According to a study done by Vidyard, 92% of marketers believe video is becoming more important to their marketing efforts. More than two-thirds are increasing their budgets for video! As discussed in several of our previous articles, corporate video has become a necessity in the modern business market.
A growing number of companies are utilising video for many reasons, whether it be advertising, recruiting, or brand recognition. It is the way forward in terms of a successful advertising campaign. Video is undeniably on the rise, but why is this? There are four trends that have contributed to this modernisation.
Availability of Technology
Just as the prehistoric cave man utilised the invention of the wheel to it’s advantage, so do modern-day humans use technology to make our lives easier. One of those ways is linked to our dwindling attention spans: we use video to entertain. It’s a base instinct to be attracted to moving image, splashes of colour and intriguing storylines. Babies are being born with a smart-phone in their hand, and technology is being integrated into the classroom at a younger and younger age.
Technology—and by default, video—is the way forward. In 2016 the website Wyzowl reported out of their surveyed businesses, 39% said they had yet to use video as a marketing tool. Of that number, 42% say they plan to in the future: that’s only a projected 23% of businesses that will not be utilising video by the end of this year.
Availability of Technology
With the technological boom of the last 15 years, filmmaking equipment is becoming more affordable (or at least, versions of it are) and easier to use. This has changed the market of corporate video production—it is no longer limited to wealthy corporations with enormous budgets. Small businesses can utilise video advertising (and more) with the new affordability.
This also ties in to our first point of evolution—people are learning at a younger age how to use technology, thus they are more proficient at it as time goes on.
Multiple Ways to Use It
There are a myriad of ways to incorporate video into your business efforts. Advertising is the largest, although it can be used towards customer service, training, and transparency. It can help increase consumer understanding of a service or product. You can find a more comprehensive list here including examples. Suffice it to say there is an endless way to utilize corporate video within your business. The more options businesses have, the higher the probability they will choose to make a corporate video.
A Shift in Culture
We are no longer living at the advent of television where people only consumed media in their living room. Business video statistics for 2017 show that YouTube users watch more than a billion hours of video per day, which is an enormous advertising opportunity.
People are becoming more independent—using video to learn how to do things. Courses are being taught online. There are endless how-to videos available for those that want to learn how to change a tire, hang curtains, or even tie their shoes.
Video is even changing the workplace—A study from the New York Times shows that today, 63% of employees work remotely for at least one day per week as opposed to only 34% in 2005.
As one can surmise, business video is here to stay. The nitty-gritty of it is in the numbers: marketers who are using video are seeing 49% faster growth in revenue.
Humanity’s evolution, the availability of technology, the multiple uses business video can be put towards, and the changing of modern culture have all contributed to this new standard. Our dependence on technology and our drive to be entertained has initiated this essential, and the implementation of business video will only continue to rise.