COVID-19 has obviously hit many organisations hard. Marketers are more anxious about protecting their budgets. Some have already made cuts: almost a third (31%) have been forced to suspend video investment, arguably leading to significant market-grab opportunities for those organisations who continue to invest in this highly influential medium. (Source: Wooshii Insights Report)
While media spend on other channels reportedly dropped as a result of COVID-19, marketers appreciate that video is key for engagement and are investing accordingly with 38% saying that they’re spending more during the pandemic to gain market share and 41% are applying different video techniques, such as making video remotely.
Reasons being the inexorable rise in online shopping, adding to the so called demise of the high-street, digital grocery orders have doubled during the Coronavirus pandemic (source: Nielsen). As companies are finding that there is an appetite to spend, video has become a higly influential tool in the decision-making process, 74% of consumers say they’ve been persuaded to purchase after watching video on social media (source: Oberlo) and more than half (54%) of consumers want more video content from brands they like (source: HubSpot).
As tempting as it might be to conserve resources by reducing spend – as almost 1 in 10 companies did during the last recession in 2009 (source: Ad Age) – this will only create a bigger hole for your organisation to climb out of, with larger budgets needed to re-engage people.
The quickfire nature of video marketing, plus improvements in connectivity and infrastructure speed, make the medium unmissable as a tool for maximising market share at such a time. This was a fact not lost on a significant proportion of our respondents, who have adapted swiftly to rapidly changing circumstances.
For more insights like this download our latest free video marketing report where we discuss the main drivers in video’s phenomenal success and how to best utilise it to create awareness, deliver engagement and influencing the decision-making process.