From Storytelling to Sales: New Study Shows Why Video is the Ultimate Tool for Marketers in 2023

Survey of 1,500 Global Marketing Professionals Shows Optimism for Content Spending and Emphasis on Video for Effective Social Media Marketing

• 88% of marketers found video to be the most valuable format for social media advertisements

• 71% of marketers anticipate budget increases in content spending in the upcoming quarters

• 52% of marketers are investing more in video content overall

Getty Images, a preeminent global visual content creator and marketplace, announced the results of its new VisualGPS research, which sheds light on the opinions and actions of 1,500 marketing professionals in 21 countries across the world, including Australia, Brazil, France, Germany, Italy, Japan, Spain, Singapore, the UK, and the US.

The study has revealed that marketers remain optimistic about the impact of visual content on their marketing campaigns in 2023 despite the challenges posed by current macroeconomic events. The study, which focused on marketers’ expected use of content and overall impact of broader business spending trends, found that 71% of respondents anticipate budget increases in content spending in the upcoming quarters. This data suggests that, despite efforts to be more cost-conscious and efficient in other areas of business, marketers recognize the critical role that content plays in driving growth and customer engagement.

Focused content spending

Increased content spend can be linked to specific business areas, with digital marketing and social media driving content needs across industries. Video has also emerged as the top growth category. Data found that 52% of marketers are investing more in video content overall, and while still photos are deemed important (86% of marketers indicating a need for them), video (88%) was found to be the most valuable format for social media advertisements thanks to its ability to convey complex information, create a sense of immediacy, and connect with diverse audiences.

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The power of video with global consumers

A complementing consumer survey fielded by Getty Images’ VisualGPS tracking consumer sentiment found that 65% of people globally are in favor of consuming brand content in video form on social media, representing a significant source of advice and information while boosting brand exposure, especially among younger shoppers. There were also notable differences in sentiment by sector. In the Medical, Health, Tech, and Travel sectors, consumers are most receptive to user-generated aesthetics for video content, showing everyday interactions that people can resonate with, while in the Finance and Automotive industries consumers were best engaged through company-produced video content in line with messaging featured on brand websites.

Differentiating approach by industry

What was emphasized in the research was the global consumer’s desire for candid promotional imagery with an emphasis on product details. Authentic, real-life settings were preferred, and video formatting was found to generate more interest in both products and brands. Furthermore, video content focusing on the transactional aspect of a product/service was most effective for the Finance, Technology, and CPG industries, while showcasing emotional situations and responses worked well within the Medical, Health, Travel, and Automotive realms.

“The ubiquity of social media as a communication vehicle across all business segments has accelerated the use of video content to capture consumers’ attention and drive business results,” said Gene Foca, Chief Marketing & Revenue Officer at Getty Images. “As consumers increasingly demand dynamic and engaging content, marketers should actively leverage the power of video in their marketing programs to effectively move audiences and build brand exposure. Video is a very compelling format for telling visually compelling stories that resonate with viewers and ultimately drive sales.”

Getty Images content experts emphasize the growing importance of video for marketers in their content strategies, with an increasing focus on social media and consumer preferences for authentic video content. As consumer engagement continues to shift, marketers have an opportunity to incorporate new video approaches and formats in their campaigns to effectively reach and engage with target audiences that are consuming content across formats.

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