The average product video costs between $5,000 and $10,000 USD to produce, so marketers are under the gun to present results generated from that investment.
That being said, online video trails only featured articles in terms of ROI for content marketing according to a recent study by emarketer.com.
In order to appropriately measure ROI and justify the costs associated with online product videos, it is important to think about where video fits into the sales cycle. If we think about the steps involved from engaging potential customers and getting their attention, creating interest and instilling confidence in a brand, and finally, the call to action, it is evident that online video can play a critical role in each step along the way and act as your 24/7 salesperson.
Engage your clientele
The first step in any sales process is engaging your prospective customer, and there is no denying the incredible impact online video can have on engagement. According to MarketingSherpa, viewers spend 100% more time on web pages that feature a product video. SEOmoz tells us that social media posts featuring video attract 3 times more inbound links than plain text posts. Along the same lines, 92% of mobile video viewers share video with others.
This means not only are you engaging potential customers, but those potential customers are in turn sharing your product video and spreading the reach of your engagement. How exactly do you engage with video? Besides the video itself, use captivating thumbnail images and a quirky headlines that sparks the viewers’ interests. By engaging more prospects, you are inherently setting yourself up for more sales. This is the area where online video really sets itself apart from other forms of content marketing.
According to Invodo, 52% of consumers say that watching product videos makes them more confident in online purchase decisions. According to the same study, 66% of consumers who watch information-heavy videos about a product watch them two or more times before buying.
It is clear that video goes a long way in instilling confidence in consumers and these trends are only increasing. If a customer is considering two different products and can only watch an informative video for one of them, they are likely to feel more confident in that product and brand and ultimately choose that option. If you aren’t competing with your rivals in this area, you are giving up a critical opportunity to build trust in your potential customers and will ultimately lose the sale.
Call to Action (CTA)
The final step in any sales process is the call to action, the moment of truth when a prospective client or customer makes their decision to buy or not to buy. As stated by Invodo, viewers are 85% more likely to purchase a product after watching a product video. In fact, retail site visitors who view video stay on the site two minutes longer and are 64% more likely to purchase than other site visitors who do not view video.
One of our clients, BullGuard, produced a series of product videos that included CTAs that were placed on their website. You can see how this tactic is integrated directly on their website or by watching the video below:
It is clear that product videos not only engage prospective customers but also pushes them along the sales process. People who view videos develop greater trust in a brand, are more likely to share the videos they watch and spread the word, and are ultimately more likely to buy than those who do not. This is why an online product video is worth the investment and why more and more marketers are touting the ROI they see from this burgeoning medium.
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- Tools to Determine & Measure Effectiveness
- Distribution Channels
- How to Assign Financial Values
- Tracking Your Results
- Calculating Engagement
- Measuring Employee Productivity
- Evaluating the Return