Online Video Motivates Consumers and Millennials to Buy

Peter Roesler, President - Web Marketing Pros

By Peter Roesler

President, Web Marketing Pros

online-video-conceptApparently, for millennials, seeing is believing. For the generation of consumers who grew up with the internet and computers, online video is a necessary component of almost everything they choose to consume. According to a recent study by Animoto, millennials consumers are especially driven to content that includes video.

Videos matter to consumers of all ages. The Animoto Online and Social Video Marketing Study surveyed 1,051 U.S. consumers and revealed that four times as many consumers would rather watch a video about a product than read about it. In fact, the researchers reported that one in four consumers actually lose interest in a company if it doesn’t have video. The majority of consumers (56%) believe that if a company has a website, it should have video. And since most consumers believe that a small business should have a website, this video strategy applies to them as well.

Videos can help brands in places besides their website. According to the report, customers are nearly 50 percent more likely to read email newsletters that include links to video. Similarly, retailers can increase their conversion rates by including product videos on their ecommerce portals. Four in five consumers say a video showing how a product or service works is important.

“The growth of online video marketing in recent years has been tremendous,” said Brad Jefferson, CEO of Animoto. “Today, there are more than 7 billion videos watched every day on Facebook and YouTube. Historically, in order to create and distribute high-quality video to your customers it was cost-prohibitive for all but the largest brands. However, today’s tools and platforms ensure that small and medium businesses can reach their audiences where they hang out online. This represents one of the biggest marketing opportunities for small businesses in a long time.”

The report also found that millennials are 150 percent ‘more likely’ to comparison shop with video while in a brick-and-mortar store than Baby Boomers counterparts and that four out of five say video has helped them make purchase decisions. Similarly, millennials are 264 percent more likely to share product videos than Boomers.

Using videos is also a good way to increase conversions among millennials. Seventeen out of 20 (85%) millennials say product demo videos are helpful. Videos can be helpful even after the sale is made. Nearly seven out of 10 (69%) say watching videos after purchases helps them make decisions about continuing to shop with a brand.

Many of the stats noted earlier have millennials specific versions that are even better. For example, 80 percent of millennials consider video content when researching a purchase decision. Seven out of 10 millennials are likely to watch a company video when shopping online. Three of four (76%) of millennials follow brands on YouTube. And three out of five (60%) millennials prefer to watch a company video over reading a company newsletter. So this research has applications for the workplace as well.

This data makes a clear case for business owners to use video content to reach more consumers and to motivate them to action. As was noted earlier, this information is useful for businesses of all size. Creating video content can be challenging, but it’s worth the effort for the revenue it can generate.

For more information on the power of video, read this article on the massive growth in mobile videos and what it means for business owners.

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