It's the beginning of a new year, which means out with the old and in with the new. But when it comes to video marketing in 2020, the forecast calls for the revamping of tried-and-true strategies and a healthy dose of innovation.
The effectiveness of video marketing is common knowledge in the industry. In fact, according to a study published by MarketingCharts.com in October 2019, consumers spent 84 minutes a day watching online videos; which is expected to increase by 100 minutes a day in 2020.
There's no question that video production is an essential part of any marketing strategy. But as a result of this ongoing trend, the current video production market is saturated, so it's important to focus on strategies that create more customer engagement and retention. You want to stay ahead of the competition and use the latest techniques to focus on targeted areas, which will result in seeing tangible returns from your video marketing efforts.
Here’s a breakdown of the top video marketing trends experts in the field, including Joanne Carter, are identifying for 2020:
Personalization is a major trend in the marketing industry. A report from SmarterHQ found that 72% of consumers will only watch a marketing video that is specifically tailored to their needs and interests. Furthermore, 60% of digital marketers believe that improving the personalization of marketing efforts is a key strategy in boosting the quality of leads.
When you prioritize personalization across all marketing strategies, including video production, it helps you build a relationship with potential customers.
Data-driven Marketing Strategies
Another worthwhile approach that every marketer should focus on is the data-first strategy. The go-to approach of one-size-fits-all is no longer enough to be competitive in today's market. Using a data-first strategy ensures that you are targeting the best demographics for your product or service. Combine that with the right messaging at the right time, and you'll see an increase in conversion and engagement. Consequently, this effective marketing strategy is also expected to be applied to video production in 2020.
PepsiCo is a great example of how data-driven video marketing delivers significant results. When they used data to revamp their video content, it resulted in a sales boost of 4.25%, a marketing statistic that doubled in comparison to their previous strategy, which was more general and less data-specific.
With the ever-shrinking human attention span, shorter videos might seem like the best approach for digital marketers. However, a 2015 study by the Consumer Insights team of Microsoft Canada found that the length of people's attention spans actually depends on what the task involves and how each individual processes the given information. In other words, the average length of the human attention span is not as black-and-white as researchers previously thought. Shorter videos might be easier to watch, especially with social media and the fast pace of modern life; but in 2020, we're going to see a big comeback in long-form videos.
One reason for this video marketing prediction are the statistics. In 2017, 80% of videos were five minutes or shorter in length, but these short videos only accounted for driving less than a third of overall engagement. Compared to videos that were 15 minutes or more, the audience engagement reached 50%. As Smart Insights put it: "Long-form videos enable you to tell a story that can make you memorable, as well as help educate your audience about your products or your brand values".
Other 2020 trends that every digital marketer should have on their radar are 360° videos, which are becoming more accessible thanks to smart devices and VR headsets. According to a survey by Magnifyre, 29% more people are choosing the 360° viewing option; this type of high-tech video is also driving a 7% higher purchase intent while helping brands stand out from their competitors. The immersion experience of the 360° video was a huge success for Kit Kat and its matcha chocolate bar: their YouTube campaign resulted in an impressive 35% increase in consumer consideration and a 100% boost in overall ad recall.
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