#purchasing behaviour

The demand for video isn't just restricted to television or movies; it also extends to brand marketing. Video marketing has become so widespread that it is now considered a must-have skill for all marketers. Video content is uploaded to the Internet in just one month more than networked television produced in three decades. Although the worlds of content marketing and search engine optimization (SEO) are complex and ever-changing, one thing remains constant: video continues to be a major source of traffic.

Video is one of the most accessible forms of content to potential customers. Incorporating video marketing into your online marketing campaign increases the chance of a front-page Google result by 53 times.  When done effectively, video can be a powerful tool for a company to communicate its message to a big audience. It may be used to create content for both B2C and B2B audiences. Nowadays many companies are looking for video production.

You need to be aware of the different stages that shoppers experience in their retail journey and find ways to win as they go from one step to the next.

Need Recognition

      2. Information Search

      3. Evaluation of alternatives

      4. Purchase Decision

      5. Post purchase evaluation

Through video marketing campaigns, we can influence a customer during the first 4 stages! To ensure maximum sales, we must utilize different types of advertisement tools and strategies.

1. What makes videos so special and why do we like to watch them?

Unlike images or copy, video (and audio) set the pace at which a story or message is delivered. People have the option to quit watching anytime. Videos provoke curiosity by providing a pattern interrupt, a sequence or a narrative in which our expectations are defied.

We engage with content to change our emotional state. The appeal of stories among companies, enterprises, and individuals has a good reason. Human communication is enhanced by the use of stories. Therefore companies build a storybrand. Because video includes so many of the real-life signs and intimations, we rely on to communicate with and understand one another (from facial expressions and gestures to linguistic content and tone of voice) it is one of the most effective content types for transmitting emotional contagion.

Even a short video clip can be enough to deliver an emotional payoff. For example: People say that they feel more energetic and positive (and less anxious, annoyed, or sad) after spending a few minutes watching cat videos. While we tend to enjoy and share content that has a positive emotional carriage, videos that move us towards sadness and anger can also be persuasive and powerful

2. How does video influence purchasing behaviour?

After watching explainer videos, 73% of buyers say they are more likely to buy it. Consumer confidence is boosted by videos. In fact, 57% of customers report that watching videos makes them feel more confidence about the products they buy and makes them less likely to return them. According to a Google poll, 68% of YouTube users used the site to help them make a purchase decision. Video will increasingly inform consumer decisions and connect businesses with people on the internet. Making a video to demonstrate the debut of a new service or product may be more valuable to users than simply providing text material.

3. Videos play a large role in customer experience

Customers now have more information, more options, and higher expectations than they have in the past. The total customer experience is a critical distinction for them; positive experiences lead to loyal consumers. For a variety of reasons, video content is transforming the customer experience. Because video marketing can be used at practically every point of the consumer journey, it is extremely engaging.

Video gets results because it satisfies people's visual content cravings with colour, motion, and sound. This is what makes it so memorable to viewers, and it's why it's such a good platform for those who want potential consumers to connect with their messages. Studies show that 92% of shoppers say visuals are the most influential factor affecting purchase decisions and that almost 50% of internet users look for videos related to a product or service before visiting a store

Some helpful tips for creating the best product videos:

1. Be Original: Show your product in use in a real setting being used by a real person.

2. Avoid complexity: Use real-world examples that matter to the audience. Keep it simple.

3. Be professional:  The right lighting, sound, video equipment and editing facilities make a huge difference.

4. Include the “why”: A few individuals are getting to be inquisitive around a few of the information you're appearing to them. It is important to clarify why you're doing precisely what you're doing, instead of going through the movements. Individuals keep data way better when they feel enabled with the information of what the benefits are amid the directions handled, as well as the conclusion results.

Last week I needed to buy a new laptop. I went to Amazon and typed ‘laptop’ only to be confronted with 6,731,991 results. I took a deep breath and began my research. Thirty-seven reviews later, I eventually settled for a sleek chrome machine. Then I started to question the price. After countless comparison sites and boring my wife to the brink of divorce, I bit the bullet. I bought it. But it didn’t stop there. In the days that followed, my hesitations would reappear. Had I really got a good deal? Was this top spec? Wait – is that a new model? There was always the 14 day cooling off period…

If you’ve experienced this kind of purchasing paranoia you’re not alone. It’s got a name; psychologist Barry Schwartz calls it ‘the paradox of choice’.

EDF Energy recently commissioned Canvas8 to investigate this first world problem and understand the impact that it is likely to have in 2013 and beyond.

Previously, a lack of information and, almost more importantly, the inability to act on it created a culture of reliance in Britain; a do-it-for-me approach grounded in ignorance. From holidays to television sets, our purchasing decisions were limited by what we knew as consumers - very little - and the choices we had - very few. The closest we came to ‘smart advice’ was Teletext. Put simply, we just didn’t know.

Now we know. We have access to more knowledge than we can possibly act upon. With only 3% of Britons claiming not to shop around, Britain is a nation of researchers hell-bent on making the perfect decision. We’re more likely to rely on ourselves to find a good deal than partners, family and friends combined, according to the YouGov survey compiled in conjunction with this report.

Empowered by information and choice, we can now spend more time booking holidays than getting there – jumping between TripAdvisor, Expedia and Google. Even potential partners can be researched online before a date.

Are we any happier for it? Three quarters of us feel pressured to find a good deal and more than three million Britons spend more than 24 hours researching each major purchasing decision and 95% of smartphone owners research products on the go.

Fear of making the wrong choice - it can be paralysing. We hesitate more, we waste time, and this leaves us with a question: are we neglecting the things that really matter?

Technology affords us choice and information - but rather like a Rubik’s Cube, it’s enjoyable for those who can figure it out and infuriating for those who can't.

At Canvas8 we’ve seen a new trend emerging – one that’s based on refinement of knowledge and simplicity. Central to this are what we’re terming Navigator Brands: businesses that help us save time, whilst keeping us in the loop. They make our lives less stressful. Working quietly in the background, they free us up to get on with what really matters. They don’t need to be seen or heard, but they do need to be transparent – and flexible enough to allow us to switch back into ‘manual’ and take control whenever we require.

With this comes a very real commercial opportunity. From food to film, utilities to music, innovators are leading the way. They’re creating products, experiences and services that work on our behalf and give us the confidence to make smart decisions.

Whilst established players hesitate, the fleet-footed are responding. Streaming service Netflix’s ‘recommendation engine’ makes picking a film easy. Members detail their tastes, and every time they watch a film the engine updates their choices. It's now responsible for 75% of their customers’ viewing choices. In the services industry Goodman Restaurants’ triumphantly simple Burger Lobster offers a menu of just three items. Whilst in the energy market EDF Energy’s transparent Blue+Price Promise actively tells you if you can get your energy cheaper elsewhere and they don’t penalise you for switching. Navigator Brands make decision-making easier.

Expect to see a raft of new businesses banging the simplicity drum – that is, as long as their boards are not paralysed by indecision.

  About the author

Nick Morris is the founder and Strategy Director of the Behavioural Insights Practice, Canvas8