Why Video?
One of the biggest questions regarding video production is unsurprisingly “Why?”. Why should business include video production in their marketing strategy? Why are videos helpful to businesses? Why are we so adamant that there are immense benefits to videos and video production for businesses? And whilst we’d love to just simply list reasons like “Brand Awareness”, and “Higher ROI”, we strongly believe that providing statistical evidence and examples, would be the better option to help answer the aforementioned questions:
1. Stats for Business
These are a few statistics regarding the usage of videos in marketing that pertain to businesses.
63%
of businesses have started using video content marketing.
71%
of companies plan to increase their video marketing budget.
82%
of businesses believe video marketing is an important part of their strategy.
65%
of executives who watch work-related videos visit the business' website afterwards.
83%
of businesses have found that video marketing gives them a good ROI.
of businesses landed a new customer because of a video on social media.
93%
2. Stats for Growing, Conversions and Sales
Following the business train of thought, here are some specific information about using videos in your businesses and their assistance in Growth, Conversions, Sales and Enquiries.
1.84%
click-through-rate of video ads. That's the highest CTR of all digital ad formats.
96%
increase in click-through rate if you include a video in your introductory email.
80%
increase in conversions by adding a video to your website's landing page.
400%
more enquiries if estate agency listings include a video.
• Businesses are 53 times more likely show up first on Google if they have a video embedded on their website.
• On LinkedIn videos are shared 20 times more than any other type of content format.
•Including one video in an email can result in a massive 200-300% growth in click-through rate. And if you only mention the word ‘video’ in the subject line, you can increase open rates by 19%.
• Videos increase satisfaction and reduce return rates. Diamond Jewelry Limited, an e-commerce store, decreased its return rate by 60% after adding videos to its product pages.
Brand Awareness
Renderforest Survey found that videos helped businesses increase:
70%
51%
Traffic
Sales
34%
3.Stats for consumers
After looking at the benefits that are specific to businesses, let’s have a look at some stats regarding how videos for businesses affect their consumers.
60%
of Consumers would prefer to watch a video than to read about something.
88%
increase of time spent on a website with a video than any other content.
95%
of the average viewer remember content when it's watched rather than read
1200%
more shares on social videos than text and image combined
90%
of web consumers say that a video helps them make a decision to buy a business’ product or service
93%
of marketers say using a video has helped increase user understanding of a product or service
40%
of consumers claim that a video increase the chance of them buying a product
64%
of people who visit a business’ website are likely to buy their product after watching a video
74%
of users who watched an explainer-video about a product or service subsequently bought it
49%
faster growth in revenue for companies that use video compared to ones that don't
4.Psychological Reasons
Not all research can be empirically measured in numbers, however, that doesn’t negate the validity of the research. Here is the last part of stats, which pertains to the psychological reasons behind why videos are so important.
•If people need explanation about something or want to learn something they’d rather watch a video than read about it.
•Once your video is online, it’s there forever. People searching for relevant terms can find your video months, even years from now.
•Videos are processed by the brain 60,000 times faster than text.
•Customers will only buy your product when they understand what it does and how it will help them
•76% of users say they would share a branded video with their friends if it was entertaining.
•Video allows users be lazy. They can sit back and consume the message you’ve packaged for them without much effort.
Summary
Based on the aforementioned statistics and psychological facts we can summarise with perfect clarity that the answer to “Why” in regards to video is because:
•Videos are a great way to explain your product or service
Videos have a great ROI
•Videos are recyclable
Videos are a great for SEO
•Videos boost conversion and sales
•Videos build brand awareness and trust
•Videos appeal to mobile users and and encourage social sales
Videos are way more memorable than written content
•Videos communicate a story, add value and are widely accessible