How much video have you watched recently? What about your friends, children, coworkers? If you have been anywhere near social media, news sites, or…you know, the internet, you have likely seen and or watched at least a few seconds of footage. Because video is everywhere.
When surveyed, most of Generation Z (95%) reports regularly using YouTube. The majority of Millennials (80%) consult videos before making a purchase. Another 70% of this group watch “how to” videos rather than reviewing instruction manuals or books. Over 500 million hours of video are viewed on YouTube each day.
And it's not just YouTube or “youth” anymore. Cisco estimates 82% or more of all internet traffic will be video by 2022. Similarly, live video will account for around 17% of all internet video. Most internet users (92%) watch videos online. As a bonus, viewers retain 85% more information from videos than they maintain from text. As of 2018, YouTube has replaced Facebook as the second most popular website worldwide.Don’t worry; Facebook isn’t dying. The platform reported a 37 million quarter-on-quarter increase to their main network as well as an added 38 million to Instagram.
But it’s not surprising to see Facebook increasing their video offerings to stay competitive. With the introduction of video ads, Facebook Live, and Facebook Stories, the platform has managed to grow the appearance of video in the news feed by over 360%. Now at least one out of every five videos on Facebook is a live video. And they receive six times as many interactions.
But even standard video messages and ads are receiving more attention than static posts. Users on average look at ads five times longer than static updates. The engagement rate for video posts is also higher – a startling 6.01% versus 4.81% for photo and 3.36% for links.
There is an art to the creation of good video content. However, what will work best for your business largely depends on your target audience. We reference more in-depth tips and tricks in our post 8 Tips for Better Video Marketing. Here are a few of the basics:
- Viewers will watch any length of a video, as long as they continue to see the value.
- Assume your video will be watched without sound.
- Prepare your video to be posted to multiple social platforms.
Whether we like it or not, video is a big part of the future of financial institution marketing. Experimentation and incorporation at this “early” stage will help set your financial institution ahead of the curve.