In Part 1, we reviewed key findings from HubSpot's "State of Marketing 2023" report. Facebook remains a top marketing tool, short videos formats like TikTok’s are rising, and messaging apps are becoming crucial for business. Sales professionals are also facing growing challenges in prospecting, engaging and closing deals. We also highlighted the growing role of AI in marketing.
This sets us up for Part 2, focusing on the specific impact of video in business in 2023.
Highlights from Vidyard's Video In Business Benchmark Report: 13 Changes and trends to know
Vidyard’s Video In Business Benchmark Report unique data set comes from 1,778,000 videos, anonymized from their customers. Findings both align with our HubSpot’s report highlights, and yield additional insight into video trends, analytics, engagement metrics, and the most popular formats in use.
Tuesday stands out as the most popular day for releasing videos, while Wednesday garners the highest video view
- Video Production and Types
Diverse Video Portfolio: The leading types of videos produced by businesses are webinars (42%), demos (21%), and social media videos (15%).
In-house Production: A significant 92% of businesses now produce videos using internal resources, with the average production cost ranging between $1,000 to $5,000.
52% of all businesses that responded have now taken their video production in-house.
- Video Investment Types
87% of businesses use screen recording tools.
47% of companies have invested in product demo videos, more than any other type of produced video. 35% have invested in explainer videos, 33% of companies have invested in recorded webinars videos, 31% How-to videos and 27% Customer testimonial videos.
- Video Platforms and Publishing
Platform Preferences: YouTube is the top platform for hosting videos, used by 92% of businesses. Vidyard found that customer hosted videos on their websites at (84%) and post them on LinkedIn (70%).
Publishing Patterns: Tuesday stands out as the most popular day for releasing videos, while Wednesday garners the highest video views.
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User-Generated Content (UGC) UGC Dominance: A remarkable 72% of videos produced this year were user-generated, with the majority being screen recordings or hybrid videos (80%) like the image pictured below.
54% of sales pros say sending hybrid videos to buyers gets the most responses.
- Sales and UGC: 74% of outbound sales professionals leverage UGC videos to enhance their sales outcomes, with hybrid videos being particularly effective.
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Video in Sales: Video plays a pivotal role in sales, with 71% of businesses now leveraging it in their sales dialogues. 54% of sales pros say sending hybrid videos to buyers gets the most responses.
The final two sections of this article will go deeper into what’s working the best.
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Video Metrics Analytics and Video Duration: The average video length is 4 minutes and 20 seconds, a decrease from the previous 6-minute average.
60% of all videos are under 2 minutes, the recommended size to maximize retention.
Another trend of interest; videos under 60 seconds, which make up 16% of all videos, are gaining traction. This lines up with our earlier HubSpot findings on short form video’s meteoric rise and rise.
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Engagement Metrics: Videos under 60 seconds boast the highest engagement, retaining an average of 68% of viewers.
In contrast, videos between 2-4 minutes achieve the highest completion rate of 52%.
- Video Analytics: A significant 85% of businesses utilize video analytics, focusing on metrics like play rate (78%), engagement (63%), and conversion rate (35%).
Blog posts incorporating video attract 3x as many inbound links as blog posts without video.
- Investment and ROI Video Budgeting While 30% of businesses plan to ramp up their video budget, a robust 89% believe that their video initiatives offer a solid ROI.
- Video Effectiveness
Landing Pages: Including a video on a landing page can increase conversion by 80%.
Email Marketing: Incorporating video in emails can skyrocket the click-through rate by 200-300%. That’s big news when benchmark email metrics on average are declining, as mentioned earlier.
Video Blog Posts: Blog posts incorporating video attract 3x as many inbound links as blog posts without video.
- Video Impact and Adoption Video's Influence: A resounding 94% of businesses agreed that video is enhancing user comprehension of their offerings.
- Video Production Challenges: The primary hurdles in video production are time constraints (24%), budget limitations (23%), and resource scarcity (22%).
- Video in Marketing: Not surprisingly, a substantial 70% of businesses are gearing up to amplify their video marketing efforts, and 96% have already integrated video into their marketing blueprint.
- Future Outlook: An overwhelming 99% of businesses will continue to use video in 2023, with 96% planning to either ramp up or maintain their current spending.
As we wrap up Part 2 of the Digital Mastery 2023 Series, it's clear that video is no longer just an option—it's a necessity for businesses aiming to stay ahead. From in-house production to leveraging User-Generated Content, video is revolutionizing how we engage, sell, and measure success. With a staggering 99% of businesses planning to continue or increase their video usage, the medium is undeniably shaping the future of digital marketing and sales.
If you found this deep dive into the new benchmarks for video in business insightful, share the it with your friends, co-workers and network, leave a comment, follow me on HackerNoon, LinkedIn, or X. Stay tuned for Part 3, where we'll explore the evolving landscape of virtual selling in this digital age.
READ NOW: Digital Mastery 2023, Part 3: The Evolving Landscape of Virtual Selling