How Video Can Raise Customer Engagement and Revenue
The power of video is growing by the day and companies that are not using video are missing a big opportunity to engage with their target market.
Did you know that:
Online videos will account for more than 80% of all consumer internet traffic by 2020 (CISCO, 2016).
10 billion videos are watched on Snapchat every day (Bloomberg, 2016).
More than 500 million hours of videos are watched on YouTube every day (Business Insider, 2016).
The way consumers interact with brands is changing and video is leading the way. As a brand marketer, you can either get on the band wagon or be left behind.
Video Enhances Customer Engagement
If you are serious about engaging with your target market video is one of the most effective ways to do so. Video puts you in the ‘now’ and extends your organic reach. Video is a great way to build a relationship and engage consumers in every step of the funnel.
Videos up to 2 minutes long get the most engagement (Wistia, 2016).
65% of people who watch the first three seconds of a Facebook video will watch for at least 10 seconds, and 45% will watch for 30 seconds (Facebook, 2016).
55% of people consume videos thoroughly — the highest amount all types of content (HubSpot, 2016).
Facebook is rated as the most impactful social channel for video — 8.4X higher than any other social channel (Animoto, 2016).
A Facebook video receives, on average, 135% more organic reach than a Facebook photo (Socialbakers, 2015).
Videos are 6X more likely to be retweeted than photos and 3X more likely than GIFs (Twitter, 2016).
Adding captions on Facebook video ads increase video view time by an average of 12% (Facebook, 2016).
Impact on Purchasing behavior
Video has a direct impact on purchasing behavior, data shows that consumers will follow the advice of the video creator on what to buy, and prefer to watch a video about a product rather than read about it.
Additionally, with the ability of mobile phones to allow videos to be available 24/7, many shoppers turn to video content for research and product reviews. Brands that discount the value of video do so at their own peril.
6 in 10 YouTube subscribers would follow advice on what to buy from their favorite creator verses a favorite TV or movie personality (Google, 2017).
4X as many consumers would rather watch a video about a product than reading about it (Animoto, 2015).
4 in 5 millennials view video content when researching a purchase decision (Animoto, 2015).
70% of millennials are likely to watch a company video when shopping online (Animoto, 2015).
Many companies assume that creating videos has to be an expense endeavor, this is far from the truth. There are many solutions today to create custom videos that are very affordable, include music tracks along with the ability to add captions and more. Its as simple as adding a few image captions and title cards to narrate your video is easy to create and takes no special skills.
Many of these solutions cost as little as $20 a month with the ability to create unlimited videos in 1080, with your company logo on the video.
Knowing that video drives engagement and revenue, at a nominal cost, its hard to not make the move to add video to your marketing tool box.
Below are a few stats to help you analyze the opportunity:
Companies which use videos in their marketing grow revenue 49% faster year-on-year than those which don’t (Aberdeen Group, 2015).
76.5% of professional marketers and SMB owners are seeing results with video marketing (Animoto, 2016).
73% of B2B marketers say that video positively impacts marketing ROI (Tubular Insights, 2015).
Having a brand logo in a video can increase purchase intent by 9% (Twitter, 2016).
Companies which use videos in their marketing enjoy 27% higher CTR and 34% higher web conversion rates than those which don’t (Aberdeen Group, 2015).
As a marketer, we are all busy and pulled in many directions every day, however if you knew that you could impact revenue adding a 49% year-over-year growth rate, increase you web conversions by 34% or CTR by 27% isn’t video an opportunity you should embark on?
Opportunity Verses Time and Resource Constraints
Eighty three percent of marketers said they’d like to create more video content if they didn’t have restraints such as time and resources and 30 percent of marketers are looking to spend more time focused on Facebook video in 2017.
We are all busy, doing more with less daily. That stated knowing the ROI of video it makes sense to reallocate resources to add video to the tool kit. The impact on engagement and the ROI in brand awareness, website traffic and revenue growth is well worth it.
Did you know, for example, that Facebook video receives, on average, 135 percent more organic reach than a Facebook photo? Or that 73 percent of B2B marketers say that video positively impacts marketing ROI?
What is your company doing to develop its video marketing strategy? I’d love to hear about it in the comments.
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