For the large part conversion funnels are traditionally thought of has having 4 distinct phases. These are:

  1. Awareness
  2. Interest
  3. Consideration
  4. Conversion

Skip after the break to see how video contributes to the performance of the metrics associated with each one of these steps

Video = Your Conversion Funnel Super Booster

Video = Your Conversion Funnel Super Booster

Video as an “Awareness” booster

In the Awareness phase our goal is enter our target client’s consciousness. Before Awareness the client simply doesn’t know that we even exist. Metrics we’d normally track to monitor our performance at this phase are:

  • Monthly Visits – as an indicator of how many visits we’re getting
  • Visitors – as an indicator of how many actual people are coming to our site

Video can be very instrumental in boosting these stats. Here’s how:

  1. Syndication – Video content lends itself easily to syndication. The abundance of generic and niche video portals existing on the web represent multiple opportunities for exposure both to the general audience and to narrower well defined ones.
  2. Sharing – Video content is easy and fun to share. Giving visitors multiple easy opportunities to socially engage with rich-media content increases the chance that they become syndication agents for us, exposing us to their social network. Remember – every time a user clicks that Facebook “Like” button next to your video it’s immediately exposed to their entire network.
  3. SEO 1 – Pages with “High Engagement Content” like videos, sound clips, etc. are reportedly more likely to attain better search rankings as search algorithms are believed to consider them having better content due to the rich engagement they offer visitors.
  4. SEO 2 – Thanks to Google’s Universal Search Results display, where videos are guaranteed 1st page exposure, videos have become an opportunity to “cut to the head of the line” simply because less people are likely to have video content eligible for display there.
  5. SEO 3 – Youtube is now ranking in as the 2nd most popular search engine. Ignoring video content is ignoring the opportunity to get exposure there.

Video’s contribution to the “Interest” phase

The Interest phase is where our client is drawn in and educated as to our offering. Metrics associated with this phase are usually focused around making qualitative measurements of our traffic:

  • How many pages does the average visitor to our site browse through?
  • How long is an average visit?

Videos contributions to this phase due to its advantages for presenting content are probably obvious, however its worthwhile listing them just to be sure we’re making the most out of our video content’s potential:

  1. Multimedia Presentation – Video usually touches two senses simultaneously (vision and hearing), furthermore when bullet points are included in the video a further level of interaction is introduced as reading triggers different learning centers in the brain from hearing and seeing. The combined effect is a significant increase of the mental imprint made with our prospects, which translates directly into an increase in the “Average Time on Page” metric.
  2. Multiple Images – Video offers an opportunity to display multiple angles of the product both physically and experientially. We can show not only what the product looks like from both front and back, but also how the product generates benefits for users in particular scenarios. In fact instead of counting on a single snapshot to captivate our audience we now have the opportunity to tell them a story. Again this goes towards boosting our “Average Time on Page”.
  3. Video is easy to Absorb – The effort required to absorb video content is negligible compared to that of reading and browsing through images. Reduced fatigue coupled with more engaging experiences is likely to encourage visitors to dally longer on each page and visit more pages, thus driving up “Page Views Per Visit”.

Considering video? Consider this:

In this phase our prospects have already matured to a point where they’re interested enough in our product to consider making a purchase. A crucial metric at this is “Bounce Rate”, as every bounce represents a lost prospect.

Videos effect on the Consideration phase is similar to the effect it has at the Interest phase, with one important difference: at the consideration phase a prospect is already considered to be at the point where they’re making their purchasing decisions. Ensuring your videos contain exactly the right messaging required to close the deal is an important and profitable enterprise that can only be executed via a process of continuous improvement based on constantly A/B testing different video versions.

Interestingly the mere availability of video content on a product page has been found to boost conversions regardless of whether site visitors bothered to watch the video or not. The reason for this is thought to be grounded on the fact that the presence of video content on the page reflects positively on the vendor, increasing visitor’s trust in the site and encouraging them to do business with it.

The Money Time – VIDEOS IMPACT ON CONVERSIONS

For marketers and salespeople the Conversion is where the beef is. This is where the all the effort invested in the site hopefully finally pays off. Metrics associated with this phase are very directly related to the quality of the sale:

  • Conversion Rate (CVR) – How many visitors/visits were we able to convert into sales?
  • Average Cart Value – How much money are we making on average from every deal closed?

Video can be instrumental in improving Conversion Rates, and indeed insofar as Treepodia’s platform is concerned there’s a wealth of testimonials for this spanning multiple ecommerce niches. Insofar as the Average Cart Value is concerned videos’ chronological nature lends itself to presenting product specific up-sale opportunities for each and every product.

Image Credit: Je.T.

Posted by mike On November - 6 - 2010 Promoted Return on Investment

Online purchases up 2.2% in Q2

Even in this down economy ecommerce as a whole has continued to rise over the past year. Online retail behemoth Amazon reported revenue of $15 billion, up from $12.5 billion for the same period a year ago according to the Knowledge@Wharton article “Fit for the Holidays: Amazon is Shaping Up and Shipping Out.”:

Even though the U.S. Census Bureau notes ecommerce accounts for only 3.6% of total retail sales in the country — up from 1% in 2001 — online purchases grew 2.2% in the second quarter of this year, while total retail sales fell 0.4%.

“What’s startling is not the magnitude of ecommerce sales relative to overall retail sales, but the growth rate,” says Marshall Fisher, professor of operations and information management at Wharton.

