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From a business perspective, there are plenty of reasons why product videos and other forms of dynamic online content are essential components in any multichannel retail marketing strategy. But like any other marketing investment, product video spend needs to be weighed against expected business outcomes, return on investment and other factors. The key question isn’t whether to implement product videos into a brand strategy, but rather how product video spend can be leveraged to maximize consumers’ intent to purchase.
The Benefits of Web-Based Product Videos
Not surprisingly, consumers are accessing online product videos in record numbers. At the same time, online video content delivers some important benefits for retailers. Brands like Zappos are seeing an increase in sales of up to 60 percent for products with video.
There are several ways that product views influence consumers’ intent to purchase. Consumers often share carefully crafted video content via social media. In addition to the potential for viral distribution, socially shared videos create added value because key messages are introduced to consumers by consumers.
More importantly, product videos equip users with information and create a more meaningful customer experience. When users have the ability to explore product options, they're more inclined to trust the brand and its value claims. Conversely, brands that don’t offer enhanced video content are often viewed with skepticism, as if the lack of dynamic video content indicates that the brand is attempting to hide product shortcomings.
Optimizing Return on Product Video Investments
For optimum ROI, product video investments need to focus on the creation of content that directly impacts consumers’ intent to purchase. With that in mind, there are five strategies retailers can use to maximize ROI and increase the conversion value of product videos:
1. Consumer-centered design. Retailers often mistakenly design product videos that overemphasize product features and details that have limited value for consumers. The creative process should be consumer centered and oriented around product benefits. Communicate how the product will make the consumer look or feel, how it can simplify their life, or how it can help them achieve greater efficiency or cost savings.
2. Mobile compliance. Social sharing is a fundamental goal of every dynamic video initiative. To accommodate sharing on popular sites like Facebook and Twitter, brand videos need to be mobile compliant and driven by HTML5 technology. During the design and development stage, it’s important to make sure product videos and other dynamic content will be viewable across the widest possible spectrum of mobile device platforms.
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Social Media ROI
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