We live in an age when consumers’ attention spans are on the wane and businesses need to find new and unique ways to make their products and services stand out from what the competition has to offer. While video marketing is not new, it has turned out to be a rather effective and powerful tool to reach out to target audiences from across demographics and boost customer experience. One simply needs to look at the video marketing stats for 2022 to see the growth in the world of digital videos.
The Marketers Perspective
If you wish to increase your brand’s online presence, chances are you’ll benefit by using the services of digital marketers. This is what a post on Entrepreneur has to say about their outlook toward video marketing.
- 65% of marketers aim to create brand awareness, of which 64% say videos help them achieve desired results.
- 65% of marketers aim to develop better engagement levels with their target audiences, of which 60% say videos help them achieve desired results.
- 37% of marketers aim to boost conversion rates, of which 57% say videos help them achieve desired results.
Further, stats shared by Oberlo suggest that 86% of marketers use video marketing in some form or the other, and 88% of video marketers say they’re pleased with their return on investment (ROI).
The Consumer Perspective
According to HubSpot, 66% of consumers turn to videos to get information about brands as well as the products and services they offer. In addition, it suggests that 13% of consumers explore their passions or interests through videos and 11% make use of videos to learn something new. Data shared by Survey Monkey highlights that while 47% of Gen Z consumers use YouTube to find out about products, 29% use Instagram, and 21% use Facebook.
Video marketing stats shared by Oberlo also have this to say:
- More than 244 million Americans watched online videos in 2020.
- More than half of all consumers wish that the brands and businesses they favor provide more video-based content.
- When it comes to social media platforms, consumers favor videos from brands over any other type of content.
The Business Perspective
Businesses stand to gain significantly by including video marketing in their overall marketing strategies. Stats presented by Wix show that:
- Videos hold the potential to increase the organic traffic a landing page receives by more than 150%.
- The possibility of people making purchases increases by 85% after they watch relevant product videos.
- Calls-to-actions (CTA) placed within videos can get up to 380% more clicks than those placed elsewhere.
The Future of Video Marketing
Data shared by Statista shows that the annual spending on digital video ads was around $15.5 billion in 2017 and it was below $64 billion in 2021. It predicts that this number will increase to more than $130 billion by 2026. These numbers go to show that video marketing continues to grow at an unprecedented pace.
The SimuStream Solution
The add-to-cart rate is an important parameter when it comes to just about any marketing campaign for eCommerce. As of now, the industry standard is 7% to 12%. SimuStream’s add-to-cart rate, on the other hand, is a staggering 45% to 50%. This is because SimuStream gives your customers the ability to make purchases without leaving your video or visiting another webpage.
The process works in a fairly simple manner. When consumers watch your videos, you get to highlight products or services from your own eCommerce store or popular eCommerce platforms within the videos. Your customers can add products to their shopping carts while watching a video and even complete the checkout process before the video ends. There is absolutely no need to click on a link and head to a different webpage.
Video marketing has come a long way over the last few years, and ignoring this medium comes with its own set of perils. Now, businesses can make use of interactive videos to improve customer experience, which, in turn, leads to better conversion rates.
With video shopping and live shopping making significant inroads in the eCommerce world, it’s important to jump on the bandwagon before a sea of competition does. If you’re unsure about how to get started, consider partnering with a company that knows how to improve add-to-cart rates through in-video shopping.