December 14, 2020
The annual video status report also shows that the use of video in sales and customer conversations has increased 93%, with ROI steadily improving year over year
KÜCHENER, Ontario – December 14, 2020 – With the forced move to remote working this year, video content has gone from being a nice tool to a needed tool for businesses, a new research report shows. The number of respondents investing in one-on-one asynchronous video grew exponentially from 7% in 2019 to 40% in 2020, up 471% year over year The status of the video report – 2020 edition published today by Vidyard and Demand metric, now in its seventh year.
“We have seen 10 years of digital transformation in 10 months. The pandemic may have been a compelling feature, but it is clear that video will stay in business here, ”he says Michael Litt, CEO and Co-Founder of Vidyard. “Video has become an indispensable tool for any business. We have seen that behavior and cultural attitudes towards remote working and the use of video change just as quickly. ”
Video for sales prospectuses and customer loyalty up 93% year over year
As virtual selling became the norm, the report also shows that the use of video in sales and customer conversations increased. The percentage of respondents who say they use video for sales prospectuses and customer loyalty increased 93% year over year. In addition, nearly half of respondents (48%) said the ROI they get from video is growing (up from just 28% in 2018).
Since the beginning of the COVID-19 pandemic, companies have recognized the need to invest in video content to ensure their long-term survival. The applications range from working with employees to sales calls. Despite promising news regarding vaccines almost a third of workers never want to return to the office. Because of this, organizations have turned to both synchronous (e.g. Zoom Video Communications) and video asynchronous (like Vidyard) to add in-person interactions, reach their target audience, and grow their business.
The main results of the status of the video report include:
- The future of video looks bright: 83% of respondents say that video is becoming a more important form of content for their organization.
- Video Remains a Top Performer for Driving Conversions: Almost all respondents (94%) state that videos convert the same or better than any other form of content.
- The use of videos has increased over the past year: The percentage of respondents who say their company creates more than 51 videos a year rose 254% in 2020.
- Video viewing data is an important sales promotion tool: Almost 90% of sales professionals state the importance of accessing video ad data in order to qualify leads, attract potential customers, or influence business.
- There is a strong correlation between measurement and satisfaction with video: Brands that use measures to determine the effectiveness of medium or advanced video content report the highest satisfaction with videos.
Make the most of your video investment
With video soaring, Vidyard and Demand Metric identified four steps every business should take to maximize their video investment:
- Align and train your team: Break the silos in your company and improve communication between departments that use video. Establish a cross-functional video enablement team who can gain insight into other departments’ needs for video success and identify opportunities for process improvement.
- Invest in a scalable video solution: Video creation and hosting has never been more affordable. And while the cost of video continues to decline year-over-year, the ratio between the investment in video and the ROI of video efforts remains unchanged.
- Use video data: When companies track their results and leverage video data effectively, they gain vital insight into viewers and consumption. With this insight, sales reps can prioritize follow-up and empower video artists to create more impactful content.
- Experiment with different types of video: Organizations looking to get the most out of their video investments must continue to experiment with different formats. As new types of videos become available, try them out to a limited extent, review the results, and double the functionality.
The results of the State of Video Report are based on a survey of more than 300 respondents in North America, conducted online October 21 through November 2, 2020.
Vidyard’s tools for creating, sharing, hosting, and tracking videos are free for any company and business professional. Get started today at https://www.vidyard.com/free-screen-record/.
Vidyard helps businesses and professionals connect with their audiences in new ways by delivering engaging, personalized, and measurable video experiences. Through its global video hosting and analytics platform, Vidyard enables companies like LinkedIn, Zycus, League, Stanley Black & Decker and others to change the way they approach marketing, sales and corporate communications. With its free and professional tools, Vidyard helps any business professional create and share custom videos to get their message across in a more personal and impactful way. Thousands of businesses and millions of people around the world rely on Vidyard for their video needs. Sign up for Vidyard for free: https://www.vidyard.com/free-screen-record
Sandy Pell, Head of Corporate Communications, Vidyard, email@example.com
Sandy Pell is the director of corporate communications at Vidyard. She was named one of the Top 30 Under 30 in Canada by PR in Canada and one of the Top 20 Tech Women in Canada by the C100. When she’s not creating extraordinary communication, as a commercial wall painter, she turns empty spaces into remarkable places!