the end of this year on video advertising alone. By 2026, that number is projected to be over $69 billion. For video ads to be efficient and effective, companies are turning to their marketing partners to craft compelling stories. Connecting with your customers on a deeper level through the use of video will lead to better customer retention and ultimately more conversions. That one-minute of video they consume may be worth more than reading a paragraph. As mentioned earlier, consumers are always on the move. They may not have the time to stop and read a paragraph about a product or service.
Now that we’ve talked about the value of video, stay tuned for part 2. We’ll be discussing this in more detail in a vlog as we walk though how to create compelling videos to incorporate into your digital marketing strategies.
If you would like to learn more about everything we can offer your company or organization, including why you should be doing more video, visit our website today. We look very forward to making this your best year ever.