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2023 & beyond: A forecast on video marketing for businesses

by | Nov 1, 2022 | Public Relations

Businesses that want to connect with customers and clients in an immediate and memorable way choose video marketing as their main means of engagement.

Understanding the appeal of promoting products and services through video is useful if you’ve yet to take the plunge.

It’s not just about appreciating short-term benefits, but knowing that this trend will continue to pay dividends going forward. So what’s the current state of play, and how does this impact the likely future of video marketing for businesses?

A forecast on video marketing for businesses

Image Source: Pexels

Video marketing statistics that matter right now

In the US alone there are over 244 million people who regularly watch digital videos, whether on portable devices, desktop computers, or smart TVs.

Furthermore, this skews towards younger demographics, with the vast majority of those aged 44 and under falling into this category.

While entertainment might be the primary purpose of most online video experiences that people seek out, more than half of viewers are eager to see more content from brands that they’re already engaged with.

This lays the groundwork for a strong argument that video marketing is the most impactful and influential type of content that any company can pursue at the moment.

Better still, 80 percent of businesses report growth directly linked to video marketing, which means that the ROI it offers is impressive. While there are obstacles to overcome and costs to bear in creating video content, the returns make the initial outlay more than justifiable.

Trends shaping content consumption

Social platforms like YouTube, Facebook, and Instagram are responsible for influencing both the way that video content is consumed and the nature of the content itself.

One of the most significant trends which is taking center stage and looking set to dominate for the foreseeable future is the impact of short-form video clips.

Sure, some brands are better served by longer-form content, but the brevity of videos shared on social sites gels well with the way that people use them. Bite-size video content is the way forward for brands, as well as for would-be influencers.

It’s also worth noting that new tech is also altering the nature of video marketing. For example, footage shot on cameras that capture in a full 360 degrees, allowing viewers to control the angle at which they view what’s being shown, is much more engaging and immersive.

Even in the world of B2B video marketing, there’s an awareness of what cutting-edge experiences can offer in this case. The trend for branded vlogging, for example, is far from just a B2C concern. Any means by which a company can convey its brand story and speak to prospects directly is invaluable regardless of who is being targeted.

One of the additional offshoots of the video marketing trend is the growing use of search engine optimization tactics when creating this type of content. While social media might be the first point of discovery for many viewers, optimizing things like video titles, thumbnails, and alt text to cater to search algorithms is just as relevant, and will be a crucial facet to success moving forward.

The future of video marketing

Speaking of things to come, we can safely predict that 2023 will see a greater slice of many marketing budgets being assigned to the creation and promotion of video content.

Annual growth in spending is predicted to be over 12 percent year on year up to 2027, at which point the market will be worth almost $319 billion.

One interesting trend that’s being forecast by many experts right now is for the length of video ads to increase, in spite of what many social platforms might enforce or recommend for their advertising partners.

YouTube in particular is known for its five-second pre-roll ads, and while these are still common, around 40% of ads produced for this and other platforms today are 15 seconds in length.

Clearly, marketers have found that there’s a sweet spot in terms of customer engagement, and it sits beyond the 10-second mark. This dispels the idea that social media is shortening attention spans to the point of total atrophy.

Another element of video marketing that will rise further in prominence over the coming years is live streaming. Businesses have taken a while to get to grips with this trend that’s already well-established in the entertainment space, but the tide is turning and companies are more comfortable with what live streams can offer.

From product launches to real-time auctions and sales, as well as informational and educational live events, the opportunities are extensive.

Likewise, the links between businesses and influencers, particularly at the micro level, are set to grow. For smaller brands looking to get a foothold in niche markets, crossovers and collaborations make the most sense.

Final thoughts

Simply put, if you aren’t already looking into video marketing, now is the time to switch up your strategies and get involved. The evidence for its effectiveness is clear, and the tools are there to make the transition easier for late adopters.

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Jessica Perkins
Jessica Perkins is a writer and SaaS marketing consultant who helps businesses scale up their marketing efforts. She is obsessed with learning and also is passionate about sculpting. 

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