Video marketing has become essential to any modern marketing strategy, and the trend is only accelerating. As we move into 2023, the video will remain a vital tool for engaging consumers and driving conversions. Small businesses should be aware of some of the most important trends to keep up with the times.
The statistics speak for themselves: 86% of businesses utilize video marketing, and the total time spent watching videos increased by around 249% in 5 years. According to Biteable, 22% of marketers create a few videos per week, and an average internet user spends 33.3% of their internet time watching videos. In addition, 54% of consumers want to see more video content from brands they support, and 59% of marketers consider video their most preferred content format.
Often small businesses that don’t have a large customer base are hesitant to invest in video marketing due to cost. However, there are numerous ways for small businesses to create compelling video content without spending a fortune. For instance, using stock footage, creating short-form videos (85% of marketers say this is the highest audience engagement among all content types), and recording simple tutorials with a smartphone or webcam can be great starting points. So Investing in video content marketing is an intelligent decision for staying competitive in the long term, despite initial costs. To understand why a business video is worth the investment, read Why a Business Video is Worth the Investment.
Five Key Video Marketing Trends To Look Out For In 2023
Increase In Live Streaming Platforms
The live streaming sector is booming, with 63% of people between 18 and 34 watching content on this medium regularly. Live streaming platforms such as Twitch and YouTube Live are great for boosting customer engagement, demonstrating products and services, or hosting webinars. Live streaming offers a real-time, interactive approach to content that is unparalleled in engagement and interaction. It builds trust and loyalty with customers seeking an authentic connection with their favorite brands. In 2023, if your business gets into the live-streaming game, it will be well worth the investment.
Rise Of YouTube Short Videos
Although TikTok is now the reigning champion of short-form videos, YouTube remains one of the most popular platforms open to creating, sharing, and watching short videos.
Most YouTube short videos measure between 16 seconds and 60 seconds in length, making up 72% of all posted videos. And YouTube is investing 100 million to support the creative endeavors of its Shorts creators. There is less competition in the short video space on YouTube, which you can capitalize on to reach a large audience.
Focus On User-Generated Content
Over half of millennials believe buying decisions are more heavily impacted by content created by strangers rather than advice from acquaintances and relatives. Small businesses are at an advantage compared to more prominent organizations regarding customer-generated content because they can generate more organic videos from customers. This feedback is invaluable in helping businesses understand what their customers want and need.
Increased Use Of Augmented Reality (AR) & Virtual Reality (VR) Technologies
Get ready for a revolutionary leap forward. The global virtual and augmented reality (VR and AR) technologies market is projected to skyrocket from $13.4 billion in 2018 to an estimated stunning $142.4 billion by 2023! Emerging trends, like the integration of wearable devices and augmented reality (AR), are projected to drive growth in demand. Small businesses should be ready to capitalize on this trend in 2023, as it could bring their product demos and marketing to life.
Focus On Quality Over Quantity
It’s no longer enough to post videos regularly simply; now, businesses need to focus on creating quality content that will stand out in the crowd and grab customers’ attention. Even if you don’t have a big budget, you can still make a difference in the quality of your videos by investing in the right equipment, recruiting talented videographers and editors, or outsourcing video production. This can help ensure your content stands out and resonates with customers, so you get the most out of your investment.
Growing Popularity Of Shoppable Videos
Shoppable videos are a great way to drive sales and conversions. A staggering 41% of viewers are influenced to add products to their shopping cart after viewing shoppable videos! They allow customers to purchase products directly from the video, making it easier and faster for them to make purchases. This technology is on the rise, and in 2023 it will be even more critical for small businesses to get on board. Investing in shoppable videos could help you boost conversion rates, drive more sales and engage more customers than ever before.
Here are different types of videos that small businesses in 2023 can use to stay ahead of the curve and create an effective video marketing campaign.
Short-Format Video Content: Short Videos With Endless Loop: Tik Tok and Instagram Reels have already shown us the power of short-form video content. YouTube has also now joined the loop video trend, and it’s a great way to capture viewers’ attention. Consider creating videos that are no longer than 15 seconds. These can be bits of your longer videos, product demos, or user-generated content.
User-Generated Content (UGC): UGC is becoming increasingly popular. 60% of consumers trust UGC content more than branded content. Encourage your customers to share their positive experiences with your brand through video, and use those videos as part of your marketing strategy.
Behind The Scenes: People love to feel connected with the brands they support, so why not give them a behind-the-scenes look? Try creating videos that show exactly how your product is made or what goes on in your office. It’s a great way to build trust and loyalty.
Search-Optimized Videos: People increasingly turn to videos for information or products. Ensure your videos are optimized with keywords that will attract potential customers. Use SEO best practices and consider including transcripts of your audio content as well.
Augmented Reality (AR) and Virtual Reality (VR): AR and VR technology have come a long way in recent years. However, it wasn’t until recently that brands started using it as part of their video marketing strategies. With more people turning to virtual experiences during the pandemic, AR and VR can become crucial tools for creating immersive content for your audience.
Explainer Videos: As the name implies, explainer videos are meant to “explain” a concept or a service. They’re usually short, engaging, and informative. You can explain your products and services in a simple, straightforward manner that’s sure to capture your audience’s attention.
Educational Videos: Consumers increasingly seek accurate and reliable information. Educational videos can be a great way to provide valuable content entertainingly. You can use them to explain complex topics or share industry insights with your audience.
Interview Videos: Interview videos add a personal touch to your video marketing strategy. They can be used to introduce people behind the brand and create deeper connections with your audience. You can also have experts or influencers in your industry share their insights and opinions on topics related to your business.
Silent Videos With Captions: Soundless videos communicate your message clearly without distractions. They’re great for mobile and social media audiences, often in public places or have their sound muted. Captions help keep your message on point and add extra context to what is being shown.
Testimonial and Review Videos: People trust what others say. That’s why testimonial and review videos can be so powerful. They offer third-party validation of your brand and can be a great way to convince potential customers to choose you over the competition.
Animation Videos: Animations are an ideal way to simplify complicated concepts and make visually appealing and informative videos. You can use animations instead of live-action videos and create content that stands out from the crowd.
Product Demonstration Videos: Showing your products in action can greatly demonstrate their features and benefits. You can use product demonstration videos to show customers how your products work and why they should buy them.
Live Action Event Coverage: Live video streaming is becoming increasingly popular, and it’s a great way to increase engagement with your audience. You can use live-action videos to cover events, conferences, and more, all in real-time.
Webinar Recordings: Webinars are a great way to generate leads, but you don’t want those who missed the live event to miss out. That’s why you should record your webinars and upload them to YouTube or your website so that viewers can watch them at their convenience.
How To Implement Video Marketing?
Businesses need to tackle their day-to-day operations while dealing with the ever-growing competition. It’s best to hire a video production company or a talented videographer in your local area to create compelling video content for you. You’ll have the top video production skills working for you and can quickly get your video marketing off the ground. If you’re considering hiring a video producer, read When You Should Hire a Video Producer.
Once your videos are created, it will be time to distribute them across different channels and platforms. With a video production company supporting you, you’ll have continuous video content to promote your business across different digital channels.
If you’re interested in working with the top video production company in Charlotte or Rock Hill, SC, you can contact us at FireTower Media. We specialize in corporate, commercial, and event videography and can help you create amazing video content that will reach the right audiences. Learn more about our Corporate Video Production Services in Charlotte.