Video Insider: Go Big or Go Home - Video is Big Business
by Hendrik van der Meer, President and Co-Founder of Vilynx
Go Big or Go Home: Video is Big Business
We have all heard the saying âgo big or go home.â Â For years, advertisers and marketers alike have used banner ads, pop ups and well placed one-dimensional ads to dominate the e-commerce world. Â While these methods have taken them far and been innovative in their own rights, they are not meant for a future filled with video. In order to succeed and engage consumers where they are, advertisers and marketers will need to take the first step and go big, or else.
Video Goes Big on Attention
The brilliance of video is that it offers a visually engaging experience that can bring anything to life, invoking emotion and engagement. Whether it is a funny cat or the sentiment of a soldierâs homecoming, video has the big attention factor with which its counterparts canât compete. Â
The recent Invodo Video Commerce Benchmarks Report supports this, showing the attention span of the average consumer grew 12% in the year 2014 when it came to online shoppers who played video. Â Additionally, two in three shoppers who played an online video watched it to at least 80% completion. Â
As every good marketer knows, you canât sell to a consumer if they never see the product long enough to connect with it and buy it. Â Video is effectively overcoming the short attention spans of consumers and leaving them engaged within the video world.
Video Goes Big on Influence
Video did not invent the advertising or e-commerce market, but is certainly monetizing on it. Â Marketers and businesses have added video as part of a new arsenal to link to consumers, as those who view video through both multichannel retailers and strictly online retailers are more likely to buy.
Invodo also reported that consumers who shopped online and viewed video were 1.6 times more likely to buy than shoppers who did not view video. Â This statistic shows that consumers who watch online video are more likely to follow through with making a purchase as opposed to ignoring what might be just âanother ad.â Â
Video has influential power by sharing a story with the consumer. Â Whether it is for purses, jewelry or cigars, consumers can picture themselves better with the products after watching a video, leading to a more powerful impact and influence to buy.
Video Goes Big on Devices
Visit almost any coffee shop, grocery store, or university and at some point you will see someone accessing video. Â Video is everywhere, and our mobile devices are giving us greater access to entertainment as well as e-commerce. According to Invodoâs report, while PCs at 62% are still the primary medium for e-commerce video viewing, a third of all video views occur beyond the computer. Smartphones and tablets have a share in the e-commerce video market at 20% and 18%, respectively.
Consumers are obviously transitioning into a mobile-driven world while still wanting traditional, at-home shopping options. Â This means video needs to meet both marketersâ needs as well as consumersâ demands in order to effectively capture the imaginations of consumers and execute e-commerce video campaigns.
Thereâs no other way to say it. Video is big and only looks to become bigger whether itâs through attention, influence or devices. Â Here at Vilynx, we understand that video goes beyond statistics to technology that works for everyone. Â That's why we have developed video technology to overcome the limitations of bandwidth and battery life. Â We have worked hard to eliminate the need to "scrub through" videos with our 5-second video summary, and even solved the mobile screen size limitations through our smart in-line ad insertion preview technology. Â Our world wants video, and here at Vilynx weâre following through on delivering video big time! Â