Got Video? The Power of a 2023 Production Strategy (& Tips for Getting Your Team on Board)

We’re on the precipice of a new year. And while our industry is constantly in flux, one thing is certain—marketers need to keep video content top-of-mind heading into 2023.

When we look at consumers’ content consumption preferences, video is the number one preferred medium. YouTube, TikTok, Instagram Reels, digital streaming—video content is everywhere. According to Wyzowl, the number of people watching video online has doubled since 2018. And in 2022, that number has reached 19 hours per week or almost 3 hours per day.     

Imagine...you wake up, grab a coffee and head to your office, desk, co-work space, or wherever it is you start the workday. Then you pull out your computer, phone, or tablet and watch videos until lunch. Seems like a long time, huh? But that’s essentially how much time consumers spend with video content daily (spread out throughout the day, of course). Brands that prioritize video have the opportunity to capitalize on those 3 hours and connect with consumers.

Hopefully you’re convinced, but it’s not always easy to get the whole team on board. We’ve compiled a few common obstacles to video production along with talking points to help you navigate the conversation.

We don’t know video’s place in our marketing priorities.

Frankly, it should be at the top. Afterall, it’s a proven tactic to drive awareness and increase ROI. No longer can a brand, product, or service rely solely on traditional marketing tactics such as print, OOH or digital display ads. In 2020, 96% of consumers increased their video consumption with 90% of viewers saying they wanted to see more videos from brands and businesses.

We need to focus on points of conversion.

Perfect. Today’s market is all about return on investment, and 89% of marketers have stated that using video marketing gave them great ROI. In 2020, brands that received the best ROI are the ones that used video consistently across various platforms. In fact, having videos on your website can help improve conversions by 300%. And while only 20% of website visitors will read about your brand, 80% will watch a video.

We’re struggling to connect authentically after the pandemic.

Video could be the answer you’ve been looking for. Over the past two years, there has been exponential growth in social video creation. TikTok led the way, creating an increased demand for relatable content as more people felt comfortable being their full, authentic selves on social media platforms. Outside of TikTok, the demand for user-generated content (or UGC), continues to increase with 92% of consumers trusting organic, UCG more than they trust traditional advertising. Music to a marketer’s ears—authentic video content tends to have lower barriers to production (read: cost) than highly produced content. 

Our audience doesn’t watch online video.

Are you sure about that? Over half of the U.S. population is now made up of Millenials and Gen Z, making them the largest consumer population with a combined spending power of over $3 trillion annually. Not only are they watching video more than ever before, but they are putting their spending power to use because of it. In a recent survey conducted by Wyzowl, 96% of consumers reported watching explainer videos to learn more about a product or service, with 88% being swayed to make a purchase. And 78% of those surveyed said they have been convinced to purchase an app or piece of software because of video.

We don’t know how much money to budget for video.

This is the big question. And we hate to say but since everyone’s marketing goals are—it depends. That said, data from Hubspot suggests that 31% of marketers allocate between 21% to 40% of their budget on video and another 30% of marketers allocate 41 to 60%. At the end of the day, the size of each individual project will dictate just how far your marketing dollars will go. However, you can rest assured that there are always creative ways to stretch and do more with your budget.

We don’t know where to start.

As you begin to create your marketing plans and set budgets for 2023, you might want to leverage a production partner. If you need support executing video content—turning your ideas into a creative vision and then bringing that to life—don’t hesitate to reach out to rp Studios. We’re a content production studio with packages scaleable based on the specific needs of your project (giving you all that you need, and nothing you don’t).

Cheers to a new year full of cool, creative content. We promise we’re fun at parties.