We all know videos are very popular, but they are also a massively underutilized marketing tool for ecommerce companies. One major reason it is so underutilized is, because (people think) it doesn’t come cheap.
Videography tools are expensive, and so are professionals who specialize in using them (I agree). This is why most ecommerce businesses will settle for what they assume are the easier options; photos and graphics. But, as you read further, you’ll understand why not doing product videos is costing your business even more.
We all know that product photography is essential to your business, but if you seriously want to give your competitors, a run for their money, then you cannot afford to ignore product videos that are sure to take your business to the next level.
Did you know that according to the latest study, 4 times as many customers would rather watch a video than read product descriptions?
In this article, I will show you that excellent product videos are directly proportional to higher conversion rates.
Important statistics about product videos
- When a consumer searches for products, 14% of their search result constitutes videos? That means you are at a risk of losing a significant portion of your customers if you’re not using video.
- Google has also said that soon videos will be grouped into AdWords, which means videos are even more likely to show up in searches. How’s that for food for thought?
- According to Animoto, 96% of consumers find videos helpful when making purchase decisions online. 71% of consumers think videos explain products better, and 57% people think they’re not surprised when they receive the products when they’ve watched videos prior to purchase.
- What’s more, 58% consumers think companies that produce product videos are more trustworthy.
Is it clicking why your company should add product videos to the marketing mix now?
So, how are product videos proportional to higher conversion rates?
Product videos have the incredible ability to increase conversions by helping people better understand your product. Video is an excellent medium to provide the maximum amount of information on each one of your products.
While this effect can be achieved through pictures, captivating content, and user reviews, product videography is by far the most effective way to demonstrate your product to consumers.
Sherice Jacob, in her article published on Kissmetrics, says, “If a picture is worth a thousand words, a product video could well be worth a thousand sales.”
Google trumps videos
Whenever we search for something online, we get a plethora of results that include content, maps, pictures, videos and several other results.
If you have product videos, you have an additional chance of ranking better in search engines. Your chances are even higher if no other competitor in your niche is doing product videos at the moment.
Multiple researches, including this one, has shown that search engines will prefer websites with videos (in case of Google, videos from YouTube give you a better chance of ranking visibility as it’s a Google-owned company).
People are happy to share videos
A picture catches the eye and captures the mind, and therefore receives higher click-through rates. Naturally, people share videos more than they would a page filled with written content.
Videos fare much better at keeping people on the website for a longer while. That means a brand has a better chance of getting through to a customer.
Videos are more fun (obviously)
The number of people watching videos is going up every year. Let’s face it, human beings are lazy, and watching videos is much easier than reading long product descriptions. Plus, a customer can understand a product much better through a video, than by reading about it.
Think about this for a second
People have been glued to their television screens since the 1950’s. Online video content has the same impact, if not more. This is why YouTube is the second most popular search engine, ranking higher than both Yahoo! and Bing.
A study recently conducted by eye view digital, a personalized video solutions provider, shows that using video on landing pages can increase conversions by up to 65%.
If you present yourself and your employees in your featured videos, the trust factor will be even higher.
According to 3m Corporation, “Our brains process visual information 60,000 times faster than text.”
Here are a few examples of companies that successfully used product videos to their advantage.
BlendTec, a company that produces powerful blenders, came up with an interesting strategy to market their products via a string of YouTube videos that went viral.
The focus of the videos was to entertain plus provide information about their blenders.
Today, the subscription base of the videos has crossed 800,000 YouTube users. Tom Dickson, the founder of Blendtec, revealed that the campaign was an instant success.
VAT19 is a company that continuously comes up with hundreds of unusual products, and decided that interesting, funny and sometimes weird videos were the best way to capture their audience. They were right.
Through videos, they were able to successfully rack up 1,300,000 subscribers on YouTube.
In fact, a lot of products they sell are also sold by other online retailers, but their witty videos are the reason they are able to carve out a huge market for themselves.
What does the future hold for online video?
In the future, you will see a focus shift towards personalization of online video – technology company eye view digital is doing great work in this area.
Cisco’s whitepaper on global internet provider traffic forecast has made some staggering predictions about global IP traffic over the next four years.
The company predicts that by the end of 2016, global IP traffic (excluding data within private networks) will surpass one million zettabyte per year. A major part of this online growth is being fueled by online video.
Cisco also predicts that the online video traffic will go from 64% in 2014 to over 80% in 2019.
Online video is becoming so important that it’s literally eating into TV’s ad budgets. Another study reveals that from the 300 brands surveyed, two-thirds are moving budgets away from TV and into online video.
You can save money with video
As opposed to what people think about the costs of video production, you’ll be surprised to know that videos actually save you money. In fact, video production costs are generally covered within a matter of days.
A recent study conducted by the Aberdeen Group confirms that video marketing has a direct and immediate impact on your marketing expenditures. Companies using video spend less time and money generating leads. They spend only $93 per lead, as opposed to their competitors that don’t use video, who spend $115 per lead.
That means that for every 100 leads, you are saving $2200.
If you are a business vying to grow big – fast – invest time and money into producing interesting product videos. This has proven its worth every penny for those businesses that put it to intelligent use.
If you have already tried it, and reaped the benefits, we would love to hear about your experience in the comments section below.