The State of Video for Tech 2024

In 2023, tech marketers primarily used videos to explain their complex products, closely followed by building brand awareness.

This shows that businesses are seeking more connection with their audience by simplifying their messaging and taking care of their brand image.

B2B companies are expanding their use of video marketing. Videos enhance the marketing funnel and directly address challenges like SEO rankings.

So, how do you get on with your video strategy?

Your audience should be your number-one focus.

• What are the most common pain points?
• Do they struggle with one specific feature, or do they not know about your product yet?

A compelling video focusing on these two aspects will be the most powerful asset of your campaign.

Video is a versatile tool for marketers, supporting campaigns at every stage of the consumer journey.

This year, the spotlight was on social media, where engaging videos proved to be a game-changer, sparking urgency and driving leads, which often translate into increased sales.

With 26% of marketers integrating video into their growth strategies, it has become essential for:

• Distilling complex product information into digestible content.
• Crafting a distinct, resonant brand narrative.

Videos have also made their mark in content marketing, serving as a dynamic way to repurpose website content and amplify campaign messages.

The data indicates that full investment in video ads remains rare, with a noted slight decrease in spending. Last year, the majority of companies allocated 26-50% of their marketing budget to video, with 41% in this range. This year, there's a slight dip to 38% in the same range, and 41% of companies allocate 0-25% of their budget to video.

In our experience, videos are often perceived as a significant investment, with unclear expectations regarding ROI. Additionally, video production companies can sometimes lack transparency in their pricing.

To understand more about what influences video pricing, check out our explanatory video!

Over 30% of companies are producing more than 10 videos each month, maintaining last year's pace, yet there's a shift towards making fewer videos.

Monthly investment in video content remains consistent, with most companies spending under $5,000, similar to last year's findings.

While brand videos continue to be popular, there's a noticeable shift towards product overview videos, highlighting a strategic move from focusing on brand awareness to providing clear product insights.

Moreover, we've seen a 10% increase in the demand for short-form videos over the last year. This trend towards concise, compelling content mirrors current viewing preferences, a shift that's clearly reflected in our latest survey findings.

This approach can provide businesses with the benefits of both options - the control and cost-effectiveness of an in-house team, as well as the expertise and creativity of a video agency.

This hybrid approach can be more cost-effective, allowing access to high-quality production without the overhead of a larger in-house team.

This model gained in 2023 over 100% in-house (35%) and 100% outsource (13%).

As last year, the first motivation to outsource video creation is the expertise and specialisation brought of video production companies.

External teams bring specialised skills and expertise that complement in-house capabilities, enhancing the quality of video projects.

For 57% of respondents, creative input has become increasingly significant, up from 50% last year. It's clear why: infusing fresh ideas, creativity, and innovation into content is essential for standing out in a competitive landscape.

The motivation for time savings has increased, rising from 48% to 52% over the past year. With AI assistance enhancing expert efficiency, we anticipate this trend will persist into 2024.

A major surprise in this year's trends is Websites making it to the top 3 runners. Websites or landing pages are highly effective, with 38.3% of marketers seeing great success. This shows how important it is to include video content on your most relevant pages as part of your marketing strategy.

When it comes to social channels, Facebook, Instagram, and TikTok continue to show robust engagement with impressive success rates ranging from 30% to 35%, making them valuable for targeting specific audience segments.

Uncertainty remains: Some respondents are still unsure of their video marketing success, suggesting a need for improved tracking to optimize strategies.

That said, it's good to remember that success isn't guaranteed, and various factors can influence how well a video performs.

Some of these factors include the quality of the content itself, the target audience, the timing and frequency of posting, and the use of effective marketing strategies.

Understanding the strengths and limitations of each platform can help optimize the success rate of your video content. For example, Instagram may be better suited for short-form videos while YouTube may be more suitable for longer, informative content.

Marketers prioritise engagement metrics when it comes to video. This shows how crucial it is to create content that grabs and holds the audience's attention.

Nearly half also track lead generation and traffic KPIs reinforcing video{s effectiveness in driving actionable outcomes like conversions and direct or branded search traffic.

A third of marketers measure video success through brand perception metrics like brand recall and uplift studies, recognising video's role in building long-term brand strength.

The use of diverse metrics indicates a holistic strategy. Marketers are integrating multiple KPIs to gain a complete view of their video's impact.

By keeping an eye on these metrics, you'll be armed with all you need to tackle the "ROI of video marketing" question.

That said, checking video performance isn't just about KPIs — it's about moving forward, gaining insights, and getting better.

The valuable insights gained from evaluating video impact at various funnel stages will guide the ongoing process of experimentation and learning.

This will drive a cycle of growth where each video serves as a building block toward a deeper grasp of your audience and more engaging campaigns.