I am sure you have heard, read or seen somewhere that watching video online is taking off. However, what does that mean for your company or more specifically for your healthcare practice? Why is it so important to focus on video and actively pursue a video strategy for growing your business? The following stats and trends will help you understand the magnitude of the impact of video and the pace of market changes…
1. The market or better YOUR customers demand it.
- In Q2 of 2014 alone, U.S. consumers watched 38.2 billion videos.
- By 2018, 69 percent of total Internet traffic will be video (Cisco).
- Every minute, 48 hours of video are being uploaded to YouTube.
2. Customers are changing where they watch video. You should pay attention to the “where”.
- From 2012 to 2014, mobile video views have increased by 400 percent.
- 20% of video views were happening on mobile devices at the beginning of 2015.
- 50% of video views will be happening on mobile devices in 2016.
- By 2018, 149 million tablet video viewers will watch videos at least monthly. This will account for 70 percent of all digital video viewers in the U.S.
3. Watching behavior is changing. Be on the lookout.
- 81% of consumers watched videos longer than 10 minutes on their connected TVs, 65 percent watched videos longer than 30 minutes.
- In 2014, viewers spent 23 percent of their time on tablets watching videos of 30 to 60 minutes in length, more than on any other device.
- 45% of mobile videos viewed were less than 6 minutes.
- In warm weather, consumers watch 6x more video content on mobile devices.
- In cold weather, viewers watch 29 percent longer.
4. Video advertisements are on the rise.
- Online ad revenue will rise significantly; 2015 $7.7 billion, 2016 $9.59 billion, 2017 $11.25 billion, 2018 $12.82 billion.
- The average click-through-rate (CTR) of video ads is 1.84 percent, the highest CTR of all digital ad formats.
- YouTube holds 20 percent of the market share of total video ads in the U.S.
- Completion rate of non-skippable video ads vs. skippable ads:
- Click-through rate of non-skippable video ads vs. skippable ads:
- 46% of people say that video ads shouldn’t be longer than 15 seconds:
The numbers are staggering and are too big to ignore. Even as an average size medical practice, you should start seriously thinking about increasing your output of video content. Your patients are increasingly expecting to consume content via video, which is also reflected in the trend that consumers are increasingly watching longer videos.
If you still haven’t converted your website to a responsive site, it should be top of the To-Do list for your practice. In addition, you should consider implementing a video library to make navigating your videos easy. Make sure your videos are all uploaded to one of the common video platforms. With a large percentage of the market share, YouTube is a good choice. There, you can create your own channel for your practice and integrate it with your video library on your website.
In addition, you should invest in video advertisement. If you are already doing pay-per-click advertisement on Google or other platforms, why wouldn’t you also invest in video advertisement? The average CTR for video advertisement is higher than any other digital advertisement.
The bottom line is that video and video advertisement should have a significant role in your marketing strategy and marketing budget. For questions or any advice on this topic, please feel free to email me at email@example.com.