2020 was a year for serious growth in the business video marketing sector. If you aren’t currently investing in corporate video production, with a video marketing services company or in house resources, then you’re in danger of losing many potential benefits for your business. Lack of a video marketing strategy can cost you in terms of brand awareness, higher lead conversion rates, a more productive sales process and customer loyalty.
Vidyard, a leading video hosting platform, recently released its 2021 Video in Business Benchmark Report, sharing its insights about business video marketing and sales video performance across different industries. The data of over 750,000 videos by 1500+ businesses indicates that double the number of business videos were published in 2020 in comparison to that of the previous year.
The report points out a significant surge in video production from both business video marketing services companies an in house resources as companies went remote and adapted to digital-first marketing strategies. Video FAQs, product explainer videos, remote video demos, and many more use cases of videos came into being. It’s clear that businesses of all kinds are moving towards a video marketing strategy using both video marketing services companies and their own in-house resources.
So, let’s explore the latest trends in the world of corporate video production and sales video as we share some of the key insights of Vidyard’s report.
A Video Marketing Strategy has Become Essential
As the need for efficient ways to connect with people remotely grew, sales videos became a more relied upon communication tool. Corporate video production became the most effective medium to communicate with a distributed workforce. 60% of videos created in 2020 were user-recorded rather than handled externally.
These included training and onboarding videos, product demos for customers, and client testimonial videos, among others. Businesses created behind-the-scenes videos for employee engagement and social media marketing. Similarly, talking-head videos were used to broadcast company messages and thought leadership videos.
During this time, we at MultiVision Digital also did many remote corporate video production sessions for law firms, accounting firms, manufacturing companies, and real estate agencies.
Key Findings from the 2021 Report
The Vidyard’s 2021 Video in Business Benchmark Report is packed with insights. Some key findings, trends, and takeaways about corporate video production are:
- Overall total corporate video production creation increased by 135% in 2020.
- The use of one-to-one sales videos conversations increased by 93%.
- High-Tech companies created more videos than other industries – financial Services and education followed.
- Financial Services saw an increase of 129% in overall average corporate video production.
- In the produced video segment, Retail and Consumer Goods companies topped with 248 videos on average per company.
- The percentage of people who reported investing in one-to-one sales video saw an increase of 471%.
- 94% reported that business video marketing converted the same or better than other content forms.
- 91% of brands are maintaining or increasing their budgets for corporate video production.
- The most common business-created videos are product demos, how-to videos and explainers.
- Social media was the most common video distribution channel for B2B companies; websites and YouTube followed.
The study reported a larger number of businesses taking their video marketing strategy seriously.
High-Tech companies led the list. Professional services, financial services, and manufacturing were the other prominent industries. The Media, Entertainment and Publishing industry also made a mark in both recorded and business video marketing content.
Overall, 91% of Businesses are Increasing (or maintaining) Budgets for Corporate Video Production
Most SMEs use internal resources to create their videos, and the investments of small-sized businesses that use video production as a video marketing strategy have grown by 19% over the previous year’s findings.
However, as the size increased, businesses began preferring the use of external video marketing services for their sales video content creation. While businesses invested 57% more in exclusively internal resources, those investing in their video marketing strategy with an external video marketing services company rose by 33%, compared to the previous year.
With a sound video marketing strategy, businesses and marketers can leverage business video marketing to get a higher ROI. A strong video marketing strategy starts with sales and marketing videos and then repurposes them into blog posts, emails, and other content formats according to the business’ requirements.
Use Sales Videos to Support Your Business Video Marketing Strategy
Business video marketing is a versatile content format. It can be used across a variety of channels like emails, social media posts, and internal communications. According to Vidyard’s data, 94% of participants reported that video content has an equal or greater effect on their business than any other content formats they used.
The study also revealed that social media is the most preferred channel for business video marketing content; followed by a company’s website and then YouTube.
In addition to the increase in the creation of shorter form sales videos, Vidyard also mentioned a 66% increase in long-form video content. With people adapting to a remote working setup, videos and virtual events replaced in-person events.
From how-to videos to product demos, sales videos, and video testimonials, every video can be used in a video marketing strategy. But to get the most out of all the videos you create, you need an effective video marketing strategy.
85% of people would like to see more sales videos from businesses. That’s because sales videos are easy to consume and understand, and people retain visual information better than just text on a page.
We will see you in front of the camera!