Why Your Innovation Challenge Must Include Video

Most innovation challenges currently run by Skild include a video component. Why? Because most people across the globe now have access to devices that enable them to capture video. Not only that, but video is a great way for challenge participants to articulate their ideas powerfully and succinctly. And after a challenge, administrators can use video content to promote their brand, not to mention the event’s tremendous ideas and overall success.

Here are some stats that shed light on the current prevalence and effectiveness of video:

• According to Statista, the current number of smartphone users in the world today is 6.648 billion. This means 83.37% of the world’s population owns a smartphone.
• The vast majority of Americans — 97% — now own a cellphone of some kind. The share of Americans that own a smartphone is now 85%, up from just 35% in Pew Research Center’s first survey of smartphone ownership, conducted in 2011.

Yans Media provides some additional insights:

• There will be 205 million smartphone video viewers in the US by 2022.

• Every year, mobile-video consumption doubles.

• 57% (or as much as 75% according to other sources) of global video is played using mobile devices.

• On average, adult American users spend 30 minutes per day watching videos via mobile

• Users worldwide are 1.5 times more likely to watch your video ad using their smartphones.

• 92% of videos watched via mobile devices are shared with other users.

Lastly, according to SmallBizGenius, after watching a video, viewers retain 95% of the information presented. Video marketing statistics show that text-only CTAs and brand messages are a lot less effective than video. Only 10% of the information is retained after reading a text once, and videos are shared 1,200% more than written content.

What does all of this data tell us? It’s easier now more than ever before to pick up a device and create memorable, highly engaging video content. In addition, we know that this content will be consumed, retained, and shared at a rate unmatched by any other form of content.

And let’s not forget that video is a time-saver, enabling administrators and judges to efficiently gain a better understanding of applicants’ solutions. If a picture is worth a thousand words, then a video is worth a million.