Frankly I’m amazed online purchases still only account for just 3.6% of all retail sales. On the other hand that’s great news because as an industry it means we have a lot of growing to do…

Santa driving Vespa's sales

Santa driving Vespa's sales

Ecommerce sites expected to reach $45 Billion online this holiday season

According to Forrester Research, this holiday season American online retail sales are expected to reach $45 billion – an 8% increase from last year.

Much of the growth can be attributed to improvements in the online shopping experience in recent years. In fact, ecommerce has come of age to such an extent that the lines between online and offline shopping are blurring.

Why product videos are helping increase online revenues

Product videos are considered an important contributor to this growth and to the blurring of the distinction between online and offline shopping. Retailers are using video to enhance online shopping experiences by adding new engagement dimensions that help shoppers get a more tangible feeling for the products their looking for, which increases their sense of security and comfort about the item, moving them to make purchases more often.

By virtue of being mixed media videos simulataneously address the needs of different types of consumers:

  • Voice-over narration attracts auditory learners, who absorb information best when hearing it.
  • Visual cues such as bullet point slides work well with visual learners, who absorb information best when seeing and reading it.

Over the past two years we’ve seen all our clients, regardless of industry, consistently increase their ecommerce conversion rates significantly by adding video presentations to their product pages.

How to get the most out of your ecommerce videos this holiday season:

What follows are a few ideas we thought about over here at Treepodia that’ll help you increase your conversion rates and drive more sales this holiday season. Please feel free to add you own ideas, tips and pointers in the comment section of the article.

1. Focus – Use video to promote your holiday season’s top sellers

Limiting your focus to the seasons biggest sellers will ensure you make the most out of your video investment in the time frame available. You can add videos for other products when the holiday hubbub is over.

2. Fun – Dress your videos up for the holidays

You can create a more engaging, fun and seasonal shopping experience for your customers by giving your videos that special holiday flair:

  • Adding the sound of jingling bells
  • Showing a wreath-like trim around the edges
  • Having a little elf present your product’s benefits.

3. Promote your promotion

Make sure you use all video’s interaction dimensions to convey your message. State your item’s promotion in the video’s narration and sign off with a slide about it at the end.

4. Happy Holidays Everyone!

Everybody likes receiving seasonal greetings. Take the opportunity, like me, to thank your visitors and add a personal holiday greeting message to your video : )

Posted by mike On December - 7 - 2009 Methodology Promoted Video Tips and Tricks

A recent article in Internet Retailer states that:

“62% of U.S. adult Internet users watch videos on YouTube and other video-sharing web sites.”

Youtube, ranked by Alexa as the 4th most popular destination on the web and the 2nd most popular search engine, has recently announced it’s serving more than a billion views per day. A BILLION!

Check out the cool welcome clip Youtube offers newcomers:

What are the implications?

Simple:

  • People are getting used to watching online video.
  • People have come to not only enjoy online video, but to trust it as a medium.

Or In the words of Chad Hurley, CEO and Co-founder of YouTube:

“Clip culture is here to stay:
Short clips are voraciously consumed and perfect for watching a wide variety of content.”

What does this mean for ecommerce?

These high levels of acceptance and adoption are making video a de-facto must-have for eCommerce sites that wish to remain relevant in the online environment.

Quoting Internet Retailer again:

“Online video has emerged as a key component of successful online retailing that can not only engage consumers and lead to sales, but build store traffic and reduce customer service calls.”

The article gives examples of high-end, full productions videos such as Sears has done for back-to-school season with Disney star Selena Gomez but also delineates how different types of product videos, for different budgets, have proven effective for all level retailers.

…But video isn’t only for “the big boys”

You don’t need to be a mega store like Sears with a mega star like Gomez to see results from the addition of video.

A case in favor is EyeBuyDirect, One of the webs foremost suppliers of eyewear and a longtime Treepodia client, whose CEO Roy Hessel reports having:

“an overall 30% increase in product page conversion rates” with the addition of online videos.

How about you?

With videos impact on ecommerce  and social media kpis so blatantly obvious it’s time to ask yourself what are you waiting for?

Posted by admin On October - 14 - 2009 Trends

We obviously think product videos are the way of the future for online retailers.
It seems however that we’re not alone…

Based on a survey published by InternetRetailer at the beginning of the year (2009), over forty percent of online retailers agree:

“…[The] survey finds that 43.3% of merchants will update their e-commerce sites with video this year, followed by 40% with personalized product recommendations, 36.7% with customer reviews and ratings, and 35% with product configuration tools…”

Video is #1 for 2009

Nothing cuter than a playmobil businessman

Nothing cuter than a Playmobil businessman

Ecommerce sites are constantly looking for new ways to improve customer experiences in order to increase sales. While site optimization was listed as the number one reason for a site redesign, video is the number one feature these sites are adding.

Video is now considered even more lucrative than personalized product recommendation systems and customer rating/reviews tools!

Location Location Location

According to the article adding video alone isn’t enough. According to the CEO of retail web site design firm Tellus customer reviews and videos mustn’t be placed haphazardly:

“Customer reviews and product videos need to be grouped along with the other text and images on a page in a way that gives the shopper all the information they need to make an informed buying decision. Some retailers think the review or the video by itself will generate a bigger sale, but that’s a misconception. These elements have to be part of a well-balanced design that pulls shoppers in, gives them multiple ways to see and explore merchandise and then makes it easy to complete the purchase.”

Auto Optimization Auto Optimization Auto Optimization

As a leading provider of ecommerce video solutions we’re obviously very pleased with the results of this survey. We believe that the most significant contribution we offer to this industry above and beyond what is quickly becoming the common practice is the automated optimization of product videos that ensures the gradual but stable increase of conversions and sales.

Posted by admin On October - 14 - 2009 Methodology Trends

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