What Will You Lose by Not Using Video?

“The consumer is definitely in control”. [1] 
videoWhat will you lose by not using video?

It’s a fact that in this day and age, information has never been more readily available and at our fingertips.  With the vast majority of us owning or having access to a tablet or mobile device, the consumer is arguably more product-aware than the shop assistant!

Of the many ways and means of research, video by far provides the most effective way to bring the shopper closer to the product.  This in turn increases their confidence to buy.  In fact, nearly 40% of consumers [2] report that videos increase their likelihood of making a purchase on a mobile device, and over half say that watching product videos makes them more confident in online purchase decisions [3].

What’s more, exciting product news travels fast.  Studies show that customers are almost twice as likely to open marketing emails with the word “video” in the title, and according to The E-tailing Group, 92% of mobile video viewers share videos with others.  The trend among 18-34 year olds is shifting from using TV as a primary source of information to laptops or desktops.

So the evidence is compelling.  With video as a shopping tool rapidly becoming the norm, can you really afford not to be one of the 76% of marketers who plan to add video to their website?[4]

 

[1] Video Statistics, The Marketer’s Summary; Invodo

[2] Ecommerce Times, “Small Screen Gets a Lot of Video Action”

[3] Internet Retailer, “Online Videos Help Build Confidence in Purchases”

[4] Social Media Examiner. “2012 Social Media Marketing Industry Report”

Video is Enhancing the Digital Media Landscape

Video is enhancing the digital media landscape.It’s not difficult to prove that video drives sales.  We only have to look at the number of retailers using video to see what a fantastic communication tool it is.  There isno better way to bring a product to the face of the consumer.  But in these times of austerity, with budgets carefully being analysed to the penny, it can be challenging to put forward a convincing business case to invest in video.  Read on for help

Last week “Internet Retailer” published an article stating that the web will account for 21.5% of global spend on advertising in 2014, crossing the 20% threshold for the first time.  This growth is mainly due to the rapid increase in the popularity of social media and online video advertising. A massive 83% of online shoppers need support to complete a purchase within 5 minutes of visiting the site, before they abandon the idea and go elsewhere.  This in itself is a huge opportunity to use video which when viewed, results in more than half returning to the product; thus proving that the video has enabled them to be better informed than any other means of product research.  On the whole, if a customer can see a product video they will be more confident to buy.

Since 2011 the number of B2B marketers using video content has increased from 52% to 70%.  The same criteria applies to business to consumers as for business to business – that is, to see engaging, creative, thought provoking, informative and captivating video thatwill ultimately  see fantastic returns.

The future of online video and advertising is bright.  The Telegraph reports that from the summer, some of Facebook’s biggest clients will launch advertising videos on the social media site for its

 millions of users to view, further enhancing the digital media landscape 

So the information is already out there proving that video in advertising increases sales significantly.

 

Econsultancy.com
MarketingProfs, “2013 B2B Content Marketing Benchmarks, Budgets and Trends”

Video Advertising is Cutting-Edge

A report published this week by eMarketer states that the number of smartphone video viewers is expected to reach almost 87 million in 2014.  This, along with skyrocketing numbers of tablet owners and users, can only mean that this trend will continue.  The figures are impressive – last year, the spend on mobile video in the US was $243.7million.  This year, spend is rising to $517.7million, and by 2017 it is predicted to further rise to an incredible $2.7billion. The growth of mobile video advertising is expected to far surpass that of any other medium, be it television or online.

But as with any other concept still in it’s infancy, there is enormous potential for expansion, and despite the extraordinary figures, actual and projected, in the future of mobile video, the fact is that in 2016, mobile advertising spending will account for less than 10% of the total advertising spend in the US.

Video advertising is still cutting-edge.  Although younger generations are far more likely to use video as part of their consumer research than those aged 24 and upwards, traditional TV advertising is still perceived to be the best means of communication across the age range spectrum.  This explains why currently many marketers view video mobile advertising as something to compliment TV advertising campaigns, as opposed to replacing them.

But as mobile devices continue to rise in importance, and the internet and TV become increasingly synonymous, it is easy to imagine how online and mobile video advertising could level with and even outdo TV in the near future.