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In a recent study conducted by Cisco, it was revealed that by the year 2020, a staggering share of 80% of consumer internet traffic will be brought in through video.
With videos already as ubiquitous as ever on our newsfeeds, a close look at the current social media landscape is all it takes to realize the prominence of videos when it comes to social media marketing.
Statistics show that consumer engagement with videos in 2017 went up by 258% for Facebook and 99% for YouTube. Additionally, a visual post on Twitter makes it 6 times more likely for your tweet to get retweeted.
Moreover, video content is not just rising on good ol’ Facebook and YouTube. With platforms such as IGTV, TikTok, Snapchat, Vimeo, etc. gaining more and more prominence every day, there’s a huge market for videos that can be tapped into by companies.
As far as conversions are concerned, according to surveys, 64% of consumers admit to making a purchase after being influenced by a video on Facebook. Additionally, marketers that leverage videos surge their revenue 49% quicker than non-video content promoters.
Keeping this data in mind, savvy marketers that are always on the lookout for ways to stay on top of industry trends realize the significance of video and are keeping up with it through various tactics.
An overwhelming number of companies in the US, 86% to be exact, are already harnessing the power of videos. It is fairly evident that video will continue to be a focal point for many marketers as their revenue continues to increase through it.
Social media networking giants have recognized the gravity of videos. Therefore, they are focusing their energy on promoting their video platforms through various design tactics to induce consumers to hit play and watch.
Having said that, let’s individually look at what the three “big dogs” of social media; Facebook, Instagram, and LinkedIn, are doing in their quest to boost videos:
In this day and age, it is not all that difficult for one to come across “thought leaders” sounding opinions regarding the eminence of video on Facebook. Although the buzz around visual content is at an all-time high, with videos played on Facebook averaging at about 8 billion a day, it is for good reason.
The platform provides marketers with a direct passage to reach out to a massive audience. Mark Zuckerberg, not being unfamiliar with this data, has over the last couple of years made changes to transform Facebook into a video-first platform.
With Facebook reporting a 49% rise after video advertising campaigns compared to the preceding year in its profit, it is no wonder video has become one of the most lucrative tactics to keep the company growing at a steady pace.
At a quarterly meeting in 2017, Zuckerberg claimed, “I’ve said before that I see video as a megatrend, on the same order as mobile. That’s why we’re going to keep putting video first across our family of apps and make it easier for people to capture and share video in new ways.”
Ever since 2014, we have seen Facebook delving in video, with new tricks tested every once in a while, to induce users to click. However, recently with the focal point being long and premium forms of video the social media giant claimed on wanting to pay its video producers.
Zuckerberg said, “There’s the type of content that people produce socially, there’s promotional content that businesses and celebrities and folks will produce, but there’s also a whole class of premium content that creators need to get paid a good amount to support the creation of.”
The Facebook CEO further added on wanting to expand his video advertising business to be able to share parts of the profit with video producers.
Keeping the live stream and Facebook Watch features in mind, we can more than vouch for the significance of video for Facebook. So now, let’s look at additional video tools Facebook has up its sleeves to boost video:
1. Making Ad Breaks Available for Video Producers
To encourage loyalty in quality content makers, Facebook is enabling ad breaks. Ad breaks allow creators to monetize their content similar to the established video giant, YouTube. When it comes to videos, admittedly YouTube is a formidable opponent for Facebook, however, a hefty revenue combined with Facebook’s humungous scale has proven to be a great way to lure creators to this social media networking site.
Although for Facebook to become the next YouTube, there’s a lot of work that needs to be done. However, providing ad breaks is a great incentive to get more users. Here’s what Neil Patel has to say about Facebook Watch vs YouTube.
2. Expanding Fan Subscriptions
Facebook is testing out ways through which fans can support their favorite developers by pitching in $4.99. Fans in exchange for their pledge would get access to exclusive content or a special badge.
3. Brand New Video Template
A new video template is undergoing testing with the prime focus on putting video first. This template can be used by developers for their new or preexisting Facebook pages.
Having the 3rd largest active user base over the internet, Instagram is one of the finest tools in a social media marker’s toolbox. Instagram has more than a billion active users and the number keeps growing.
As many as 72% of users of Instagram have claimed to have made a purchase over the last few months after being influenced by an ad on the app. Additionally, Instagram has tapped into the luxury shoppers’ market as well.
A significant share of ads on Instagram come as videos, as much as 25% to be precise. Although compared to images, this number appears small, it is expected to grow significantly in the coming years.
When Instagram rolled out, it revolved around pictures. However, now as you probably know, it’s all about the visual. Images, of course, continue to be an integral part of the platform, but video is gaining a lot of traction as well, especially with the launch of IGTV and the Story feature.
- Instagram Story
In August 2016, after Snapchat gained huge popularity as a social media networking app, Instagram launched the Story feature of its own. Similar to Snapchat, Instagram Story lets users put up images and videos for 24 hours.
It is a great tool for marketers to grasp consumers’ attention with precise videos. The Story features allow users to add links to their posts, so marketers have the liberty to add a direct link to their landing page.
Instagram sees video as a great tool to grow profit, so on June 20, 2018, another new feature was introduced known as IGTV. IGTV is a standalone application that can be used to view longer videos on Instagram.
Prior to IGTV, video on Instagram had limitations such as:
- Video duration limited to 60 seconds
- Aspect ratios of 1:1 or 1.9:1
- A lot of noise on the newsfeed
Traditionally, content creators would put a 60-second preview of a video on Instagram and share the complete video’s YouTube link. IGTV is Instagram’s foray to make sure users don’t shift to YouTube to view the same video.
With consumer-time spent browsing videos up by 80% year after year, and a phenomenal surge in the number of videos being put up to the platform per day (4x more than last year,) it’s admittedly obvious that the need for video content on Instagram is humungous. This makes allocating those marketing resources on video rather obvious to marketers.
LinkedIn, unlike Facebook and Instagram is a great medium to reach out to business people. B2B marketers should especially consider harnessing LinkedIn to market videos. When LinkedIn was initially launched, there was a cloud of misconception around it concerning its reach. However, as the platform launched its native video feature in 2017 and gained above 300 million impressions on videos in a single year, it proved its significance to businesses and marketers alike.
In addition to that, LinkedIn’s Beta Program revealed that videos increase the chances of conversation among members by 5 times. LinkedIn has also introduced sponsored company videos which is a great way for marketers to display ads in consumers’ newsfeed.
Video is king and with social media networking giants putting more and more emphasis on it, it is poised to stay that way, for a while. So, regardless of the type of business you run, video should be a crucial part of your content strategy.