Recent research indicates that nearly 75% of businesses utilize video marketing as an integral part of their sales and marketing strategy, primarily to enhance engagement. However, do viewers truly find these videos engaging? The latest Vidyard Video in Business Benchmark Report examines completion rates for business-related videos and provides insights into various video benchmarks.
Video Length Matters
The average duration of business-related videos on Vidyard’s platform has steadily increased over the years from 4 minutes in 2019 to slightly over 6 minutes in 2020, nearly 10 minutes (9:58) in 2021, and 15 minutes and 31 seconds last year. Notably, 60% of videos created for business purposes, such as supporting sales, marketing, and communication efforts, are 2 minutes or less in length. Among these, 35% are up to one minute long, and an additional 25% range from 1 to 2 minutes.
Interestingly, although the average video length has risen, there’s a trend toward shorter videos. Vidyard’s data shows an increase in the share of videos up to 10 minutes long and a decrease in the proportion of longer videos. The most notable shifts include a rise in videos lasting 2 to 4 minutes and a decline in those exceeding 20 minutes.
Engaging Viewers
Vidyard recommends that businesses aim for videos under 2 minutes in length (except for webinars). This is due to a significant drop in viewer engagement as videos become longer. In fact, videos lasting more than 2 minutes generally experienced either flat or decreasing completion rates compared to the previous year.
Completion rates were highest for videos lasting 1 minute or less (66%, up from 62%). Videos spanning 1 to 2 minutes also showed solid engagement, with an average completion rate of over 50% (56%, consistent with last year). For videos lasting 2 to 10 minutes, 50% of viewers watched until the end, a decrease from the previous year’s 55%. Videos lasting 20 minutes or more had a completion rate of 22%, down from 26% in 2021.
Additional Business Video Insights
Beyond video length and completion rates, the study offers various benchmarks for business-related videos on Vidyard’s platform in 2022. Here are some key findings:
- Video Creation: Video creation for business purposes increased by 29% year-over-year on Vidyard’s platform, with 72% of those videos being user-generated (created using Vidyard’s video tools).
- Industry Differences: The number of videos published by businesses varied by industry. Financial services (average of 934 videos per business) and high tech (917) were the most prolific, while communications businesses produced the fewest (103).
- Company Size Matters: Companies with over 5,000 employees published an average of 1,779 videos in 2022, a 55% increase from 2021. Those with 601 to 5,000 employees published 1,211 videos, marking a 22% increase. Smaller companies (600 or fewer employees) created fewer videos, with businesses having 0 to 30 employees publishing an average of 310 videos.
- Popular Video Types: The most common types of produced videos that marketers invested in are product demo videos (47%), followed by explainers (35%), recorded webinars (33%), and how-to videos (31%).
Video marketing for businesses is evolving, with shorter videos garnering higher engagement rates. Understanding these trends and benchmarks can empower businesses of all sizes to create effective and engaging videos tailored to their target audiences.
About the Data: The information for the report was collected from anonymized video creation data from a sample of Vidyard customers, representing 1.778 million videos. The data encompasses the time period of January 1, 2022 to December 31, 2022.
Need assistance with your video production and marketing? Schedule a call or email Lori Berson at lberson@BersonDeanStevens.com.
BersonDeanStevens has been a recognized brand strategy and marketing leader for over 25 years. We work in partnership with you to differentiate your brand and achieve your business goals. Client list.