Is Video Actually a Powerful Marketing Tool?
A Wharton Research Center study conducted by Lynn Oppenheim (Oppenheim, 1981) has shown that the retention rate of verbal only presentations is approximately 10 percent. Yet when you combine visual messages with verbal communication, an approximate 400% increase is evident as retention rates jump to nearly 50 percent. By association, an Animoto survey last year revealed that 73% of U.S. adults are more likely to make a purchase after watching an online video explaining a product or service. So what makes video a powerful marketing tool?
Video offers the opportunity to use sight and sound, or visual and verbal communication, to connect emotionally with viewers making it easier for a customer to understand your product or service. This is particularly important for small businesses who want to interact with consumers encouraging them to get to know and feel comfortable with their brand. So tell your story via moving visual images and take your target audience on a graphical adventure that leaves them ready to engage with your brand!
Interestingly, Dr. James McQuivey of Forrester Research explains that 1.8 million words is equivalent to a one minute video. Basically, that is comparable to "3,600 typical web pages. If written at an average of one web page per hour, it would take approximately 150 days to achieve the impact of one minute's worth of video." That's tremendous!
If 70% of social media users would rather watch a video than look at a picture or read a paragraph of writing, imagine the impact a video marketing campaign could have on your business. Keep in mind that the use of video isn't limited to TV commercials. We certainly understand TV commercials are often cost prohibitive to many small businesses; however, there are many other ways to utilize video. Examples might include video for introducing your product or service on the web, engaging fans on social media, automating training of staff via video, video blogging, landing page video for ad campaigns, events and webinars, customer testimonials, etc. Next time you are considering ways to effectively market to your audience, consider the benefits video marketing may reap.
Are you interested in learning if video is the right fit for your business, but don't know where to start? We'd be happy to assist you! Contact us for a complimentary consultation.
Oppenheim, L. (1981). A study of the effects of the use of overhead transparencies on business meetings. Philadelphia, PA: Wharton Applied Research Center, The Wharton School, University of Pennsylvania.