91% of businesses use video as a marketing tool in 2023 -report

91% of businesses now use video as a marketing tool in 2023, while 96% see it as an important part of their marketing strategy, according to Wyzowl’s new The State of Video Marketing 2023 report for which the animated video production company surveyed 528 respondents.

17% of businesses said that they started video marketing in 2022, and 41% of them said it was because videos are easier to create in house. In addition, 39% said videos enable them to convince decision-makers in an easier way, and 34% believe it takes less time to create videos.

Meanwhile, the main reason for 30% of businesses who haven’t adopted video yet is that they don’t have enough time to produce video content. 18% said they don’t know how to start, 10% said they can’t persuade the decision-makers in their companies, and another 10% believe video has become too costly.

But still, 70% of those that didn’t use video in their marketing strategies before said they plan to start doing so in 2023.

When it comes to the types of videos respondents created last year, live action videos took the lead with 66%, followed by screen-recorded (57%) and animated (55%) videos.

In the meantime, 71% of those videos were social media videos and 70% were explainer videos. The top 5 list also includes presentation videos (50%), testimonial videos (46%) and video ads (46%).

The report also revealed the top video channels businesses have used for their video marketing campaigns. YouTube took the lead being named by 90% of respondents, followed by Facebook (%86), LinkedIn (%79), Instagram (79%), Webinar (60%), Twitter (54%), and TikTok (%35).

On an average video, 52% of marketers spend up to $500, 18% spend between $501 and $1000, 25% spend $1001 and $5000, and the spending of the rest varies between $5001 and $20000.

In return, 96% of respondents said video marketing has helped them increase users’ understanding of their product/service. It has also helped 95% increase brand awareness, 91% increase their traffic, 90% generate leads, 87% increase sales, another 87% increase their websites’ dwell time, 53% reduce support queries, and 92% increase their return on investment.

You can check out Wyzowl’s report for more details.