5 signs that video has become a necessity for brand storytelling
For what seems like an eternity, everybody has been talking about the need for video. During this wave, we’re seeing businesses crumble under the industry pressure to conform to the trends. As a result, many brands are taking the seemingly logical step of hiring video production companies to create the all-to-familiar ‘about us’ video. Without any strategy, the video yields minimal returns and brands end up dismissing the idea that video is really for them. We’ve seen this pattern more times than we can count.
Without a strategic vision for video production and distribution, clients can leave the project with a bad taste in their mouths, and rightfully so. Before seeking the “what” (video production), you need to consider the “where” (distribution) and most importantly, the “why” (goal).
Here are a few trends that indicate that video might not be such a bad idea after all:
1. New platforms are popping up
Social media is an enormous medium for content distribution and consumption, especially for video! It’s not just a place for your aunt to tag you in cat videos anymore. It’s now an intertwined network of platforms that function to allow brands and consumers to share stories through a multitude of video formats. From the authentic 15-second vertical stories, to hour-long 4K videos on IGTV, people are soaking video in a variety of ways.
IGTV (Instagram Television) is the latest video-consumption format to unravel in recent months, and creators are rejoicing! With the capability to play high-quality 4K video, some brands are using it to share more polished content.
The IGTV launch is timely for the marketing world. Vertical video consumption is on a rapid incline, and this new platform only provides more room to play. While still in its adolescent stage of life, the simple fact that Instagram - a platform with over one billion users - is deciding to invest into IGTV, tipping its hat to a future dominated by social video.
2. Social media engagement
Brands are quickly discovering that one of the most effective tricks to increased engagement on social media is video. Not just any video content will do so, but on average, social video generates 1200% more shares than text and images combined. Those are some astounding numbers that are only expected to grow.
According to Business Insider, about 81% of IP traffic will be the consumption of video by 2021. In a world where things move quickly and the value of of time increases, people aren’t willing to risk wasting it. With video, viewers know the maximum amount of time they might invest into a particular piece of content. Beyond just that, video consumption doesn’t require much effort. Viewers generally don’t need to read much, it’s easily consumable.
3. Consumers rely on video to buy
Video may not be the first point of contact for a potential customer, but it often acts as a reinforcing factor somewhere within the sales cycle. Whether it’s a third-party review or a branded explainer, video acts as a powerful vessel to get viewers to follow-up with an action.
95% of people have watched an explainer video to learn more about a product or service.
81% of people have been convinced to buy a product or service by watching a brand’s video.
69% of people have been convinced to buy a piece of software or application by watching a video.
Video on a landing page can increase conversions by 80% or more.
4. Retain the attention of your potential customer
It’s becoming increasingly difficult to garner focus from the modern day attention span. As consumers, we skim through websites and timelines, waiting for the right spark of stimuli that prompts us to stop. Video is often the rare gatekeeper that holds a pair of eyes on your brand’s content for more than a couple of seconds. Not to mention, viewers retain 95% of a message when they watch it in a video compared to 10% when reading it in text.
Video isn’t just your friend on social media either. In fact, the average user spends 88% more time on a website with video. It’s a much easier and more effective way to communicate a brand’s personality. It facilitates the introductory stage to your business.
5. Establish an emotional connection with your brand
Good videos evoke specific emotional responses: joy, pride, sadness, anger, laughter, nostalgia, etc. These emotions fuel passion, and drives human behavior while building a relationship with an audience.
The average attention span for video viewers is 8.25 seconds, down from 12 seconds in 2000. This means we have a decreasing amount of time to establish an emotional connection. Viewers also have a much lower tolerance for poorly-produced video. In fact, 62% of consumers are more likely to have a negative perception of a brand that published a poor quality video.
We grow your brand through video
At Magnified, we are big proponents of brands using video to tell their stories. From the first storyboard brainstorm to mass ad campaigns, we’re equipped to be your one-stop-shop for video strategy, production and distribution.
Strategic video production is a forceful tool in your content arsenal. Understanding your audience and where they listen is a fundamental component to making your video a success.