2017 has been touted as the year of social video and video marketing (Forbes, 2017; HighQ, 2017). With growing consumer preference for online video and increasingly sophisticated viewing platforms, it is anticipated that video will make up 82% of all consumer internet traffic by 2020 (Cisco, 2016). As a result, marketers have rapidly embraced consumer preference for video. 93% have adopted video as part of their marketing strategy (eMarketer, 2013) and expenditure on online video advertising has tripled over the last 5 years worldwide (Statista, 2015). A survey by Tubular Insights in 2013 found that 82% of marketers reported a positive impact on their business from using video. However, as compelling as these statistics are, they don’t shed light on the real reasons why video is so crucial to a successful marketing strategy. Let’s take a look at 8 key reasons why your business needs video in 2017:
To improve brand presence
Videos are dynamic and emotive. They have the ability to make a lasting impact about the personality of your brand.
Video enjoyment increases brand presence by 139% (Unruly, 2012).
80% of viewers will recall a branded video watched on a website over the past 30 days (Online Publishers Association).
To show, not tell, and make an impact
Telling clients about the products and services you offer is not nearly as compelling or memorable as actually showing them how your offerings can benefit them.
1 minute of video is the equivalent of 1.8 million words (Forrester Research, 2009), allowing you to convey information much more effectively than text.
Viewers retain 95% of the message when shown a video, compared to 10% when they read it as text (Insivia, 2013).
Research shows that videos increase consumer understanding of a product/service by 74% (DigitalSherpa), providing them with the necessary information to make a purchasing decision.
To engage your target audience
Many people consider static content to be boring – they want material that is compelling, memorable and engaging.
80% of your online visitors will watch a video, while only 20% will actually read content in its entirety (DigitalSherpa, 2014).
4 times as many consumers would rather watch a video about a product than read about it (Animoto, 2015).
Research suggests that approximately one-fourth of consumers lose interest in a company if they do not include video in their content marketing (Animoto, 2015). To convert your audience into customers
As well as informing viewers, videos help to build brand trust and increase confidence in purchasing decisions.
Website videos have increased conversion rates by up to 86% (WebDAM, 2014).
Website visitors are 64% more likely to buy a product on an online retail site after watching a video (DigitalSherpa, 2014).
To increase customer satisfaction
The ability to generate product/service videos, as well as testimonial videos and demonstration videos, allows you to provide your customers with a more comprehensive understanding of your offerings. This in turn leads to greater consumer confidence and satisfaction in their purchasing decisions.
57% of consumers report that product videos increase their confidence in a purchase and made them less likely to return the item (Invodo, 2013).
4 out of 5 consumers believe that demonstration videos are helpful (Animoto, 2015), suggesting that they can form an important part of the customer service process.
To encourage consumer interaction and encourage brand evangelism
Videos can be hosted on a wide range of online platforms and social media sites. Unlike traditional advertising, viewers can ‘opt in’ to this marketing and more authentically interact with the content by liking/commenting/sharing.
92% of users share mobile videos with others (OnDevice Research, 2012).
84% of consumers report liking a company video in their newsfeed (Animoto, 2015).
Video is shared 1200% more than link and text posts combined (Simply Measured).
To improve website traffic and SEO
Videos form an important part of your online content to drive traffic to your website and improve search engine rankings.
75% of users visit a business website after viewing their video (DigitalSherpa, 2014).
Video results appeared in 70% of the top 100 listings via Google search (Marketing Week, 2012).
Your website is 50 times more likely to appear on the first page of a search engine results page if it includes video (DigitalSherpa, 2014).
To enhance the ROI of other marketing activities
Video can be combined with a large number of marketing activities (e.g. advertising campaigns, email marketing, tradeshow/events, social media, blogs etc.) to increase the overall success and ROI.
Click-through rates increase 2-3 times when marketers include a video in an email (DigitalSherpa, 2014).
Email subscription opt-out rates are reduced by 75% when video is incorporated in email content (Eloqua, 2010).
Blog posts that include a video attract 3 times more inbound links than blog posts without video (SEOmoz, 2009).
In our next blog post, we will be looking at ways to incorporate video into your marketing plan. Do you have questions about how to best use video for your business? Post them below – we’d love to hear from you!