Video is a key marketing tool driving consumer purchases, particularly among millennials, according to Brightcove’s 2018 Video Marketing Survey. 76% of all consumers surveyed reported they made a purchase after viewing a video. If you look at just millennials (18-34) that number increases to 85%. Consumers found video of value when shopping for personal electronics (56%), home appliances (52%), and tools (48%).
Key findings from the study include:
Video is the most memorable form of content: 21% of consumers overall and 29% of millennials find video more memorable than other forms of content.
Video engages consumers more than any other form of content: 45% of consumers overall and 56% of millennials feel that video is more engaging than other forms of content.
Video is preferred for brand and marketing communication: 36% of consumers overall and 46% of Millennials prefer video content to other forms of brand and marketing communication.
Besides seeing an increase in brand engagement after viewing a video on social media, the study supports the need for more interactive content, with 45% of consumers overall, and 57% of millennials, finding a call to action in the video that allows them to engage with the brand helpful. In addition, 23% of consumers overall and 30% of millennials want shoppable videos, where they can directly purchase a product.
Another recent survey of business owners and marketers from Promo by Slidely found that the top marketing trend expected this holiday season is video; SMBs’ video adoption rate is skyrocketing. According to the survey, nearly 50% of respondents started using video just within the last year and overall 77% of all marketers in the survey are using video as part of their marketing strategy.
These studies support BIA’s findings from the new SAM survey, which found that 60% of businesses surveyed used video on their websites, and 40% use video on YouTube. Consumers are driving the increased use of video advertising by businesses. Businesses want to be in front of their customers and potential customers. So if consumers are remembering and responding to video, that is where businesses should be turning. If a business isn’t already using video, their competitors likely are. Media sellers should not overlook cross-promotion opportunities to offer their clients with video advertising on mobile and social.
You can read more about BIA’s new SAM survey here.