By Breanne Meng – Contributing Writer, The Marketing Scope.
The happy days of clinking glasses to celebrate millions of view counts have officially come to an end. The rise of video marketing analytics has redefined the ultimate success of the marketing video. This change couldn’t come at a better time, since videos are more popular than ever before. If you’re interested in improving your marketing mix with more videos, check out the stats on video marketing and the ugly truth you need to know about it.
From more than 1 billion video views on Facebook every day to 300 hours of video uploaded to YouTube every minute, the strong growth rate of video consumption is definitely one trend that pushes marketers and businesses to invest more in videos. The rising smartphone penetration blurs the boundary between online and offline, and further increases digital video consumption. According to YouTube, half of YouTube views are now on mobile devices.
The major competitive advantage of videos over traditional blogs is that consumers are naturally drawn to video content psychologically. Movements, intonations, pitch of voices, and body language all create emotion connections within our brains. In fact, the fusiform face area is a part of our brain that cues us to look specifically at human faces to gather information and validate messages. Our brains also process visual data 600,000 times faster than text.
Market research and reports reveal that video is unquestionably the absolute winner in raising conversion and engagement. Researchers have shown that using video can increase conversion by 80%, purchase intent by 97%, and brand association by 139%, according to The Vidyard Blog. The magic also works on the C-suite. A report from Forbes shares that 65% of executives have visited a vendor’s site after watching a video, 53% of executives conducted a vendor search for more information after watching a work-related video online, and 51% of executives under 40 said they’ve made a business-related purchase after viewing a video.
The traditional video marketing strategy is to produce videos, upload them on social media, and high five when the view count reaches the target. Sadly, the pink bubble of “view count equals video marketing success” has been burst. “A lot of our customers had had video content for awhile,” says Tyler Lessard, CMO of Vidyard, an Ontario based video analytics service and platform provider. He went on to say, “They think it is a great video and that people are watching it all the way through, and once they start to track and see how people are watching, they are surprised to find that less than 30% of people make it to the end.”
Engagement is the new definition of ultimate success. With videos, marketers are able to track each viewer’s engagement activities second by second to identify the general drop off point for length and to find out which content attracts the most clicks. Marketers are also able to identify viewers’ demographics and their consumption behavior. In addition, the information could be used to learn more about customers, as well as help tailor sales and marketing strategies. According to Brainshark, knowing these facts can help business owners better qualify a lead by knowing how much different content they are watching, and the sales team can also use it to know what specific content the person has been engaging with. This behind-the-scenes data allows companies to compare and contrast the performances across different videos and take necessary actions to achieve the desirable results.
Being aware of demographic data empowers marketers in various ways. Instead of mass targeting in the hope of generating clicks and raising brand awareness, they can narrow down the scope and deliver a strong message to a smaller group of buyers who are the most interested in the products and services.
“One of our clients increased the video completion rate from 10% to 60% after using the data from video analytics,” said Lessard. Through analyzing the engagement data, the company found that the majority of the viewers dropped off within the first 30 seconds. A further analysis revealed that the usage of high pitch stock footage at the beginning of the video was the cause of the major drop off. The completion rate boosted tremendously after reducing the portion of the stock footage.
Another company increased the completion rate of its thought leadership video from less than 10% to 40%, by shortening and ending the video before its major dropped off point. The result not only led to an increase in conversion rate, but also saved on sales support resources, since most of the frequently ask questions were answered in the video.
The good old days of celebrating the view count are over, but the golden era of marketing video is just approaching. With the ability to collect actionable data and significantly boost the ROI of each video, the marketers will be the last ones standing and laughing at the meeting.
By Breanne Meng – Contributing Writer, The Marketing Scope