Video Marketing Provides Great ROI
There’s no question: online video marketing helps businesses increase their brand awareness, generate genuine buzz, and increase sales.
What’s becoming more evident is just how much of a difference it makes, which is reflected in the results of the latest industry studies. One of the latest, released this year by Animoto, which surveyed 1,000 U.S. consumers, highlights the impact of video:
- 73% are more likely to make a purchase after watching a video.
- 96% say online videos are helpful when making purchasing decisions.
- 71% say watching online video content leaves them with a positive impression of the brand, service or company.
According to eMarketer, online video marketing is a strategic marketing approach that promises the greatest return on investment.
One key business-to-consumer sector is retail, where we are seeing video marketing used to assist a customer’s journey through the sales funnel. Video marketing offers a better view of products, they can be used to promote trends, express brand culture, and video marketing makes a statement that’s much bolder than most marketing and advertising methods. From longer-form videos on YouTube to bite-sized content on Vine and Instagram, the smart brands are getting on board, and they’re seeing results.
Zappos was one of the first and it continues to be one of the most mentioned retail brands leveraging online video marketing. Tens of thousands of videos are embedded on its website at any given time and its YouTube channel is full of products, how-tos, and company culture videos. Zappos also encourages its customers to play a role by allowing them to upload their Zappos Experience videos. While the online shoes and clothing shop is a huge video-hustle example, smaller retailers can start to emulate its success with a few small pieces.
French Connection is another example of a brand that regularly pushes video content to its network on YouTube and other social media. It creates and releases seasonal fashion updates, fashion tips, campaign teasers and series of short “films” that celebrate the “power of clothing.”
Most of them are short and sweet with creative fair – the company puts some of its fashions on a 360-degree moving display, which offers a more engaging experience that is trusted by consumers more than, say, digitally manipulated photos. Other top retail YouTube channels include Home Depot – with a variety of cool DIY project tutorials – Bed Bath and Beyond “product of the week” segments, and Best Buy how-to videos and “latest technology” news.
With mobile traffic set to increase 13X by 2017, retail brands have been quick to experiment with short-form video platforms such as Vine and Instagram. From Ford to H&M, Reebok, GoPro, Ralph Lauren and Tide, there’s even a mashup of the top branded short-form videos of February, 2014. From informative content to entertainment to shock value, there’s no shortage of creativity and unique approaches.
Strategically, it’s about honing in on content a retailer’s target demographic would find intriguing, engaging, informative and helpful, all of which contributes to brand awareness and increased sales. Most brands take a similar strategic approach to video marketing, though the content, of course, is quite different and tailored specifically to their audience.
Not convinced yet? Here are a few more stats from the initial study mentioned:
Video plays an impressive role in consumers’ lives with 94% watching it at least once a week from their desktop.
76% of smartphone owners watch videos at least once a week on their devices.
89% are likely to share a video if they consider it educational.
86% are likely to share a video if there is an incentive, such as a promotion or discount.
Roll and record, retailers. This is your year to make an impact with video marketing.
Lisa Ostrikoff is a TV journalist and anchor-turned-creator of BizBOXTV.
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ComScore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today released data from the comScore Video Metrix service showing that 181.9 million Americans watched 38.8 billion online content videos in April, while the number of video ad views reached an all-time high at 13.2 billion.
Top 10 Video Content Properties by Unique Viewers
Google Sites, driven primarily by video viewing at YouTube.com, ranked as the top online video content property in April with 154.6 million unique viewers, followed by Facebook with 627 million, VEVO with 52.9 million, NDN with 45.3 million, and Yahoo! Sites with 45.1 million. Nearly 39 billion video content views occurred during the month, with Google Sites generating the highest number at 13.0 billion and Facebook reaching an all-time high once again with 740.8 million. Google Sites had the highest average engagement among the top ten properties.
Top 10 Video Ad Properties by Video Ads Viewed
Americans viewed a record 13.3 billion video ads in April, with Google Sites ranking first with 2.4 billion ads. BrightRoll Platform came in second with 2.2 billion, followed by LiveRail.com with 1.7 billion, Adap.tv with 1.5 billion and Hulu with 1.4 billion. Time spent watching video ads totaled 5.1 billion minutes, with BrightRoll Platform delivering the highest duration of video ads at 1.1 billion minutes. Video ads reached 53 percent of the total U.S. population an average of 82 times during the month. Hulu delivered the highest frequency of video ads to its viewers with an average of 63.
Other notable findings from April 2013 include:
- 84.7 percent of the U.S. Internet audience viewed online video.
- The duration of the average online content video was 5.6 minutes, while the average online video ad was 0.4 minutes.
- Video ads accounted for 25.5 percent of all videos viewed and 2.3 percent of all minutes spent viewing video online.
Online video isn’t just growing fast, it’s growing faster than any other type of consumer service offering – and soon it’s going to be even more popular than Facebook, Twitter and Co, according to Cisco’s new Visual Networking Index forecast.
The newest edition of Cisco’s data-heavy report on how we all spend our time and bandwidth points to social networking as the world’s most popular type of consumer service, with 1.2 billion users worldwide tweeting, Facebooking and more around the world in 2012. That’s 66 percent of residential internet users, if you need to know. Cisco estimates that this number will grow to 1.73 billion users by 2017, which will then represent around 70 percent of the also-growing internet population.
