In the dynamic technological landscape, digital marketing has raised its standards by revolutionizing how businesses approach marketing. Likewise, video marketing is considered one of the best and strongest content types.

According to a survey by Wistia, “63% of businesses in the world have already started using video content marketing.” And more businesses are shifting towards it. Additionally, consumers are moving to more visual and interactive content, making video marketing a significant option.

Furthermore, it offers several benefits, including enhanced brand recognition, improved user experience, reasonable conversion rate, and more. Reflecting its growing impact, the video marketing industry is expected to reach US $560.70 billion by the end of 2024, as reported by Statista.

The benefits of video marketing are outstanding and unparalleled.

In this blog, we will discuss why every business needs a strong video marketing strategy in 2024 to skyrocket sales and revenue.

Understanding Video Marketing

Video marketing is a marketing strategy businesses use to promote their services or products. It involves video content to engage with consumers in a visually appealing way to maximize lead generation and sales.

Platforms like social media, email campaigns, websites, and webinars have a solid consumer base that can drive significant engagement rates. Thus, these platforms are the best choice for executing video marketing strategies.

What are the Types of Video Marketing?

Video marketing itself has several types, allowing businesses to craft various methods to promote their content based on the type that fits their needs:

• Animated Videos: 2D and 3D animations are trends that help businesses provide product information in detail. It uses illustrations, high-quality graphics, and animations to explain the details. Animations are used primarily to explain complex concepts visually.

• Product Demos: Product demos are basically explaining how a product or service works. This video type is essential to building trust among your consumers. In this type of product, the workings of the product or service are explained in detail by the individual demonstrating features and functionality.

• Livestreaming: Live videos are among the best video content to build trust among consumers and expand the reach of your business. It focuses on sharing details of products or services in real-time on digital platforms like LinkedIn, Instagram, Twitter, and websites.

• How to (Explainer) Videos: These videos focus on solving the problems of your consumers. It includes how-to videos that explain the usability, functions, or features of the product.

• Testimonials: Testimonials are reviews by the brand’s consumers. Also, it is one of the best ways to build trust and credibility. It focuses on the videos of consumer reviews about their experiences. Additionally, testimonials can be used as case studies.

You can utilize any of these types that meet the criteria of your business needs. Also, we at DM Tech Labs believe that a proper video marketing strategy will help you drive more profitability and growth.

Importance of Video Marketing Strategies in Businesses

According to Statista’s reports, over 3.50 billion people have watched videos online, which demonstrates the power of video content. Video marketing is the most consumed type of content marketing that can help your business reach a more extensive consumer base.

Additionally, video marketing provides a dynamic and powerful way to engage with your consumers, allowing you to convey messages with clarity and impact. Let’s explore why video content has become an essential factor in business marketing:

• Improved SEO Ranking: According to Wyzowl, 96% of internet consumers watch explainer videos to understand a product or service. Also, adding the video to the landing page website increased the conversion rate by 80%. In addition, along with Google, YouTube also ranks your video if it’s helpful.
• Improved User Experience: Compared to articles and blogs, videos are easier to understand due to their visual appeal. Additionally, videos have 45% more chances of ranking on search engines than texts.
• High Conversion Rates: According to Primis, individuals who watch videos have 95% more chances of remembering the call to action (CTA) than text-based content with 10%.

Advantages of Video Marketing 

There are many advantages businesses can expect from video marketing. Its benefits include:

• Excellent ROI: As discussed earlier, video content is 95% more effective for calls to action. Also, having more CTA increases revenue with high-quality content that engages significantly with consumers.

• Reach a Wider Audience: An effective video marketing strategy is likely to drive more traffic, whether on a social media page or website. The impact is even greater if the content is well-optimized with keywords.
• Influencing Decisions: Video content focuses on visuals. Also, consumers are often more dependent on visuals when buying products. Additionally, video content helps consumers make informed decisions.

Disadvantages of Not Utilizing the Power of Video Marketing 

Most businesses have started using video marketing since it provides more results than other content types. However, failing to execute or utilize a video marketing strategy effectively involves several risks, including:

• Growth Rate: According to the Wyzowl report, 68% of marketers who do not use video marketing will likely adapt it in 2024. In addition, 88% of marketing professionals have observed an increment in user understanding of their products and services. This, in turn, has led to growth in sales and profitability.
• Brand Awareness: Through video content, building brand awareness is easy. In fact, 90% have already observed its benefits, along with a significant return on investment. However, businesses that fail to leverage the power of video marketing tend to experience lower brand awareness.

Trends in Video Marketing in 2024

With the technological landscape, there is significant growth in leveraging technologies in video marketing. Some trends that you shouldn’t miss out on are:

• • AI in video marketing: The rise of AI is something to watch out for in 2024; it’s touching new heights. Also, businesses are now leveraging the power of generative AI to craft engaging video marketing strategies. Additionally, 75% of businesses are utilizing the power of AI to create marketing videos.
  • Videos used in emails: Since the technology has advanced, videos are being embedded in email creatives and newsletters. Also, short videos attached to emails help consumers clearly understand new products launched by businesses.
  • Short-form videos:  According to Statista’s reports, there are over 5.17 billion social media users globally, demonstrating its reach. Instagram reels alone collect millions of views. Additionally, LinkedIn has recently introduced its short video feature.

• User-generated content: UGC focuses on more credibility and authenticity, along with building trust. Unlike traditional advertising, where content is often biased, UGC is created by unpaid users who appreciate the brand.

Conclusion

A video marketing strategy is an essential part of any business to reach wider audiences and drive growth and profitability. Also, an effective strategy is the primary business need for a successful marketing campaign.

The facts show the power of video marketing, demonstrating its wider reach and enhanced call to action than text-based content. Additionally, advancements in AI are something to look for in 2024. Moreover, businesses use AI to craft an engaging video marketing strategy.

Want to skyrocket your sales and profitability? Visit DM Tech Labs today!  We offer result-oriented strategies to help businesses achieve measurable goals. And our exceptional digital marketing experts analyze your business efficiently to create the best strategy to meet business needs.