16 Oct, 2016

Analytics Roundup: The Role of Business Video Content in Conversions

16 Oct, 2016
theroleofvideocontentinconversions

You likely know that video content is a wildly successful marketing tactic, but do you know why it’s so effective? Picture this: you’ve heard of a product through an ad, online, or by word of mouth, and you want to do a bit more research before making a purchase. When you’re looking around online, you’re probably going to stumble across a video that reviews the product you want to purchase. This video might make or break your decision to purchase a product.

For the most part, people only take the time to do a video review if they either love a product or hate it. A website called Stacks and Stacks concluded from a recent survey that users who saw a video for a product (either a review or an advertisement) were 144% more likely to purchase that product. It’s becoming increasingly clear that videos can have a significant amount of influence over consumers’ purchasing decisions.

theroleofvideocontentinconversions

Using Enterprise Video to Generate Conversions

There are plenty of ways to incorporate video into your marketing and advertising strategy. When you’re trying to appeal to potential clients or customers, adding more visual interest than a wall of text significantly increases the likelihood of a sale or partnership.

For example, say you offer a demo of a product to your potential clients. At the beginning of your video, you can add a pop-up that asks for their name and email in exchange for a free trial. Because they’ve already clicked on your video, you can tell they’re interested. When you already have their interest, a free trial could very well seal the deal. The inclusion of the video is just another exciting feature that will make them eager to try out the product themselves. Websites that have used this video marketing strategy have seen conversion rates rise between 38% and 40%.

While this method has an impressive track record of success, it isn’t the only way to incorporate video into your marketing. When a potential customer feels welcomed and invited from the get-go, they’re almost 11% more likely to purchase the product or service you’re offering. A brand video with a positive thumbnail image, like someone smiling, is more likely to lead to a sale. Surely, you’ve scrolled through YouTube and clicked on a video because the thumbnail stood out to you. In doing so, you’ve been influenced subconsciously by subtle visual cues. Getting conversions is less about high production values and more about tapping into the emotions of the consumer. Using a smile versus a stagnant, blank face can increase the number of clicks on your video by up to 11%.

To promote your video effectively, and see conversions as a result, you also need to instill a sense of trust between your brand and the potential customer. If the product or service seems too good to be true, or the person in the video seems shady or fake, your company might not come across as trustworthy. Being overly gaudy or gimmicky can immediately turn off a customer or client from engaging your services. Putting a personable face to your business is a fantastic way to instill a sense of trust. When you place this video on a landing page on your website, it helps to quickly assure potential clients that you’re trustworthy. This sense of trust can improve your conversion rates.

Video Length Matters for Conversions

People have finite attention spans and there’s only so much time in their day. You need to hook them fast: a long, dry video isn’t going to cut it. If your video is boring, you’ll lose their attention—and the sale.

A recent study from Wistia illustrated that shorter video content was more likely to lead to sales. Videos that are up to 60 seconds in length have 75-80% attention and retention rate. For comparison, a four-minute video drops to a 60% attention rate. This means that the percentage of viewers paying attention after one minute drops significantly, which directly affects your conversion rates.

Pitching yourself or your services should be a short and sweet experience that packs a punch and delivers your message effectively. Leaving out unnecessary fluff will have a positive impact and generate more conversions. Overall, there is a method to the madness of creating a video for your brand. The video should aim to:

  • Increase brand image and awareness
  • Educate the client or customer on service / product and why they need it
  • Increase the generation of leads
  • Create more conversions through lead generation

 Short videos that use this strategy can improve your conversion rates.

Videos Can Bring an Impressive ROI

Recently, a B2B benchmark report conducted a study comparing the performance of video with other forms of marketing content. The study found that video content averaged an impressive 71% conversion rate. A statistic this high means that visual content is one of the most effective ways to offer your services or promote your product. The study also concluded that 68% of marketers who use video said that they would indefinitely increase their budget for video content creation. Increasing the budget for promotional materials means that your return on investment can double or triple.

Now that you’ve decided you’re interested in promoting your services to potential clients or customers with video content, you may be wondering how much content you’ll need to produce annually. The aforementioned B2B benchmark study indicated that 32% of companies who produce between 11 and 50 videos annually have a significant success rate in terms of conversions and return on investment.

Why Video Has Become Rapidly Successful

More than 85% of companies state that they have had success with video marketing. While that statistic seems astounding in comparison with other forms of content marketing, there’s a huge reason why video is so successful. Our society is constantly on the go, thanks to the technology created within the last 10-15 years. Because of this technology, people have less time to sit and read online about why they should choose an individual product. In response, companies within the last few years have had to rapidly update their marketing strategies to see better conversion rates.

A popular trend for companies is to get their video to go viral. This usually means making videos as entertaining as possible! Even if you’re not posting your video to a public platform, and you’re simply uploading your video content to an integration platform to share between potential clients, you’ll want to try to be as entertaining and engaging as you can be.

Entertaining “viral” videos aren’t just for brands that target sales towards to the general public. They can also be effective for B2B service companies. The companies you’re selling to have seen everything from horribly planned and written marketing videos to videos that are short, sweet, and incredibly engaging from start to finish. While you’re not selling directly to customers, think of the bigger picture: you’re selling your services to another company who will spend much more than a group of potential clients. You are also trying to build a long-term relationship with clients, whose affiliations could do great things for your brand image. Even though it’s imperative to be professional, everyone loves to be entertained! Don’t reserve entertainment solely for customers at the expense of your B2B sales content. A truly engaging video can show other companies that you’re daring, innovative, and professional.

Moving Onward with Business Strategies

At the end of the day, the video content you create should not only cultivate brand awareness but also educate your potential customers or clients about your product or service. As video content makes its way to the forefront of marketing strategies for many different industries, businesses should harness the considerable power of video as a way to drive conversions.

PulaTech business video services can help you harness the power of video and eLearning for your business. From integrating video into your internal operations and employee training to developing video for social media and marketing, PulaTech will do the heavy lifting and help your business succeed. Contact us to learn more about our video and media services and find out how to bring video to your business.

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