Video Marketing Statistics: What You Must Know for 2023

Video marketing has undeniably been a dominant force over the past decade. 

Every year since 2015, Wyzowl has revealed its annual video marketing report. 

Now in its ninth edition, the study garnered responses from 528 participants, comprising both professional marketers and consumers. 

Their latest findings indicate that video marketing is thriving and delivering better outcomes for marketers than ever before.

Let’s look at some key video marketing statistics from the research and analyze them for actionable takeaways.

91% of businesses use video as a marketing tool in 2023.

The highest ever proportion of marketers (96%) continue to value video as an ‘important part’ of their content marketing strategy.

30% of people lack the time to create video content but 70% of ‘non-video-marketers’ plan to start online video marketing in 2023.

17% of video marketers said they used video for the first time in 2022.

Key takeaway:

Video remains a predominant marketing choice, with almost 90% of businesses adopting it. Its popularity has peaked more than any time in the previous nine years.

Various reasons prevent businesses from using video, but the most common challenge is the shortage of time.

Anticipating 2023, the trajectory for video usage is on the rise. Nearly all marketers currently using video plan to continue, and 70% of those not yet using video are gearing up to embark on it.

66% of video marketers created live action video in 2022.

71% of marketers created social media videos in 2022.

Key takeaway:

While social media marketing videos and explainer videos are undeniably at the forefront, the vast array of video styles adopted by businesses is truly impressive.

The overall integration of video for internal processes and customer engagement is heartening to observe.

42% of video marketers say they spend between $0 and $500 on an average video.

39% of video marketers feel video marketing is becoming more expensive.

Key takeaway:

Evidently, most video marketers are leveraging the rise of cost-effective, and sometimes even free, video marketing channels.

Most tend to spend minimally on their regular video content. Yet, when brands decide to invest more, many favor the $1k-$5k range for each video.

However, a unique subset of brands is always ready to allocate a heftier budget for their video marketing campaigns.

In a nutshell, video marketing offers a variety of pricing options, making it more and more approachable for different kinds of businesses.

63% of video marketers say that the number of video views is one of the metrics by which they measure the ROI on their video content.

Key takeaway:

Video views are the most common measure to determine a video’s effectiveness.

The last thing marketers desire is for their content to be overlooked.

96% of video marketers say video marketing has increased user understanding of their product or service.

95% say video marketing has helped them increase brand awareness.

91% say video marketing has helped them increase traffic.

90% say video marketing has helped them generate leads.

87% say video marketing has helped them increase sales.

87% say video marketing has increased dwell time on their website.

53% say video marketing has helped them reduce support queries.

92% say video gives them a good return on their investment – another all-time high.

Key takeaway:

We’ve witnessed a marked increase in key video marketing statistics throughout the year.

This could be a sign that brands are refining their understanding and execution of video marketing strategies.

Engaging users is the next big focus in video marketing. A recent survey indicates that actions such as likes, shares, comments, and clicks are highly cherished.

What’s intriguing is the shift in objectives as we dive deeper into the list.

While foundational metrics like sales and customer retention might be overshadowed in video marketing, it’s possibly because they’re tough to correlate and measure compared to direct metrics like views and likes.

Additionally, in a domain as data-centric as marketing, it’s fascinating to find that 11% of video marketers, which is more than 1 in 10, don’t always evaluate the ROI of their video campaigns.

96% of people have watched an explainer video to learn more about a product or service.

89% of people say watching a video has convinced them to buy a product or service.

79% of people say watching a video has convinced them to buy a software or app.

91% of people say they want to see more online videos from brands in 2023.

51% of people are likelier to share videos with their friends than any other type of content.

People, on average, watch 17 hours of online video content per week.

Key takeaway:

The data shows that people use videos a lot online. They watch videos to learn about products, decide to buy things and share with friends.

This means videos are essential for online shopping and should be a big part of online marketing.

YouTube is the most widely used video marketing platform with 90% of video marketers trusting the world’s #1 video site.

Only 36% of marketers have published ‘live’ video content such as live streams on social media channels.

Key takeaway:

Results indicate that the upcoming year will likely see the same trend in the platforms marketers rely on.

Mainstream video platforms like YouTube, LinkedIn, Instagram, and Facebook are expected to remain at the forefront of video marketing plans.

Beyond Video Marketing..

The rise of video marketing seems unstoppable. With over 90% of individuals wanting more brand videos in 2023, video has become crucial for brand visibility and lead generation.

The following decade promises continued growth and success for video marketing, making it an essential brand strategy worldwide.

Video marketing is ever-evolving, with statistics highlighting its growing significance.

But, as we all know, creating compelling video content is just one piece of the puzzle. To truly maximize your marketing efforts, capturing and nurturing leads is crucial.

Enter OptinMonster: a powerful tool designed to optimize lead generation and conversions.

By integrating OptinMonster’s advanced features, such as exit-intent pop-ups and targeted campaigns, you can ensure that your video marketing efforts are complemented by a robust strategy to convert viewers into loyal customers.

Dive into the world of efficient lead generation with OptinMonster and watch your video marketing ROI soar.

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More on Video Marketing

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The post Video Marketing Statistics: What You Must Know for 2023 appeared first on OptinMonster.

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