Video Marketing & Conversion Rates
In the age of Instagram, optic-pleasing marketing is more valuable than ever. Take it a step further, and you’ll find that video marketing, especially product reviews and tutorials, is beginning to dominate the advertising scene and with good reason - Results are abundant and search engine optimization goes hand-in-hand with visual media.
However, it can be difficult to navigate this new marketing territory and produce content that leads to a significant turnover. Below, we’ll discuss what types of videos are producing the most results, what those results can look like, as well as some projected video marketing trends for the future.
The Effectiveness of Video Marketing
Considering a 1/3rd of all content consumed online is video, there’s no surprise that the turnover here is significant. In a study conducted by Insiva in 2016, consumers were found to be 64% more likely to buy a product online. Moreover, Aberdeen found that video marketers saw growth 49% higher than their non-video using competitors.
Due to the design of Google and other search engines, video listings rise to the top, often displaying an enticing thumbnail winning over consumers. Videos are effective because they employ multiple senses, unlike stagnant photos or plain text. Interestingly however, 85% of videos on Facebook are viewed without sound.
It seems that a moving image alone is able to hold retention longer and lead to higher conversion rates. Video marketing only continues to become more popular, so those not utilizing its tactics may have an increasingly difficult time keeping up with competitors.
Social media sites like Facebook and Instagram are more geared towards sharing video, and it is easier than ever to distribute small segments of video across the platforms. According to a 2016 study by Wyzowl, 72% of new video marketing users have seen an increase in their conversion rate.
What Types of Video Produce the Best Turnover
Just what types of videos are bringing in results? Well, it ultimately depends on your company’s marketing goals, but across the board, customers interact with videos and are encouraged in ways that print and exclusively visual media cannot.
Customers feel much more comfortable buying a product when they have watched a tutorial of it - visualization is extremely powerful and allows the potential buyer to see themselves using the product, therefore putting them that much closer to adding it to their cart.
Moreover, this concept feeds into the customer’s overall perspective of the company. Tutorials boost consumer’s views of customer support, which can build trust and increase retention rates.
Generally, videos under a minute long perform the best in terms of driving traffic to a company’s website. In an age of instant gratification, the more concise, the better.
Video Marketing Trends for 2019 and Beyond
Up by 18% from last year alone, 81% of businesses utilize some form of video marketing. Clearly, video marketing is a huge player on the market, and it doesn’t appear to be slowing down anytime soon.
With the ubiquitous use of mobile devices, consuming video is easier than ever. Popular platforms like YouTube and Twitch commonly have video ads displayed before getting to a piece of content, which directs an immense amount of traffic, especially when paired with a website hyperlink banner.
According to Insivia, mobile video consumption rises by 100% every year, which means there are an increasing amount of opportunities upon which to capitalize. More and more companies are revamping their budgets to include money for video marketing, which means those who don’t invest within the space are likely to fall behind.
In a white paper by Cisco, videos are projected to make up more than 82% of internet traffic by 2022.
It isn’t difficult to see how - Amazon Prime Video, Hulu, Netflix, and other streaming services are dominating over television when this wasn’t the case a couple of years prior. Many families opt for a smart streaming device over traditional cable, signaling a transition in the culture around video.
CONCLUSION
All in all, there’s no doubt that video marketing boosts conversion rates and is a great tool to add to your marketing arsenal. In order to keep up with the market pace and satiate the needs of consumers, product reviews and tutorials are a must. And a visual content studio that specializes in video and still marketing for your product area will know the best way to proceed, be it on social media or any platform.