72.9% of sales statistics are entirely fabricated, according to the unicorn whispering in my ear. Just kidding. Statistics are undeniably alluring: they give what feels like concrete, scientific, mathematical confirmation to all our oozy, fuzzy, nebulous feelings and hunches. There are plenty of stats backing up the magical effects of video marketing—but there’s one stubborn stat that’s plainly fool’s gold.
Publications left and right espouse it: a one-minute video is worth 1.8 million words. Whoa! Sounds scientific, right? Especially because it’s always attributed to Dr. James McQuivey of Forrester Research, a high-standing institution. In reality, it’s little more than a play on words: a picture’s worth 1,000 words, 30 still frames in a second of video, 60 seconds in a minute; 1,000 words x 30 frames x 60 seconds = 1.8 million words.
The lesson? It’s not enough to name-check impressive-sounding stats—you’ve got to look into what they really mean. With that in mind, let’s dive into the real stats.
Video Marketing Is Huge, And Getting Bigger
There’s little doubt that video and whiteboard animation is one of the most important mediums for telling people about your business. In fact, it may be the most important: more and more people are consuming video every day (it helps that we’re all carrying around pocket-sized video players). According to comScore, 86.6% of American Internet users watched videos in 2013. YouTube alone gets a billion unique visitors every month, roughly 20% of planet earth’s population.
As video continues to grow in popularity, it’s not hard to see why it’s an ideal way to connect with your audience. That’s obvious enough; what’s more interesting is that you also have an incentive to make a good video—one that’s as enjoyable as well as informative. Why? 92% of mobile video viewers share videos with friends and family, meaning a high-quality video can spread like viral wildfire.
Video Marketing Means Business
Lots of people watch and share videos. Maybe you already knew that—but rest assured, it’s not just millennials and teens consuming videos: 75% of business executives watch work-related videos at least weekly, according to Forbes.
What about the only question that really matters: does it work? Let’s look to the numbers. 65% of execs visit a vendor’s site after watching a video, according to the same Forbes study. Retail web visitors are 64% more likely to make a purchase after watching a video, while 57% of consumers say product videos make them more confident in a purchase and less likely to return an item. In fact, in the first quarter of 2014, online shoppers who viewed videos were nearly twice as likely to buy.
The takeaway: video is still a rapidly expanding medium, even in the C-suite—that directly influences consumer action. Translation: it’s a spectacular way to get your message out, connect with your audience, and boost your numbers.