15+ Must-Know Video Marketing Statistics for Small Businesses in 2023

As a small business owner myself, I know first-hand the immense power of video marketing. I‘ve used online videos to demonstrate products, explain services, promote my brand, and ultimately drive more sales. Video brings my business to life in a way no brochure or website can.

And as the following statistics show, video marketing is only continuing its meteoric rise. There‘s never been a better time for small and medium-sized businesses to launch video campaigns. Videos allow you to reach more customers, stand out from competitors, and build lasting connections.

I‘ve compiled this comprehensive guide examining the latest video marketing data to help fellow entrepreneurs unlock the potential of video. Let‘s dive in!

Video Viewership Keeps Climbing

The #1 question business owners have is whether enough people actually watch online videos. The numbers speak for themselves:

  • Chart showing 250 million video viewers in US

    Nearly 250 million people watch online videos every day in just the US alone. That‘s 3⁄4 of the total population!

  • Average weekly time spent watching online videos is 7 hours globally
  • In China, weekly video consumption soars to over 9 hours per citizen

Video has clearly become a mainstream entertainment and information source most consumers now devote considerable time to. As an SMB, you simply can‘t ignore this sheer viewership volume.

Consumers Want More Video

What‘s even more encouraging is that people actively want to watch more videos from brands and businesses:

  • An incredible 91% of consumers wish their favorite brands and products created more video content
  • 70% of SMBs not currently using video plan to start within the next 12 months

Between endless scrolling on TikTok and binge-watching Netflix, today‘s consumers are literally addicted to video. They expect and demand to see brands visually telling stories across social media.

Savvy small businesses are answering that call by rapidly increasing video marketing activities. 2023 is the year to jump on board if you haven‘t already.

Video Builds Stronger Connections

It‘s not just about eyeballs though. Video‘s ability to form lasting emotional bonds with customers gives it an unmatched advantage over other mediums.

  • 96% of businesses agree video helps consumers better understand products
    • Seeing how a product works on-screen is just easier to grasp
  • 80% of consumers are more likely to purchase after watching branded video content
    • Videos engender trust and nudge people towards buying
  • 52% of marketers say video improves long-term consumer trust in a brand
    • Adding a human face to your business fosters relationships

Videos allow SMBs to directly demonstrate their brand values and expertise while forging meaningful connections with customers. This builds loyalty over time.

Video Drives Sales

At the end of the day, what matters most to any business is revenue and profit. The data confirms video delivers here as well:

  • 92% of marketers report a positive ROI from their video marketing efforts
  • 96% of businesses say video aids consumers in understanding products, leading to higher purchase confidence
  • Product demo videos can boost conversions by up to 144%
  • Embedded ecommerce videos lift conversion rates by 80% on product pages

While ROI is hard to precisely quantify, the vast majority of those utilizing video content have seen increased sales and pipeline growth.

And video will only become more critical for SMB ecommerce sites. As younger millennials and Gen Z—who have grown up in a video-first world—gain more buying power, they expect dynamic, rich media when researching products online.

Chart showing rise in ROI from video marketing

Videos Must Be Short and Snappy

With viewers‘ patience wearing thin, concise videos perform vastly better:

  • 66% of consumers prefer videos under 30 seconds
  • There‘s a 95% drop-off rate in viewership when videos exceed 4 minutes
  • Shorter videos also lead to higher completion rates
  • Mobile continues to gain ground, mandating shorter content
    • 72% of viewers consume video vertically on phones

Getting straight to the point while packing in your core message is key. As well, modular short-form videos can be chopped up into sequences for social media.

Microcontent paired with eye-catching visuals optimizes reach and resonance.

The Most Effective Video Platforms

While producing great video content is crucial, distribution carries nearly equal weight. You need visibility which only massive platforms can provide.

The top channels SMBs should focus video marketing efforts on are:

  • YouTube: ~2 billion monthly viewers. Best video SEO drives organic search
  • Facebook: 3 billion total users. Powerful hyper-targeted advertising
  • Instagram: 130+ million users. Youthful, trendy demographic
  • LinkedIn: Valuable B2B audience, extended videos welcome

I always advise SMBs maintain dedicated presences on YouTube, FB, and Instagram at minimum to cover all bases. Each serves a unique role in getting content seen.

Preferred Video Marketing Approaches

While video ads certainly have a place, customers overwhelmingly favor more subtle, organic video types:

  • Explainer videos clarify how a business or product works
  • Testimonials from happy clients build credibility
  • Behind-the-scenes peaks foster brand affinity
  • Live video events like product demos make companies approachable

Think beyond the hard sell. Today‘s viewers crave authenticity and inside access in their preferred media form—video.

Savvy SMB marketers interweave various organic video formats into the customer journey at multiple touchpoints. This drives engagement cycle after cycle.

Over to You!

The data speaks for itself—video marketing should be an integral component of any modern small business marketing strategy. Anecdotal evidence isn‘t enough anymore; robust analytics proves video‘s increasing necessity.

Consumers expect compelling visual storytelling from brands. Video spotlights your passion, expertise and service quality in emotional ways other mediums can‘t match.

Yet with lower production costs and easier creation tools, there‘s never been a more opportune time for SMBs to activate video campaigns at scale across channels.

You‘ll join the 92% of marketers who enjoy marked ROI growth while forming lasting connections with customers. Need any further convincing? Reach out to discuss how we can make video marketing work for your business!