Imagine this,
Your consumer is browsing through your online store and then, after applying all the filters and sorting their results…
FINALLY,
Come across an item that’s the closest to what they had in mind. But wait, they need to be sure before buying because online buying is risky.
Can’t rely on everything they see on the internet, right?
Reviews help for sure, but no product video means no legit proof. The result, your potential buyer ends up abandoning their cart.
To reduce such abandonment rates, a bit of quick advice for you:
Make use of video marketing if you are not doing it already.
Not convinced enough? Let me offer you four crucial product video stats to highlight their importance. Stay tuned!
Why is Video Marketing Essential? A Guide by Stats
1. 58% of buyers consider businesses with product videos as reliable and trustworthy.
58% is a great deal. And this percentage just further backs up my claim of how your customers do value product videos. Most of you might be aware of it, some not. Let me tell you anyways…
Product videos are a source of trust-building. Sure, in marketing courses- or even if you think with common sense-, you will understand just how vital customer relation is for any firm. And these relations, they are based on how much your buyer has faith in you.
In accounts, we learn an asset, “Goodwill.” Though, in reality, it’s more than a tangible asset for your business. It’s how you get to persuade your audience that you are ‘it’ for them. The stronger and higher your integrity and goodwill, the more the chances of you outshining your competitors are.
What is the moral of the story, you may wonder?
You might be offering an eloquent product description using fancy English but not to show how great your product is. Your audience needs more than jotted down praises to make their decision.
This is where product videos enter, strutting with an air of confident poise, wearing black ray-bans, to save your day.
Studies suggest that 71% of the buyers think that videos help explain the product so much better and more extensively than written descriptions.
Videos for the product are the substantial evidence your buyers need. The videos offer them exact content, no filters, no editing using goo dangles, or increasing the sharpness. And so, as your buyers purchase more and more and become more satisfied with your services, their trust in you grows.
The results, well, you know how it goes. More consumers, better goodwill, more loyal and retained customer-base, and more sales you enjoy.
Oh, I can just imagine those comical Dollar signs flashing in your eyes, and I love it!
2. 80% video marketers have reported for videos being the driving forces for a sharp increase in revenues.
According to Wyzowl, a significant chunk of the total firms employing product videos have experienced more earnings. Videos may be doing something right for having most of the businesses investing more on videos for their content strategies.
Numerous observations show that today, videos are actually the most significant part of marketing planning, followed by e-books and blogs.
You’d be blind not to see just how high product videos have risen as part of content planning.
You can understand the power product videos hold, but so can your competitors. I mean, profit maximization is the ultimate goal. Plus, in our globalized world where there is an abundance of digitalization and ever-increasing competition, you’ve got to take action and take them quickly.
You can’t afford to lose your market share. This is why everyone is going berserk over coming up with the most cost-effective and revenue-generating policies.
The answer to our contemporary times lies within videos- namely product and brand storytelling ones. Why must you let go of this golden chance and miss your shot, right?
3. Videos attract 300% more traffic, hence resulting in effective lead generation.
Why you may wonder, are videos such efficient at garnering traffic? It’s because people watch videos, a lot, and of any kind.
Just think about yourself, how much time do you spend on social media or even on the internet or mobiles in general? I will estimate quite a lot, right? And most of that time is spent on watching videos, hmm? Rest assured, it’s not just you.
It’s nothing out of the ordinary that if given a chance to learn about any content in any form, most of us will prefer watching videos rather than reading words. Relax, no need to feel shy, like I said, we humans are more alike than not.
Even studies prove this. Videos are found to be the most preferred alternative for learning about new products, capturing a proportion of around 68%. Second in ranks is the blog post at 15%. See the difference? Is it mind-boggling? I think not.
This is why, smart people, I suggest you start putting efforts into videos, including product videos. Not only are they easier to watch, but the visuals and spoken words help the audience feel as if they’re conversing with you.
These little seemingly insignificant things do, in reality, help you and your customers become closer. Add in some animation or keep it plain, your videos will ensure that they grab your audience’s attention.
More people getting to know more about your products and services will create more awareness. Add in the fact that videos are symbols for confidence-building, and you will experience a boost in not just your daily traffic but in your lead creation as well. I guarantee you, oh, even the stats guarantee you.
4. 92% of mobile users have reported sharing videos with their friends and family.
I know we have discussed how product videos are efficient because we all would rather watch videos than read lengthy product descriptions. This hence helps increase awareness in more people and boosts your online traffic. However, there is one more side to this cycle.
A massive reason for increased traffic and hence sales is due to your existing and potential consumers sharing your videos with others.
For instance, a customer might see a product video of yours and remember his friends wanting to buy the very same product. And so, he instantly shares your video with his friends, who might view, like, and make a transaction.
And you know what, there are only 3% of people who have claimed never to share brand videos, no matter what. Meaning, the remaining 97% of people have, at least once, or will if given a chance. Now you see just how much potential product videos hold in the making your incomes reach new heights?
Final Thoughts
If you weren’t already incorporating video marketing before, it’s time you start right away. I think I’ve presented some solid reasons and figures to make you persuaded, right?
Remember, you have got to stay up, capture the market, and reach new milestones each day. You’ve got the ingredients and a hot pan at your disposal. All you need to cook is a mouthwatering dish and feast on it wholeheartedly.
I say you get started right away. Happy cooking!
