Video marketing is all the rage right now and the statistics around this trend are staggering. If you aren't using or haven’t considered including it in your marketing arsenal, you are missing out on a significant opportunity to reach a large portion of your target market. Still not convinced? Check out one of our recent blog articles, "The Case for Including Video Marketing in Your 2017 Budget."
People love watching videos, and it especially true for online shoppers. Whether they are instructional, entertaining, educational, or all of the above, product videos are a great way to get your company name and brand out there without having to spend an unreasonable amount of time or money on advertising. While there may be some upfront investment involved in getting basic equipment, film props, or partnering with a video production service/platform - product videos don’t have to be overly complex to produce results. If you’re looking to expand your consumer reach and boost conversion rates, creating quality product videos is a great place to start.
5 Reasons Why Product Videos are Great for Increasing Conversion Rates
1. Build Trust and Consumer Confidence
Perhaps one of the greatest benefits of creating quality product videos is that they automatically help viewers establish a sense of trust in the product manufacturer. According to Animoto, a cloud-based video creation service, “58% of shoppers think companies with product videos can be trusted.” It has always been easier to believe someone when they show or prove something is true, rather than simply saying it without any validation.
In addition to building trust with potential customers, product videos can help increase confidence among shoppers. According to a study done by Invodo, “When doing online shopping with video content, shoppers are 52% more confident in their purchases.” Showing a product in motion, or giving the viewer an up-close, 3-D and 360-degree view of what they are buying will naturally improve consumer confidence and validate that the product is the right solution to their problem.
2. Brand Awareness and Product Reach
In 2015, a Searchmetrics study states that, “Video appears in 14% of Internet search results,” which by now means your shoppers most likely are already seeing video in their searches. If your ecommerce business isn’t represented in that 14%, you’re missing out on a powerful opportunity to get your brand, and your products in front of a big chunk of your audience.
Not only can product videos increase brand awareness and product reach, but, according to MarketingSherpa, a marketing research firm, “Videos generate on average 3 times as many monthly visitors as other content.” Simply by having engaging and/or informative videos on your website or other online applications, you allow the potential for 3 times as many viewers – each month!
3. Improve SEO (Search Engine Optimization)
Google loves video which makes video content great for SEO. In an article by Buffer author, Matt Aunger, he states that, “Having video content on pages can contribute to 157% increase in organic traffic from search engines.” On top of that, Forrester Research states that “it is 50 times easier to achieve a page 1 ranking on Google with a video.” Therefore, not only are product videos great for improving SEO, but they also make SEO optimization much easier on you. Now that’s a win-win!
4. User Engagement
Videos by nature are an extremely engaging form of content. When viewers become immersed in a product or instructional video, they are spending more time on your website, which increasing the average time spent on the page. According to Wistia, a video hosting provider, “people spend on average 2.6x more time on pages with video than without.”
On top of that, Matt Aunger also mentioned that, “Websites with video content enjoy 88% more time spent on pages by visitors.” Longer visits are not only great for SEO, but more importantly, they’re more likely to lead to conversions.
5. Encourage Measurable Actions (Submissions, Purchases, etc.)
According to Forrester Research's Dr. James McQuivey, "a minute of video is worth 1.8 million words." In video format, a message that can’t accurately be captured with simple text can be consolidated into a powerful visual tool that inspires action. According to a Marketing Sherpa study, customers are more likely to take action after viewing a video. An astonishing statistic from that study states, “viewers are anywhere from 64-85% more likely to buy after watching a product video.”
We’ve talked about several of the reasons why product videos on your website and other online applications can be a great tool for increasing conversion rates. Ready to get started? In part two of this blog article, we will dig deeper into how to create product videos that will help you to improve conversions. Stay tuned!