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.
- “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.
- “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.
- “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.
- “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.)
- “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.
- “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…
- “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?