BAM Key Details:
- Wyzowl’s report, The State of Video Marketing 2023, breaks down data on the usage, effectiveness, and cost of video marketing as well as its outlook for the year.
- The report reveals common excuses for avoiding video marketing, and we dive into how you can overcome them!
The highest share to date of surveyed U.S. businesses (91%) use video marketing to reach their audience online, according to Wyzowl’s new report, The State of Video Marketing 2023.
While that’s a high percentage, it also means that 9% of businesses do not use video marketing. The report shares common excuses for avoiding video—ones that we’ve all heard (or used) before.
Considering the highest-ever share of surveyed marketers (96%) see video as an essential part of their marketing strategy, it’s more important than ever to overcome any lingering fears and excuses surrounding video content so you can create more video this year.
Let’s dive in!
Top Excuses for Avoiding Video Marketing
Even now, not all businesses use video marketing. In fact, 9% reported they did not, and 17% just got their start with video in 2022.
Asked why they didn’t use video as a marketing tool, businesses gave the following reasons:
- 30% don’t have the time to create video content
- 18% don’t know where to begin with creating video content
- 10% have yet to convince the decision-makers in their business of the need to invest in video marketing
- 10% see video as too expensive
- 8% don’t create video because they don’t believe it’s necessary or worth their time
- 5% have little, if any, idea of the ROI for video content
We hear these types of excuses all the time from real estate agents—those who have never created videos, as well as those who merely dabble in it from time to time.
It’s time to move past the excuses and be consistent with your video creation. Keep reading for some tips on making that happen.
Excuse #1: I don’t know what type of video to create
One of the brilliant things about video marketing is that it offers a variety of options for your real estate business.
Take a look at the types of videos created in 2022, according to Wyzowl’s report:
- 71% created social media videos
- 70% — explainer videos
- 50% — presentation videos
- 46% — testimonial videos
- 46% — video ads
- 42% — teaser videos
- 40% — sales videos
- 36% — product demo videos
- 23% — videographics
- 21% — customer onboarding videos
- 21% — customer service videos
- 20% — staff training videos
- 15% — new hire onboarding videos
- 5% — app demo videos
Social media videos and explainer videos are the most popular options on the list, and these are some of the easiest for real estate agents to make. Start by writing down all the questions you get asked this week. Then, create short 1-3 minute videos answering each one. You’ll have a library of videos to upload as Reels, YouTube Shorts, and TikTok in no time.
Still not sure where to start? Use ChatGPT to get some inspiration by asking what type of videos real estate agents can make to highlight your market / to educate sellers / in winter….you get the point.
Types of video content have grown significantly since video marketing first came on the scene. Take advantage of the variety of video content (and the power of AI) and start creating those that most appeal to you.
Excuse #2: Video marketing is too expensive
A top excuse for avoiding video is the cost. But, according to Wyzowl’s report, most marketers don’t break the bank on video.
Here’s how much businesses typically spend on an average video:
- 42% spend between $0 and $500
- 18% spend between $501 and $1,000
- 25% spend between $1,001 and $5,000
- 9% spend between $5,001 and $10,000
- 3% spend between $10,001 and $20,000
- 4% spend more than $20,000 on an average video
As the numbers show, the majority of businesses spend little to nothing on the average video they create for their businesses. For those who have more to spend, the sweet spot appears to be in the $1,001 to $5,000 range.
This is good news for real estate professionals—video marketing is accessible for every budget.
Excuse #3: I don’t see enough ROI with my videos
Optimizing the ROI for your video can take time, not to mention loads of practice. And unless you’re tracking and measuring key metrics for every video you put out there, it’s hard (if not impossible) to know what needs adjusting in order to improve your returns.
Tracking your metrics might lead you to the surprising discovery that a specific type of video—one that takes far less effort than the video you thought would crush—draws in more of your target audience and attracts more leads to your real estate business.
With that in mind, Wyzowl asked marketers about the metrics they use to evaluate the success of their videos. Here’s what they learned:
- 63% use the number of views as one of the metrics by which they measure a video’s ROI
- 61% use the level of audience engagement—specifically things like shares, likes, and comments
- 56% use leads and clicks
- 43% use brand awareness/PR
- 42% use customer engagement and retention
- 26% use bottom line sales figures
- And finally, 11% say they don’t really track ROI for their video content
Some social media platforms are more effective than others at delivering a healthy ROI. According to Wyzowl’s report, the top three platforms are:
- YouTube, with 78% of video marketers rating it as the most effective
- LinkedIn (69%)
- Instagram (67%)
TikTok trails behind, along with Twitter and Snapchat.
Wyzowl also asked marketers who used video in 2022 to assess the impact of video marketing on their key marketing metrics.
Here’s how they answered:
- 96% said video marketing increased user understanding of their product or service
- 95% said it helped them increase brand awareness
- 91% said it helped them increase traffic
- 90% said it helped them generate more leads
- 87% said it helped them increase sales
- 87% said it increased dwell time on their business website
- 53% said it helped them reduce support queries
- 92% said it gave them a good return on their investment—another record high
What do consumers think of video marketing?
Wyzowl also wanted to explore how consumers interact with video—specifically what makes a video stop them from scrolling and take the time to not only watch but like the video and leave a favorable comment?
Consumers typically watch videos to learn more about a particular product or service. They watch to be informed, so they can be confident in their decision to buy or to save their money.
Consumers looking to buy a home are more likely to watch a video of yours with a compelling title or hook to learn more about you as an agent, what you know about real estate and your local market, and whether they can trust you.
If you know your audience’s pain points, you can use video to address them, providing answers to their questions and demonstrating why you are the best agent for them.
Here’s what Wyzowl learned about how consumers interact with video:
- 96% of people surveyed have watched an explainer video to learn more about a brand’s product or service
- 89% were convinced by a video to buy a product or service (highest on record)
- 79% were convinced by a video to buy a software or app
- 91% wanted to see more online videos from brands in 2023
- 51% were more likely to share a video with friends than another type of content, making video the most shareable type of online content—by a wide margin
That last one is important if you want your audience to share your videos with friends and family who might be interested in buying or selling a home.
People watch an average of 17 hours of online video every week. That’s a slight drop from last year but still a big increase compared to 2018–2019.
Video marketing channels
Because video is used on so many different online platforms, it’s worth drilling down to specifics on the usage and effectiveness of each one.
The most widely used platforms for video marketing are:
- YouTube (90%)
- Facebook (86%)
- Instagram (79%)
- LinkedIn (79%)
In the world of social media, only 13% of brands use Snapchat, 35% use Twitter, and 54% use TikTok as a video marketing tool.
Judging by the data collected for the Wyzowl report, it looks as though the top mainstream video channels—YouTube, LinkedIn, Instagram, and Facebook—will continue to dominate the video marketing sphere in 2023.
Top takeaways for real estate agents
If you’re not already using video in your marketing as a real estate agent, it’s time to change that.
Today, it’s so easy to get started, at no cost, that video should definitely be part of your marketing plan for 2023—whether you want to start with personalized videos to clients, property tours, expert interviews, market updates, or green screen videos.
If the whole idea of putting yourself on video makes you squirm, you’re not alone. Most of us start out somewhere in nervous territory. But whatever your confidence level, those first videos are almost guaranteed to make you cringe a few months later (if not sooner).
Someday, you’ll be able to look back and see how far you’ve come with your videos. And that doesn’t happen until you embrace the suck and get started.