Commentary
Product Videos Boost ROI, Intent To Purchase
- by Daisy Whitney , Op-Ed Contributor, March 20, 2014
Every dawn brings a new report on video’s capabilities, it seems. Video can brand, it can drive ROI, it can boost purchases, it can scale tall buildings in a single bound.
OK, all kidding aside, new data underscores the specific usefulness of product videos as a key element in a content marketing strategy. About 73% of consumers say they are more likely to purchase a product or service if they watch an informational video about it beforehand, according to Animoto, an online video creation app, that surveyed 1,000 consumers about video marketing. Animoto also found that nearly all consumers said videos were helpful in making purchase decisions, while 71% said videos made by businesses or brands delivered a positive impression.
As more marketers embark on a path to content marketing, data like this can bolster their plans. In particular, video can play a useful role in driving e-commerce, since 93% of consumers said videos were helpful in comparison shopping, 87% said they were useful in researching products from the same brand, and another 93% said they can be valuable for post-purchase information.
For brands that may be starting out with instructional videos, bear in mind that videos don’t need to be long. The ideal length is less than five minutes. And consumers are interested in a wide range of product videos: many want service demonstration videos, such as a 360-degree view of a product, as well as videos on how to play a game or use a phone. About 57% want videos about electronics, 39% about restaurants, 34% about travel and 33% about exercise and fitness.
These findings align with other industry metrics, including those from video marketing firm Invodo, which has reported that 57% of consumers say they are more confident with their purchases after watching online video, and 52% of marketers say video is the content format that delivered the best ROI.
Online video can also help seal a deal. Invodo has said that online shoppers who watch video are 1.81 times more likely to buy a product, and that two-thirds of video viewers watch 80% of a product video.
Just another example of how the need for multimedia production continues to grow.
Learning how to recognize the elements of good visual "storytelling" is an important part of this equation. If you are trying to produce on your own, it is important to learn the basics of good video production. If you hire a company to do it for you, work with them to create the best product for your particular product.
A few critical things. Write for the ear, not the eye. Find the right voice/spokesperson - it may not be the inventor of the product or the CEO. A professional voice could save time and money and lead to more sales. Determine the level of production needed. Higher dollar products should reflect that in the video...a webcam capture with screen grabs may not be the right approach.
Consider checking out a professional association that focuses on this B to B and B to C communication - www.mca-i.org. I've been a member since 1987 when I was producing and writing corporate communications for General Dynamics. I am full-time voice talent now and part-time executive director of the association.
So true. Product videos are such strong tools that we guarantee our clients four times the return on their investment. Video matters a great deal -- obviously, as you've pretty perfectly laid out in this post -- but the problem that a lot of online retailers run into is that they have hundreds of products and not enough time or capital to create videos for all of them. The answer is automated product videos. Quick, easy, and super convenient, attractive automated videos are really the wave of the future for online marketers.