Guest blog by Jake Kosten from Dublite Productions, a Chicago Video Production Company.
1st Statistic: 1 Minute of Video has the same value as 1.8 million words
According to Dr. James McQuivey of Forrester Research, 1.8 million words is the value of one minute of video. If you think about how many words that is you would have to write 12,000 words per day for the next 150 days to have the same impact as one minute of video.
2nd Statistic: 10 Seconds
According to research done by visible measure you only have 10 seconds to capture your viewers attention in a marketing clip and you will lose over 60% of those viewers if your marketing clip is over 2 minutes.
3rd Statistic: 59% of Senior Executives
According to Forbes insight 59% of senior executives would rather watch a video than read about it.
4th Statistic: 20% Increase in Conversion
According to ReelSEO homepage videos will increase conversion rates by 20%+.
5th Statistic: 24% of Brands
According to Kantar Media only 24% of brands are using online video to market to their consumers. If you don’t have a strong video marketing plan you are already behind your competition. Video will be more important than it has ever been and it will only continue to grow as a very powerful tool to connect your brand with your advocates.
Bonus Statistic: 55% of Consumers
According to research done by eMarketer, 55% of consumers watch video with no sound when using smartphones. That means video should have subtitles and be formatted for the small screen. Assume that video is going to be viewed silently or with headphones during commute times, evenings, and on the go moments where purchase opportunities exist.
Bonus Statistic #2: 73% Growth of OTT
The Over the Top (OTT) television inventory will grow by over 70% in 2018 according to Google. That’s the fastest growing media sector, and it’s a whole new way for video to get onto the big screen without costly TV buys. In fact, Google will launch it’s own self serve OTT platform in 2018, allowing marketers to tap into this fast-growing segment. Further technologies like OLED TVs and wireless surround sound and home theatre systems will boost this already growing market.