conversion

The Dominance of Video Marketing for Business

As video continues its quick rise it has become the most engaged with and preferred type of content for consumers. Marketers have taken notice and are quickly pivoting their content efforts accordingly. A new study by Magisto reports that video marketing has already eclipsed all other content types and is now a $135 billion industry. To put that into perspective, the report shares that advertisers in 2017 “expect to spend $83 billion on digital ads and $71 billion on TV commercials.” 84 percent of marketers created more video in 2017, with 60 percent of businesses having video marketing that accounts for more than 25 percent of their marketing budget.  

Why is video so dominant as content? According to the study, “Done correctly, video has the scale of television, the precision of digital marketing and the power of authentic story. Businesses are using video to distribute their messages in ways that contribute real value to the attention economy…”  

Consumers prefer video content. Just look at the most popular websites – namely social media platforms such as Facebook and Instagram. Video content dominates consumers’ newsfeeds because that’s the type of content that Facebook sees is most engaged with. But don’t think this is all about social media. Magisto shares that by noon Pacific time every day, 120 billion emails are sent and 35 million photos uploaded to Instagram.  

Consumers are voting by their actions as far as the type of content they prefer — time spent on web pages with video averaged 7 minutes and 21 seconds. While time spent on pages without video was only 2 minutes and 48 seconds, according to a study by Wistia, which analyzed consumer behavior on the top 100 websites.  

Why is time on site important? The longer a consumer spends on your site, the more likely they are to convert. In fact, having video on a web page can increase conversion by up to 80 percent, making online shoppers being almost twice as likely to buy from that business! 

 Video content should not be something you are “considering.” That time has passed. It’s now only a matter of what kinds of video should be produced, and how your dealership should use it with your customers. Engaging consumers is the number one way to increase interest and steer them towards your dealership and away from the competition. Of course, if your competition is using video and you aren’t, chances are they are already taking away sales from you.   

Video marketing is not hard, nor is it expensive, it just needs to get done. It’s no longer whether you should be doing video, it is how much is it costing you NOT to? 

Seven Important Video Marketing Statistics

by Tim James

While statistics may seem boring, they are certainly key when choosing a marketing strategy. They can highlight where you should direct your efforts in order to be the most effective and maximize ROI.

There are a ton of statistics floating out there and thousands of articles which – if you don’t believe me – should be sufficient to convince you that video content and marketing is THE most effective medium to engage consumers – both now and for the foreseeable future.

To illustrate this for you, I assembled seven statistics that caught my eye from this published list of 50 Video Marketing Stats to Help You Create a Winning Social Media Strategy in 2017.

I picked the seven I feel will be of particular interest, without overwhelming you with hundreds of statistics.

  1. “Online videos will account for more than 80% of all consumer internet traffic by 2020, according to CISCO.”

    What does that mean for car dealers? Unless you have video content on your website, and all the consumer touchpoints, you may find your dealership falls into that sad 20% of internet traffic that misses eight out of ten car buyers.

  2. “73% of marketers plan on increasing their use of videos, according to Social Media Examiner”

    I’m fairly certain there are some pretty smart people among the 73% of marketers that plan to increase video use. If such a large percentage of marketers chooses to increase their video strategies and budgets, they must be finding video an effective medium that produces revenue.

  3. “55% of people consume video thoroughly – the highest amount of all types of content, according to HubSpot”

    If you’re going to create content to market your dealership and your inventory, why not create the best, most effective type of content that your customers (or potential customers) will actually watch? Makes perfect sense to me and, apparently, video is the content type that consumers want.

  4. “43%of people want to see more video content from marketers in the future, according to HubSpot.”

    Again, if consumers want more video content, the only possible reason is that video is how they want brands and businesses to engage with them. It’s much easier, more engaging and memorable to present your message in a way that engages all the consumer’s senses – and that’s what video does (and probably why consumers want it.)

  5. “4X as many consumers would rather watch a video about a product than reading about it. 4 in 5 millennials consider video content when researching a purchase decision and 70% of millennials are likely to watch a company video when shopping online, according to Animoto.”
    I lumped these together because these statistics illustrate that consumers want video content, are watching company-produced video content and are using it to make purchasing decisions. That certainly sounds like something I would be interested in if I were a car dealer trying to attract buyers – especially the anonymous buyers who are shopping your inventory online without your knowledge.
  6. “Companies which use videos in their marketing grow revenue 49% faster year-on-year than those which don’t, according to the Aberdeen Group.”

