It’s long been known that product videos are highly effective marketing tools. A new crop of statistics shows just how valuable they are.
- 73 percent of adults in the U.S. were more likely to buy a product or service after watching an online video that explained it, one survey said.
- Product videos push up ecommerce conversion rates by 9 percent, according to another survey.
- More than 70 percent of marketers in another survey said that video produces conversions better than any other type of content.
That’s because videos cement bonds with the consumer.
“Video marketing is relationship marketing: crucial for connecting, building loyalty and developing the ‘know, like, and trust’ factor, which is so important when doing business online,” video marketing expert Lou Bortone said in Entrepreneur magazine.
“Brands have found video formats highly effective in engaging users and delivering stronger brand stories.” (VentureBeat, April 21)
Check out these video stats:
- This year, the average U.S. adult will spend 5½ hours watching video online every day.
- More than 1 billion unique users go to YouTube’s site each month, consuming more than 6 billion hours of video.
- The number of hours people are watching on YouTube each month is up 50 percent year on year.
The takeaway: Go where the customers are.
Your competitors are already there
A report showed that online video is one of only two types of online advertising that have grown in revenue every year since 2010 (the other is mobile advertising). Online video marketing revenue has grown every year since 2006 – unlike every other online ad medium.
Savvy consumers want to know as much about an item as possible before they hit the checkout button. Product videos can help seal the deal. Savvy competitors (and even not so savvy ones) are already using product videos to their advantage.
With Treepodia you can even take matters a step further and create PERSONALIZED video content – for details and stats see here