Five or ten years from now, will you be reading this blog post or will you be watching a video of it?
Cisco predicts that by 2019, video will account for 80% of global traffic. That’s nearly 1 million minutes of video shared every second! Currently Facebook has an average of 8 billion video views DAILY and by the end of 2016, digital video will reach almost $5 billion in ad revenue according to BI Intelligence.
As you can tell by the above statistics, and as you probably already know, online video is exploding. But, why? Why is it becoming so popular and why is it so successful? There are many possible explanations, but I narrowed it down to what I believe to be the three most significant.
One of the biggest reasons online videos are so successful is because humans, by nature, are very visual beings. When a company communicates a message, it literally has no meaning if it is not remembered by its audience. Visuals, however, improve the audience’s ability to remember. When people hear information, they only remember 10% of it after three days. When the same information is corresponded with an image, people remember 65% of the information three days later. And if a picture is worth a thousand words, then a one-minute video is worth 1.8 million words according to Forrester’s researchers. With numbers like that, it isn’t hard to see why videos have become so popular. If companies produce videos, its customers are much more likely to remember its product and brand.
Today, people not only want, but expect adverting to be brief, targeted, and convenient. While scrolling through social media, consumers will scroll past ads that fail to capture their attention quickly. If an ad is confusing or has too many words, they will also choose to scroll right passed it. This is another way that online videos have become so useful. Video advertising is able to capture the attention of more people because it creates a more stimulating environment for consumers. They are also easy to understand, not to mention entertaining, which encourages people to continue watching. Videos allow brands to keep consumers engaged long enough to quickly inform them about its product, brand, etc., creating a win-win situation for both the consumer and the company. The consumer gets their entertaining ad and the company gets the attention of the consumer.
Videos are not only able to keep consumers engaged, but they also help build an emotional connection with the customer by really being able to bring a brand to life. When people feel an emotional connection with the ad, and therefore the brand, product, etc., they are more likely to view that brand in a positive light, which will help lead to more sales for the company. Not only that, but if people feel positively about an ad, they will also be more likely to like, share, and talk about the ad. This will help the company build brand awareness and may even expose the brand to new audiences. The reach companies can have with videos is greater than it has ever been before.
While this is not meant to be an exhaustive list, it does provide some of the core reasons behind rapid online video growth. Now you not only know that online videos are becoming more and more popular, but WHY they are. So, what are you waiting for? Get out there and post some videos!