According to Vidyard, there’s no excuse left for questioning whether video delivers ROI. Their software integrates with marketing automation and CRM tools, and they’re proving every day that video closes deals. Trends also suggest video works. Why else would 68% of marketers and agencies report they expect to increase their spend on video advertising over the next 12 months.
However, even if you don’t opt to use tracking to capture ROI statistics, there are many excellent reasons to invest in video marketing.
Reasons for Using Video
If you’ve spent any time on Facebook or Twitter, you know what is shared across the internet more often than anything else. Videos, pictures and infographics. Infographics require reading, so they’re less effective than pictures with one short message. Both are less effective that video. Why? Because you don’t have to watch a video to enjoy it. You can also listen to it. Keep the video under two minutes, and most people will watch it if the promised content interests them.
Another plus for using video is memory retention. The average reader only retains 22%, while the average video watcher remembers 50%. What people remember shapes their decisions.
Vidyard gives us another reason to use video. It increases intent to buy by 97%.
Penetrate the Market
Brand recognition can be a major hurdle for small startups. How do you get the message out there? The challenge is equally great for box fronts and internet-based businesses. Even after a brand is well known, consumer perceptions about that business continue to play a role in customer loyalty.
Video is a great way to introduce new services or products to both potential and existing customers. A very professional example of this may be found on 60secondmarketer.com. Bellacor combined white board with high-resolution pictures to promote their new “Now List” feature. You don’t have to be interested in lighting to watch the video at least once.
If a customer wonders whether they’d be able to use a product, watching a video could erase that question. Even if that customer finds reading easy, watching a video resolves questions the content writer didn’t realize the customer would ask.
ROI and Video Type
Your ROI will increase if you use a mix of video types.
There are several reasons video animation is popular. As the one producing the video, your company will appreciate the elimination of live actors and inclement weather. You’ll still need a script; however, your characters are hosted in a video maker available 24/7.
From your customer’s perspective video animation is more engaging. Background distractions are gone. The animations simplify and amplify the message. According to 60secondmarketer.com, “This creates a deeper connection with the content, as audience members use the opportunity to fill in the narrative gaps with their own personal experiences.”
Ramá, a whiteboard animation production company, quotes a study where talking head videos were compared with whiteboard animation videos. The voiceover was identical for both videos.
Of 1000 surveyed, 55% shared the whiteboard videos, while only 17% shared the talking head version. The power of whiteboard animations to persuade a buying decision was 40% versus 20%. Recommending the service was also higher for the whiteboard videos, with 53% trumping the talking head video results of 22%.
You may hear video animation referred to as ‘explainer video.’ While this has been a common communication style used in this type of video, animation should not be limited to explaining things.
For example, 60secondmarketer.com blogs about one company, TalkRoute. This startup decided to dedicate $500 of their marketing budget to their B2B video campaign. They turned to GoAnimate, choosing its one-month, unlimited subscription. People within their company created the videos. In one engaging 1 minute and 39 second video, potential customers discover exactly who TalkRoute is and precisely what business problem they solve. It goes beyond explaining!
Use webinars as an opportunity to introduce clients and customers to your products and services. If you provide a service, be sure you share enough information to create the desire to work with you. If you are selling a product, share lots of working examples of how the product has been used by others—a video white paper.
Adapted Infomercial Style
The typical infomercial ‘sells’ a product. It’s loaded with testimonials, calls to take action and demonstrations of the product in use. Take a more inbound approach and subtract all the hype.
To develop infomercial style videos, ask for user product reviews. Invodo reported in the last quarter of 2012 that 57% of consumers felt more confident about making a purchase after watching a video review of a product.
Testimonials remain a positive element of this style. Consider non-professional video submissions to increase the perception of each review’s reliability. Video captured on a smart phone seems more authentic than one recorded with studio lighting. So create opportunities at trade shows or at your customer’s business sites, making sure to secure participants’ permission to use the video you capture.
Ultimately, no other marketing investment is going to deliver as large an ROI as video. If given a choice, 60% of your audience prefers watching video to reading. They are going to give your website almost eight more minutes of their time if you deliver the type of video they like—engaging, informative and interesting.