Today's marketers are facing an exciting -- and frightening -- challenge: buyers are becoming savvier and have access to more information than ever before. After all, everywhere they look, there's content. And so, it becomes increasingly difficult to grab a prospective buyer's attention when you're competing with hundreds of others brands offering thousands of other products. The good news: video creates a scintillating opportunity to break through the clutter. The bad news? Most other serious marketers see that same opportunity.
Here are some stats you need to absorb to understand the enormity of the opportunity you're facing:
#1: Soon, three-quarters of Internet traffic will be video.
Syndacast projects that "74% of all Internet traffic in 2017 will be video" - such a huge proportion, it's almost scary. Another report estimates that 79% of all global consumer web traffic will come from video by 2018.
#2: Over 8 billion video views per day - on Facebook, alone.
By the time 2016 rolled around, Facebook was reporting an average of 8 billion video views per day, doubling the average from just a few months earlier, with expectations that such growth will continue for quite a while to come. Worldwide, Facebook has surpassed 1.7 billion monthly active Facebook users - a 15% increase year over year - so it's safe to assume those users will continue to increase their video consumption.
#3: Video dramatically increases user engagement.
Video is so popular because it draws people in; when it comes to user engagement, the format is king. According to the Online Publishers Association, 80% of Internet users can recall a video ad they had seen in the last 30 days, and 46% of those people took some action after viewing the ad.
#5: Video piques interest in marketing emails.
Simply using the word "video" in an email subject line increases open rates by 19%, click-through rates by 65%, and reduces unsubscribes by 26%.
#5: Videos can improve Twitter engagement.
That effect video has on email engagement? It carries over to the major social networks as well.
Posts with videos have higher average time on site and more shares, particularly on Facebook. One bright spot in Twitter's cloudy future: a study on tweet optimization showed that videos improve engagement by 28%.
#6: Everyone will be uploading.
The ubiquity of video and all of the excitement surrounding its rise may make it seem like we're reaching the peak of video, but this isn't the end; it's the beginning. By 2020, 7 trillion video clips are expected to be uploaded. That's 2.5 daily video clips per person.
#7: Video will take over mobile, too.
Video may have been slower to conquer mobile, larger because mobile consumption eats up a lot of consumers' mobile data plans. Yet by 2020, mobile video is expected to increase 11x, representing more than 75% of the world's mobile data traffic. A recent Syndacast report says that "69% of smartphone users say videos...offer a quick way for consumers to grasp an overview of a product."
#8: Digital video is the new TV.
It may be impossible to watch all that video, but it seems as though people are certainly trying. Once users are engaging with YouTube, they are spending more time per session watching videos - 40 minutes per session on mobile, not to mention any time spent watching on their computers. The number of users coming to YouTube who start at the homepage, has increased by more than 3x year over year. The experience is becoming reminiscent of sitting down to the television to see what's on.
#9: Valuable audience are flocking to digital video.
YouTube reaches more 18-34 and 18-49 year-olds than any cable network in the U.S., across a wide range of devices. As you might expect, this growth in the popularity of digital video has caused a rush in the popularity of video advertising that's only going to accelerate in 2017.
Of course, this is just a jumping-off point. Looking for more of a deeper dive? My team at Firebrand Group and I recently put together a comprehensive study of digital executives to predict the future of video marketing and consumption. You can grab a copy here.