A recent report from video service provider Invodo compiles some interesting statistics about product video content and its effect on consumers. While the report, titled Video Statistics: The Marketer’s Summary, is focused mostly on B2C organizations, it still underscores the vital importance of video for B2Bs as well.
The report draws from sources such as Forbes, MediaPost, and Internet Retailer to gain insight into the role product video content plays when it comes to areas like consumer experience, marketing impact, mobile availability and more.
Here are six of the key insights from the Invodo report, with details on what they signal for today’s marketing organizations.
52% of consumers say that watching product videos makes them more confident in online purchase decisions.
While B2B organizations are more likely to employ a traditional purchasing track through their sales teams rather than an online purchasing method, this statistic highlights an important point for all organizations: consumers are spending more and more time researching products on their own to inform their purchase decisions.
In fact, our new Sales Enablement eBook states that according to Sirius Decisions, today 70% of the buying cycle is already complete before B2B customers ever engage with a sales rep.
More than three out of five consumers will spend at least two minutes watching a video that educates them about a product.
With a growing number of consumers turning to online videos to learn about products, the role that concise, informative video plays in driving business has become even more apparent. Sales teams across the enterprise have already identified a number of ways to use video to drive sales and renewals, including lead scoring and post-sales communications.
70% of B2B marketers are using video content – up from 52% in 2011.
Consumers aren’t the only ones who have jumped on the video train; marketers have also embraced video as an impactful way to engage potential buyers. As a result, B2B marketers are developing video content to suit each phase of the sales funnel from awareness through renewal, as outlined in this infographic.
When marketers used the word “video” in an email subject line, open rates rose from 7% to 13%.
Video has become such a powerful medium for business communications, that it seems even mention of the word “video” can spur people to action. Additionally, emails containing video yield 21% more conversions than plain text emails with static images, according to the 2012 Digital Marketer Benchmark and Trend Report. So what does all this mean? Video is an email marketing goldmine!
During a three-month period, 49% of smartphone owners watched at least one product video.
Video should be a key component of not only your marketing strategy, but also a central piece of your mobile strategy. It’s important to keep pace with the ever-growing abundance of mobile business professionals who want to access the latest information about products wherever and whenever is most convenient for them.
In fact, in another recent Invodo study, 69% of consumers said product videos are ‘perfect’ for mobile viewing.
The most popular use for mobile action codes, such as QR codes and bar codes, is linking to mobile videos: 40% of codes link to video content including product demos.
With the help of QR codes, marketers can increase the value and extend the reach of their print marketing campaigns by connecting in-person event attendees and casual browsers of print materials with their company’s online video presence.
Based on these numbers, it’s clear that video has become an increasingly preferred medium for consumers. Marketers have embraced its value for driving business throughout the buying cycle, and with the abundance of mobile devices bringing product information to the fingertips of consumers, it’s more important than ever that your brand have a strong, informative video presence.
Once again, you can download the complete Invodo report here.