The video production industry showed consistent single-digit growth before the pandemic. Our experience during the pandemic was that video production decreased modestly due to all the uncertainty. Yet, as the pandemic becomes endemic, the analyst in me expects that we will see catch-up spending in 2022 and beyond. Additionally, more people have become aware of the power of digital communication during COVID and are hungry to get ahead of their competition. Early in 2022, we are already seeing former recurring clients come back and an increasing flow of new clients and new opportunities. Video is back and booming, and here's why.
The investment in video is a trend that continues to pay off for companies big and small. As new social platforms that center around video pop up, the advertising follows. A recent study indicated that the vast majority of marketers (96%) are planning to increase their spending (Animoto). Consumers aren’t just watching a single video and turning off their devices. Instead, they’re consuming more than 1.5 hours of content across all platforms and devices. As the need for video increases, it will be important to understand how your video content stands out from others in your industry. You want to ensure engaging, high-quality video assets. Consider how you can bring your unique value proposition alive through video in ways your competitors can’t. (And if you haven't yet, check out How to capture your audience's attention with a well-told story)
Here’s what we found to be relevant going into 2022:
- 76% of marketing teams surveyed invested in video production in the last three years. Of those, 44% tackled production internally, 28% hired a production company, and 23% hired freelance support. (Lemonlight)
- 94% of respondents shared that watching a video has helped them make a purchase decision at least once. Of those, 72% were swayed by a product demonstration video. (Lemonlight)
- Users retain 95 percent of a message when conveyed over video (Insivia, 2016)
The human brain responds to video because of three essential elements. They contain visuals, sound, and motion, all of which combine to form a powerful medium to broadcast information. These elements influence how your message is perceived by the human brain. Users retain more information from video than just text. After seeing a brand’s video online, 84 percent of consumers say they were convinced to make a purchasing decision (Wyzowl, 2021).
As a business owner, marketing professional, or manager, investing in video production might be one of the best decisions you make. There are numerous opportunities available to leverage video to meet your goals. You can change consumer habits and increase revenue for your organization, recruit, teach, or power up your brand. Researching proven video marketing trends can guide you as you formulate your strategic plan. With an effective video strategy, you can achieve your desired objectives quickly and efficiently.
Want to see how we do it? Check out this animation series for WPPI we created. It's not just informative, it's dare I say... entertaining?