Yahoo! Voices : When it Come to Pricing, Profit is Important
Pricing a product, or a service, is hard. There are so many different aspects to keep in mind. Wages... Read MoreCategory: Video Marketing
Explainer videos make users more confident about purchases. Whether explainer videos are provided by business-to-business companies or retailers, they help shoppers get a better idea of what they’re looking at, making them more likely to purchase, and less likely to return items.
According to a survey from Shop.org, 44% of consumers indicated they make more purchases after viewing a video about the product and 57% said they were less likely to return products after they watched a video. Given these responses, it makes sense that 78% of consumers stated they believe a product page is the ideal place to put a video.
For executives, the results are similar. A survey from Forbes found that video is becoming a go-to resource for decision-makers looking to make a purchase for their companies. From the Forbes survey, about 65% said they had visited a vendors website after viewing a video, and 53% have then performed additional research after watching a video. More than half of executives under age 40 bought a product or service after watching a video, while 26% of those 50 and older said the same.
These numbers indicate how video is an important part of any marketing strategy. There’s a good reason why video is so relentlessly popular with online users. People enjoy watching content, whether its the antics of a cute animal or a whiteboard video accompanying a Ted Talk. These videos are often short and very engaging, and encourage people to share them with one another on social media.
There are also important psychological reasons why animated videos are so helpful for increasing conversions. Humans tend to think in narrative form. When a business describes its product through a short-story format, viewers are more likely to retain the information. By hooking consumers with visual content, companies improve retention of information by engaging the memory center of the brain.
Researchers from the University of California Davis attached electrodes to study participants as they moved through a virtual town on a computer. These individuals were later asked to recall the routes they took through the digital landscape. Different questions elicited unique brain responses. For instance, when participants were asked what store was located next to the donut shop, their brain activity was different than when they were asked where they were at a specific time. The study confirmed that more accurate recollection of memories was usually represented by brain activity in multiple areas at once.
Explainer videos allow your leads and prospects to gain an insight on how your product works, feel connected with your brand, and therefore are more likely to convert. Check out this case study on how we created a video for a client’s landing page and increased conversions by 20%.
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