What ROI Can You Expect From Business Video Content Marketing
A picture may speak a thousand words, but as it turns out, 1 minute of video is equal to 1.8 million words worth of text, according to Dr James McQuivey of Forrester Research. That’s the same as about 3,600 web pages with written content. That can take the better part of a year to craft properly! There is no doubt that video content marketing, when used properly, can do wonders for your business. In fact, smart businesses are already realizing the importance of website video marketing communications and are seeing stellar results.
For instance, companies that are including videos in their email marketing campaigns are seeing increased open and click thru rates. Reports even range from 30-60% increases. For companies that have a PPC or SEO program and use landing pages, the right short promotional video or product video can increase conversion rates by 80%.
The reason is clear on why website video marketing communications have this type of success. Your business can achieve the same impact with 1 minute worth of video than close to 2 million words. This does wonders for your return on marketing investments. Thus information is delivered faster, processed faster with a higher engagement, which translates to a better conversion rates.
ROI Wars – Video Content Marketing Vs Other Marketing Channels
Deciding which channel gets the most of your digital marketing dollars is of course a major decision. However the jury is out, and online marketing with video communications really is the clear winner for ROI.
A recent Vidyard research report, for instance concludes that as many as 53% of the B2B marketers surveyed prefer marketing with promotional videos over other marketing channels, and 60% stated that they prefer it over text based advertising.
Other research has shown that 90% of online shoppers have stated that they find videos of products helpful in making a buying decision. While 75% company executives told Forbes that they watch business related videos at least once a week. And if these executives are buying tech related products and services, a whopping 95% are watching product marketing videos and 82% of them are sharing that online video with their colleagues, reported an IDG Research Services survey.
So what does all this prove? Simply that you stand to reap a better chance of converting browsers into leads by quickly giving them a lot more information about your company and keeping the attention of your audience and moving them through the purchasing cycle if you have a promotional video on your website.
Website video marketing communications are simply better at engaging your audience.
We are more conditioned to process visual information
The human mind is simply more attuned to processing visual data rather than its text based counterpart. In fact our brains process visual information almost 60,000 times faster than text! This actually makes perfect sense since text has only been around for about five thousand years, whereas skills which required visual processing (hunting, survival etc) go back to when the first humans appeared on the scene, i.e. several hundred million years ago!
We are always more attracted to visual things; case in point – the meteoric rise of sites such as Youtube, Pinterest, Instagram and Tumblr indicates to how positively people respond to visual information.
Other New Visual Technologies for Video Content Marketing
And the examples don’t stop there; smart phones have enabled people to share more photos and videos, making them even more popular, video games, movies are all the rage and who doesn’t like to spend some time watching videos of epic fails on YouTube? Sure most of these videos are being watched thru social media, but there are plenty of online business sales videos being watched as well.
Video advertising on TV still dominate the landscapes, but online video advertising is catching up fast. In fact, according to Comscore, people who view a promotional sales video on a website are 63% more likely to make a purchase than those who don’t.
Unfortunately, advertising with one marketing video on your website doesn’t constitute a marketing strategy. What you really need is a business video marketing strategy that integrates with every step of your conversion, nurturing and sales process to ensure that you are reaping all the benefits that video has to offer.
Including website video marketing communications in your budget is no longer an option that you should be considering; it should absolutely be part of your marketing mix.
Are you using and seeing more of your peers and competitors using website video marketing communications? Leave us a comment below!