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.
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