We reviewed Wistia’s 2022 State of Video Report and came across some pretty interesting stats. We’ve compiled the super important bits (with our take on it) below in case you didn’t have the time to dive into the 48 page report.
1. Videos without video strategy? Hit or miss?
On average, users spend 16 hours a week watching videos. That’s more than the time they spend meeting their friends, eating, and volunteering!
But should you just put out videos, consistently, without a strategy?
Ideally, no. But does it work? Well, sure.
Companies that put out videos consistently, without a strategy, see massive results. (not better than ones with a strategy, but massive nonetheless). At Klear, our number one metric to see if our videos work is
Yeah, sometimes, it’s that simple.
2. So, what metrics should you track?
It’s just oh-so easy to be obsessed with numbers and fall into the vanity metric tracking trap. (oh that was a wordful!) Before you know it, you’ll be tracking FB likes too.
Here’s the top 5 metrics companies are looking at:
- Engagement rate
- Inbound leads generated (in the form of inquiries, feedback or DMs on social media)
- Minutes of video watched
- Sales (not the best idea in B2B)
These 5 metrics make up 97.3% of the total metrics that companies are currently tracking. If you’re looking at feedback from your audience and the leads generated, these numbers are simply incidental.
3. Let’s talk numbers $$
35% of companies wanted to increase their video marketing budget in 2021 by at least 10%. Clearly, the ROI is great.
In fact, 87% marketers say they’re satisfied with the ROI on video.
Other than the numbers above, a qualitative metric that can help you measure ROI is feedback. Let’s say [x] number of people said they found you/bought from you because of your video. That clearly tells you that video works for you.
Companies investing in video marketing are also at an all time-high, combine the stay-at-home side effects of the pandemic with the growing viewership and you will have 30M users logging on to YT, every single day.
4. Video length: short-form or long-form?
With the rise in short-form video content, everyone wants to be the next viral thing with their 30-second clip on TikTok. How much sense does it make for B2B?
Companies are making a lot of videos under 1 minute (over 5M in 2021), but surprisingly, companies are also making videos over 60 minutes (over a million) too. Engagement rates for the former, unsurprisingly, are much higher.
So should you only create videos under 1 minute?
Short answer: no.
It all depends on what you’re creating. A 30 second video for an office tour makes perfect sense, and so does an hour long webinar. Engagement rates are subjective, higher views do not equal more business.
Our take: 5-30 mins would be your sweet spot for longer content without compromising on views or quality. Add timestamps so that viewers can skip to the part they’re most interested in. Oh, and don’t forget to repurpose 🙂
2021 saw an 11% increase in captions in videos.
Maybe someone doesn’t speak your language, maybe they have a disability or maybe they just don’t want to turn up the volume. Either way, using captions is a great way to reach a wider audience.
The captions don’t have to be manually typed out, you can just use an AI tool to help you do that. We personally like/use Descript
6. Wait, do people even like watching videos?
Video consumption has grown drastically between 2019 to 2022. There has been a 77% jump in video plays between 2019 to 2021.
Clearly, video is in demand. And most likely, it’s here to stay.
7. How to maximize ROI
You’re creating high budget videos that take up a huge chunk of your resources. Your target audience is watching it too.
But they aren’t converting.
Treating your videos like other marketing collateral you put out there will help you understand that they’re missing a few essential marketing elements.
- CTA – Tell them what you want them to do next, don’t make them guess.
- Annotation links – link to your other videos/pieces of content at various intervals. Internal links work best for this.
- Forms – custom forms that pop-up in the middle of the video to gather email addresses is a great way to capture leads
Conclusively, in 2022, if you want to succeed at video — just get started and be open to taking risks.