When people think of internet videos, they think of the kinds of videos that brush across their social media feeds or ads on YouTube videos. The fact is, video marketing is extremely popular for both marketing professionals and consumers, and not just for its viral capabilities or easy to spread and catchy messaging. Video marketing is unbeatable when transformed into real, palpable revenue benefits for any business.
The team at Website Builder studied the effects of video marketing when compared to other marketing methods, it was discovered that video converts more leads than any other method. The conversion rates of video marketing are extremely effective, with retailers increasing the percentage of consumer conversions by 91% when implementing videos into their marketing strategy. That number jumps to 500% when the videos contain a personalised message which is much easier to achieve than what most people think.
Not all videos are created equal, videos that are under 30 seconds have an 89% higher conversion rate than longer videos. Getting good ratings on videos is just as important as getting product and service reviews. Videos need to be interesting, relevant and good quality. A 5-star rating on a video can be 276% more effective than a one-star rated video.
It’s not just about putting an ad campaign out there either, embedding videos on product pages and landing pages is incredibly beneficial to conversion rates and revenue increases. E-commerce stores that have products with accompanying videos generate 68% higher average orders. No other advertising platform beats that.
One example of great video marketing working for their business is Crazy Egg, a company which specialises in helping businesses improve their marketing and branding strategies. Crazy Egg added explainer videos to their products to show customers specifically how to implement ideas step by step, this led to an increase in traffic and they subsequently saw a huge 64% conversion rate. The increase in conversion rates also led to a revenue increase of $21,000 per month. This example shows the worthwhile investment into video marketing.
Here is a screenshot from a Crazy Egg explainer video which saw an increase to website traffic.
It’s clear that video marketing helps with internal and external conversion, making it a great return on investment. Diverse revenue streams and increasing customer bases are vital to the success of any business in all industries. Video marketing is the perfect way to do that and doesn’t require a large investment to get started.
If you are looking to include video content on your website or need help with video marketing to maximise consumer engagement, we are available for free consultations to discuss how you can make best use of video marketing. Contact us today