Video has emerged as the most effective and engaging form of content, being at the top of users' preferences and retaining their attention for longer. It is part of the strategy of most businesses across diverse industries, with the tourism sector being no exception.
However, to be ahead in a video marketing strategy, marketers need much more than being up to date with the latest trends on social media platforms like TikTok. It requires a deep understanding of consumer behavior, market dynamics, and emerging technologies. It demands a strategic approach that ensures the content is relevant and effective, making the best use of your time and investment.
The State of Video Marketing by Wyzowl
Annually, Wyzowl develops a report that presents how the video marketing industry has evolved over time. “The State of Video Marketing 2024” puts together some relevant statistics for the audiovisual sector, also providing insights that can help the tourism business make even better decisions.
Video Marketing Usage
Video marketing remains a staple in the digital landscape.
- 91% of businesses use video as a marketing tool.
- 88% of video marketers see video as an important part of their overall strategy.
- 68% of marketers who don’t use video say they plan to start using video in 2024.
- 75% of video marketers say they’ve used AI tools to help them create or edit marketing videos.
Even though marketers almost unanimously believe in the importance of video, many still seem to have difficulties when it comes to execution.
- Lack of time remains the #1 barrier to video marketing adoption. A third of marketers who don’t use video say it’s because they don’t have enough time.
- 20% of marketers who don’t use video say it’s too expensive.
- 15% of marketers who don’t use video don’t know where to start.
Video content creation
- 38% of video marketers create their content in-house.
- 24% of video marketers exclusively use external vendors to create their content.
- Among the most popular content are: Testimonials (39%), followed by explainer videos (38%), presentation videos (34%) social media videos (34%), product demos (32%), video ads (30%), sales videos (30%), teaser videos (30%), customer service videos (28%), videographics (25%), employee onboarding (25%), training (22%), customer onboarding (22%) and app demos (22%).
The marketer's view:
A large majority of marketers say video gives them solid ROI across key areas like sales, leads, and brand awareness. Short videos seem to perform best. This type pf content is quick for audiences to consume, but it’s also quick to produce, giving brands great scope for testing and iteration.
- 90% of video marketers say video has helped them increase brand awareness.
- 87% of video marketers say video has directly increased sales.
- 85% of video marketers plan to maintain or increase spending on video in 2024.
- 69% of marketers have spent money on video ads. The other 31% relied on organic reach.
- 90% of marketers say video marketing has given them a good ROI.
- 88% of video marketers say video has helped them increase user understanding of their product or service.
- Most marketers report success with short-form videos. 30-60 seconds is the most effective length according to 39% of marketers, followed by 1-2 minutes (28%), 30 seconds or less (18%), 2-3 minutes (10%) and 3 minutes or more (just 5%.)
The customer’s view:
Videos can seriously sway purchase decisions and help people learn about brands. And almost all consumers want more video content from the brands they follow.
- 91% of people have watched an explainer video to learn more about a product or service.
- 82% of people have been convinced to buy a product or service by watching a video.
- 89% of consumers want to see more videos from brands in 2024.
- 87% of consumers say video quality impacts their trust in a brand.
- When asked how they’d like to learn about a product or service, 44% say they’d most like to watch a short video.
In today's digital age, video has evolved from a mere content format to a dynamic force that drives consumer engagement and brand visibility. The State of Video Marketing 2024 highlights the importance of video in any marketing strategy and demonstrates video’s position as a key part of the online customer journey.
