Promoting a business in the digital age requires a lot of planning and research, just as a traditional marketing strategy would. What makes digital marketing different is that it’s highly effective when the right tools are implemented.
One tool in particular that yields great results for marketers and business owners is video. Video marketing is on the rise and provides businesses a direct way to communicate with prospects and current customers. It’s definitely worth the investment and time that it takes to employ this into your marketing strategy. Lets look at why this is one of the most successful forms of advertising to date.
What is Video Marketing?
Have you ever watched a product video on Youtube? If so, then you have a basic understanding of video marketing. It’s a form of visual digital advertising that can be very persuasive when done properly.
Product videos aren’t the only types of video marketing though. Some productions help to explain a service or help to educate the customer on how to operate a product, etc. So in its basic definition,video marketing is a form of visual advertisement that can be used for any reason, from sales to customer education, and branding.
People rely on video now more than ever before. Here are some interesting stats to consider:
- Every minute, 300 hours of video are uploaded to YouTube.
- 77% of all tablet users watch video on their device at least once a month. This will increase to 87% in 2018.
- Video accounts for 52% of all mobile traffic.
- Video viewers are 1.7x more likely to purchase than non-viewers.
- 93% of marketers use video for online marketing, sales or communications.
How Video Marketing Helps Conversions
Video marketing definitely has the ability to increase conversions, whether you’re trying to sell directly to the public, or if your company is business to business oriented. Studies have shown that people prefer to watch video over reading text, and that landing pages with video are more likely to convert than those without video.
But that still doesn’t explain why the conversion rates are so much higher. Here are a few reasons why video marketing is very effective.
Quick Stat: Video increases landing page conversion rates by up to 80%.
The Emotional Effects of Video
Humans are very emotional creatures, even when making a purchasing decision. A well produced video can tap into those emotions much better than plain text. Let’s say for example that your company offers a business-to-business accounting service. You could write a lengthy piece on how companies could stop “pulling their hair out” at tax time and make things easier by using your service.
If you were to highlight all the key points of how you’re able to save them time, money, and a headache, the piece would be at least 1000 words, and you’re not guaranteed to deliver the right tone and emotion.
With video marketing, all of that information can be packed into a short, powerful presentation complete with music, sound effects and an awesome script that grabs the viewer’s attention and injects emotion. Now, they’re no longer just reading an article, but instead they are fully engaged in the production, and able to relate to the characters in the video.
This is a powerful tool to use for your business, and the emotional appeal that video brings is one of the key reasons why it’s so effective. Let’s look at some numbers to back this up.
Some food for thought:
- StacksAndStacks.com reported that visitors were 144% more likely to purchase after seeing a product video than those who did not.
- One minute of video is worth 1.8 million words.
- The average internet user spends 88% more time on a website with video than without.
- Videos are shared 1,200% more times than links and text combined. (SimplyMeasured.com)
- Using the word, “Video” in an email subject line boosts open rates by 19%, click-through rates by 65%, and reduces unsubscribe rates by 26%.
Targeted Video Marketing
Another reason why video is so effective at converting is because you have the ability to make it highly targeted. Now, this does require some work on the back end like researching your customers needs and frustrations. This preparation falls into the buyer persona category, where you gather all the pertinent data about the target customer before starting on a video.
Once you have a completed persona, you can then supercharge your video marketing with a piece that speaks directly to the prospect in their language and tone. An example of this would be if you were selling silicone baking supplies, and you found that your two largest customer demographic pools were mothers, and small restaurant owners.
You would create separate videos for each of these customers, with content that directly addresses their concerns and frustrations individually. A mother would need silicone baking supplies to free up time to spend with her children, or to make cleanup a snap in her kitchen. However, a bakery may need silicone baking supplies to cut down on costs, and to ease up the workload in the kitchen.
These are two very distinct customers that you can address directly and individually with video marketing. This is an efficient way to communicate with customers on their level, and address their concerns with a welcomed remedy.
More food for thought:
- 96% of B2B companies use video content marketing.
- 64% of consumers use YouTube to review electronics before purchasing.
- 81% of YouTube-watching Moms watch how-to videos, which is significantly higher than the average.
- 58% of moms search for video content on YouTube about products before deciding to make a purchase.
24/7 Marketing Machine
Video is a 24/7 marketing machine. You can share this media via email or text, or you can have a video posted directly to your social site or business landing page. Once it’s there, it has the potential to be seen by millions of people looking for your products and services. This is a far cry from the old days when you had to literally visit each prospect and give your sales pitch. With people now watching more than 100 million videos online each day, you could very well pick up a few customers by accident, even while you’re sleeping.
Available At Different Price Points
Another reason that video marketing is so popular today is because it’s accessible to businesses with budgets at all price points. You don’t have to spend a lot of money to produce a decent video to share with your customers or prospects.
Cloud-based platforms have made it easy for startup companies to showcase their skills without having to borrow or raise funds to create an elaborate production. This has catapulted us into the age of the DIY business video. Some companies that have made this possible include Animoto, PowToon, and GoAnimate.
Companies that do have the money to spend on professional videos also have plenty of options, as production houses are setting up shot up all over the internet on a daily basis. So with the price points available for businesses with all different budgets, it’s easy to see how video marketing has absolutely changed the dynamic of digital marketing in general.
More Interesting Stats:
- 59% of executives would rather watch video than read text.
- 57% of consumers say that product videos make them more confident in a purchase and less likely to return an item.
Video is Easily Digestible
It takes less time to watch a video than it does to read a long article. When people are online looking for information, they want the most accurate source that takes up the least amount of time. Video fits this description well, and people actually prefer a shorter video to a longer one.
Now, this doesn’t apply when your production educates a customer on how to use a product or service. This only applies when the goal is to attract new prospects by highlighting the benefits of hiring your company. A successful video typically runs between 1 and 3 minutes, with the most important information delivered at the beginning of production.
- Quick Stat: 90% of information transmitted to the brain is visual, and visuals are processed 60,000X faster in the brain than text. (Sources: 3M Corporation and Zabisco)
Video Is Definitely All It’s Cracked Up to Be
So to go back and address the original question “Is video marketing all that it’s cracked up to be?” Absolutely. Video is a sure fire way to market your products and services and appeal to the emotional side of your customers. It’s been proven to increase conversions and helps businesses speak directly to their target audience.
Video marketing works for your business 24/7, attracting prospects that you may not have had access to with a traditional sales campaign. The cost is affordable for companies with both large and small budgets, making the landscape in all facets of business more competitive than ever before. Small mom and pop shops can now take on behemoths with a well produced video.
Bottom line, video marketing is here to stay, and the only question to be asked next is how will your business benefit from this dynamic form of advertising?