Online video services on the other hand had just around 1 billion users worldwide in 2012, according to Cisco. The company estimates that this number will almost double by 2017, reaching close to 2 billion users worldwide. That means that in four years, 81 percent of the world’s internet users will also use online video services. In 2012, that number was still at around 58 percent.
All of those video streams will also have a major impact on bandwidth consumption: Cisco estimates that we are going to see 1.4 zettabytes of global end-user IP traffic in 2017. And here’s the kicker: That’s more IP traffic than the internet has seen in the last 18 years together. Here are a few more of Cisco’s observations and estimates with regards to online video:
Online video will account for 69 percent of consumer internet traffic by 2017 (up from 57 percent in 2012).
Mobile video will grow 16-fold from 2012 to 2017, and account for 66 percent of all mobile data traffic during that year.
Internet-to-TV streaming will grow from 1.3 exabytes per month in 2012 to 6.5 exabytes per month in 2017.
The number of web-enabled TVs in consumer’s homes will grow from close to 180 million in 2012 to 827 million in 2017.
Game consoles will become slightly less important as a way to bring internet video to the TV screen, while dedicated streaming boxes will see the biggest growth.
Advertising executives admit the tide of ads is changing and online video ads taking the lead, new research has found.
Seventy-five percent of ad agency executives say that online video ads are more effective than traditional TV ads compared with just 17 percent who say they are less effective. That sentiment is shared when comparing online video ads with social media and search advertising ads as well. Ad executives also feel that online video ads are also more effective than direct response and display ads, a new eMarketer report found.
“The popularity of digital video viewing is helping drive the expansion of the online video ad market,” the eMarketer report said. “Ad execs may be responding to U.S. consumers’ seemingly endless demand for online video.”
Consumers watched 13.2 billion online video ads last month, reaching an all-time high, according to a new report by comScore.
Data from the comScore Video Metrix also showed that over 180 million Americans watched almost 40 billion online content videos in April.
Google Sites came in as the number one online video content property, primarily driven by video consumption on YouTube, with 154.6 million unique viewers in April. Google was followed by Facebook with 627 million, VEVO with 52.9 million, NDN with 45.3 million, and Yahoo Sites with 45.1 million.
Consumers watched 5.1 billion minutes of video ads in April and video ads reached 53 percent of the total U.S. population an average of 82 times during the month. Over two billion video ads were seen on the Google Sites platform. The BrightRoll platform came in second with 2.2 billion. LiveRail, Adap.tv, and Hulu rounded out the top five, with Hulu delivering the highest frequency of video ads to its viewers with an average of 63.
Google Sites also garnered the highest frequency of ad views for the month. Consumers saw an average of 23 ads in April. BrightRoll platform came in second with 14 ad views.
Video music channel VEVO held the top position in the ranking of unique video viewers with 51.7 million viewers. Fullscreen came in second with 37.4 million viewers, followed by Maker Studios Inc. with 33.8 million, Warner Music with 32.2 million, and ZEFR with 28.1 million.
According to comScore’s study, 84.7 percent of the U.S. population saw an online video in April. The average length of an online video was reported to be 5.6 minutes long, while the average length of an online video ad was found to be 0.4 minutes. Video ads accounted for 25.5 percent of all videos viewed and 2.3 percent of all minutes spent viewing video online.
As online video gains viewers, cable TV’s losses mount. While 60% of US internet users surveyed told AYTM Market Research that they still had a cable TV subscription in May 2013, another 23% said they had a subscription in the past, but not any longer.
Consumers’ inclination to watch cable and network TV as it airs is declining fast, while consuming video on non-TV devices and watching over-the-top (OTT) content are increasingly becoming regular activities.
In a March 2013 survey, Leichtman Research Group found that 27% of US adults watched videos on non-TV devices every day and more than half of respondents did so on a weekly basis.
Online video and streaming is also bumping up the connected TV and OTT market. The Leichtman study found that in 2013, 44% of US households had at least one TV set connected to the internet, up from 38% in 2012. And as more TVs are connected digitally, online video viewing is rising quickly. This year, one-third of US adults surveyed reported watching OTT content daily (nearly double what it was 2 years ago) and 59% said they did so weekly.
YouTube and Netflix are big drivers of the movement to digital and OTT viewing. AYTM found that 29% of US internet users surveyed watched YouTube videos at least daily in May, and more than half of respondents did so more than once a week. Netflix has also seen a big bump in its subscriptions and use. In 2013, according to Leichtman, 22% of US consumers surveyed said they streamed Netflix weekly—more than five times as many as watched content via Netflix in 2010.
These trends are all pointing in the same direction: Traditional TV viewing is on the wane, and online video is rising fast. But this does not mean that TV’s role in the media ecosystem is totally diminished. As TV manufacturers and networks offer more dynamic viewing options, the nature of how and what US consumers watch on TV will continue to change.
AYTM additionally found that that over half of cable TV viewers said they watched less than half of the channels available via their subscription, and an overwhelming 74% said they would prefer to choose individual channels rather than paying for a whole bundle. As cable and network TV providers strategize how to keep consumers tuned in, all options are on the table.