As the world becomes more and more digital, multifamily companies (and marketers!) are working to find new and more interesting ways to stand out in an increasingly online world. And no method has shown to be as personal, as engaging, and as successful, as video.
Each day, across Facebook, Snapchat and YouTube alone, consumers chalk up over 20 billion views per day. That level of mass consumption drives up the level of expectations from consumers and, as such, is driving the way multifamily brands big and small address video needs for their business. Multifamily leaders are no longer investigating how worthwhile video is as an investment, but rather how to use it in a long-term, strategic way.
The multifamily industry is certainly one that is seeing and will continue to see the benefit of video. International listing website Domain.com found that video increased listing inquiries by 403 percent. Inquiries – not just video views but actual inquiries. For today’s coveted group of renters, Millennials and Gen Z, 60 percent prefer to watch a video than read a newsletter and 80 percent of Millennials find video helpful during their initial real estate research.
And if that isn’t enough, here are 16 more video data points, courtesy of HubSpot, to use that can supercharge your marketing strategy.
How Popular are Videos for Business?
The short answer? Very! Today’s businesses have welcomed the era of video.
- Businesses, on average, publish an average of 18 videos every month.
- 85% of businesses have now added internal staff and other resources in order to effectively produce video in house.
- While high-tech and manufacturing companies publish the most new video content, real estate isn’t too far behind.
- Most businesses have close to 300 videos in their library.
Where, When & What Type of Videos are People Watching?
It is clear video is having a more prominent presence in today’s marketing environment. But where are people watching? When? And what sort of content is most valuable?
- 86 percent of business-focused video is watched on desktop – while only 14 percent view on mobile.
- Websites and social media channels are the most popular distribution channels.
- The most popular time for business-related video viewing is Wednesday, sometime between 7am and 11am PST.
- The most common videos are explainers, product demos, how-tos and testimonials.
Keep Them Short and Be Personal
When it comes to video, many businesses think they need to be all things to all people, producing long form, generic pieces. That’s the wrong way to go. Keep videos topical, focused and as personalized as possible. Live video can be a great way to manage that expectation, particularly in real estate. Videos can be as long as the renter wants and cover exactly what he or she is interested in seeing.
- 56% of all videos published within the last year are less than two minutes long. The highly coveted Millennials and their Gen Z counterparts allow about 12 seconds of attention before they move on to the next thing. Keep the videos short and sweet.
- In fact, only the top 5 percent of videos retain 77 percent of viewers to the last second.
- The average video only retains 37 percent of viewers to the very end.
- Videos under 90 seconds see an average retention rate of 53 percent but when they get over 30 minutes that drops to 10 percent.
- The average retention rate of personalized videos is 35 percent higher than non-personalized. For real estate, that can be a critical component. Focus on what each individual renter wants to see with live videos, hosted by a leasing agent.
How Businesses Know if People are Watching
If a business produces the world’s greatest video, congratulations are in order! However, if no one watches that video? Congratulations are all they will get. So, how are businesses finding the return on their video investments?
- 35 percent of businesses are using intermediate or advanced analytics to measure performance.
- Businesses that are producing over 50 videos per year are 2.5 times more likely to use advanced video analytics.
- Companies that use those advanced analytics are far more likely to be increasing their video budgets this year.
Today’s videos go beyond simple brand awareness, informational pieces. They can have a clear call-to-action with clear, measured results. The above statistics are just a sample of how impactful video can be for your multifamily business or community. It’s up to you to take these stats and find the best ways to apply them to your unique needs and audience.
If you need any help or have any questions, please let us know. We’re here to help.
Until next time…keep it real!