    I think it’s safe to say that any business – including car dealerships – is interested in revenue growth. If having a video marketing strategy in place can increase revenue by 49%, it should certainly be common-sense to implement one. Of course, it’s not just about USING video, but about using it RIGHT with a strategy in place. And what happens when you have a strategy in place…

  7. “Companies which use video in their marketing enjoy 27% higher CTR and 34% higher web conversion rates than those which don’t, according to the Aberdeen Group.”

    I don’t know about you but the whole POINT of having a website, investing in digital marketing of all types, and merchandising your inventory through third-party sites and all the other touchpoints, is to engage the customer and, ultimately, have them engage you back by contacting you or submitting a lead. If using video will increase click-throughs and conversions at that level, why wouldn’t you want it?

I hope these seven points I chose provide food for thought to help prove the point that any time and effort spent implementing a strategic video marketing strategy will produce ROI. And believe me when I tell you that it’s not as hard or time-consuming as you may think. Chances are you have the essentials to get started right in front of you– heck, you may even be reading this blog article with it – a smartphone.

Video marketing can be easy and take little effort and time. Sure, you can also spend more time and money and produce even more slick videos with sets and expensive equipment, if you should desire. The point is that it shouldn’t be a question of whether you SHOULD be doing video marketing, but rather WHEN are you going to start?

They Watched Your Video. Now What?

by Brian Cox

There’s no doubt that video marketing is exploding in popularity with businesses and consumers. Both Facebook and Twitter are investing heavily in video and, in the case of Facebook, rewarding those who upload their video straight onto its extended reach advertising platform.

The days of reading long text descriptions and features of vehicles on websites are quickly fading. Manufacturers and dealerships are putting more effort and bigger budgets into video marketing. However, no matter how creative, funny, informative or compelling a video is, if it’s missing one simple ingredient, it will not help you sell more of anything – whether that’s a salesperson, the dealership or a car.

What is that simple ingredient? – It’s a call-to-action.

In terms of functionality and conversion, all websites typically contain calls-to-action. Customers that visit a dealership’s website can gather the information they want and, most of the time, there is a call-to-action on the page they’re viewing; be it the home page or a vehicle description page. Many videos, however, have no call-to-action. An online car shopper will visit multiple touchpoints when researching vehicles – Think of all of the sites your videos are on that the consumer could visit. You may control the content and call-to-actions on your own website, but it’s not always the case on every touchpoint.

Many dealers incorporate personalized video e-mail responses and walkarounds and introduce staff on their “About Us” pages. These are all great but, in many cases, they neglect to incorporate the single most important question that a consumer will ask after watching:

What do I do now?

Even if you have a call-to-action on the actual webpage that the consumer is on while watching your video, include a call-to-action within the video itself. It doesn’t have to be long or confusing. It should be simple. Something like:

  1. Call us at XXX-XXX-XXXX or email us today at XXXXXX
  2. Make sure to mention this video to claim your special offer
  3. Make sure to visit our website and get the exclusive Internet pricing only available on our website

If you’re not asking viewers of your video to do SOMETHING at the end of your video, they won’t do ANYTHING and you’ll be missing out on conversions. Guide the consumer through the funnel in relation to the video content they just watched. If the video was a “Why Buy From Me” sent by a salesperson, include their contact information at the end. Another thing that can be very beneficial is to incorporate a call tracking number on your videos.

If it’s a vehicle walkaround video, direct your customers as to what they should do next. Create a video explaining how your dealership assists people with challenged credit then direct them to your online credit application to get started. If you produce service videos, make sure to include an offer, coupon or, at the very least, an invitation to the dealership or to schedule an appointment.

It’s really not a difficult concept. Almost every other form of marketing will have calls-to-action (if they’re any good). So why shouldn’t you also include them in your videos? It’s up to you to tell your customers what you want them to do. If you guide them properly and with relevance, you’ll find that more of them follow the path you’re leading them down and will see more conversions.