Posts categorized ‘Embedded video’
Wouldn’t it be nice to be able to add a new source of revenue to your existing revenue stream, utilizing content you already have? Some brands are already doing this – and quite well might I add. However, there are many brands still missing the opportunity to leverage their existing online content to drive new revenue opportunities.
If you have a PDF of a catalog or brochure on your website now…
…you could leverage that existing content to create a digital catalog or online brochure that is shoppable, or at the very least, able to be viewed across multiple devices and channels. Providing your users with the opportunity to view your content digitally can lead to new revenue opportunities you once did not have. Better yet, if you wanted to sync your eCommerce platform with the products in your online digital catalog, your users can shop and checkout right from the catalog.
Think about how many times you seen a user look at your site on their mobile phone and leave without making a purchase, or worse, add to their cart and never checkout? Now think about how many revenue dollars that might have cost you and your brand; it’s probably costing you more than you think.
If you have videos that feature your product and/or service…
…you could incorporate that into your existing online publications. Giving your users a unique look at what you have to offer through video, can give them a better sense of what they are purchasing. It also allows for longer engagement times, which increases the chances of your users making a purchase, which can result in revenue – new revenue.
By attaching a video to the story you’re telling through your online publications, you are able to leverage your existing online content. In fact, it can even be more useful in a publication as opposed to sitting in the ‘Videos’ section of your website or on a YouTube channel.
Having all relevant pieces of content in once place – such as a digital catalog – that tell a compelling story, you are putting your brand in a position to take full advantage of the content you have already created. How are you leveraging existing content to drive new revenue opportunities?
If you’re not using existing content to drive new revenue, or if you’re not sure where or how to start, let the consultants at Zmags help you discover new ways to drive revenue…and help you look like a revenue rock star in the process!
Comscore reports that as of April 2012, almost 85 percent of US audience viewed online video. An adult viewer watches 21.8 hours a month on an average and this is double the corresponding figure in 2010.
The emergence of multiple digital touch points with enhanced multimedia capabilities has further facilitated the popularity of videos as a content medium. A 2012 study by the etailing group sponsored by Invodo revels that one in two smart phone users and more than six out of ten tablet users watch one or more product videos in a three month period.
Such a steep increase in the popularity of the video is forcing marketers sit up and take notice. The Social media examiner reports that 76 percent of all marketers plan to increase the space of video in their marketing plans in 2012. This is likely to yield good results, with the Internet Retailer reporting that 85 percent of the prospects who view product videos would most likely make the purchase. Those who view video are 17.4 percent more likely to make a purchase versus those who do not watch videos.
There are many reasons for such a high conversion rates:
- Videos provide the most appropriate engagement medium for those who prefer visual or audible communications over written or verbal communications. Such people constitute about 60 to 70 percent of all shoppers.
- Videos help consumers progress to a “ready to buy” state by educating them with product information and specifications. Evidence suggests that people who watch videos spend more time on the website and engage better. When they purchase, they purchase with confidence, with lesser cart abandonment compared to those who do not watch videos. After making a purchase they are less likely to return the product.
- For the marketer, incorporating video provides an added benefit of improved SEO optimization, resulting in improved search engine ranking and thereby better visibility.
How are you using this medium to increase conversion rates?
Retail commerce grew by 15.4 percent in 2012 to reach a total sales volume of $73 million.
A significant driver of the growth in online sales in general has been videos. Research by eMarketer.com sponsored by Invodo, conducted in March 2012, estimates that one out of every two online shoppers have more confidence in the product when watching the product video, prompting them to buy and making them less likely to return the product. 31 percent of the shoppers actually buy after being influenced by the videos in the first place. 37 percent of online shoppers would purchase more products when the website offers product-informative videos and 41 percent of online shoppers would most probably return to a website that integrates video.
It seems that online shoppers resort to the video as a substitute to the “touch and feel” experience of physical shopping. But do all videos increase click throughs?
A May 2012 Google and Compete apparel study reveals that shoppers prefer consumer-generated video content more than editorial driven, marketer produced, video content. When shopping for apparels, 36 percent of online shoppers in the US viewed a customer testimonial or review video and 26 percent watched consumer-generated non-testimonial videos while only 29 percent of the online shoppers watched email marketing video content and 21 percent of the shoppers viewed video reviews made by professionals. Ads still hold their ground, with 25 percent of online shoppers viewing ads that appear on television, another 25 percent watching ads that appear elsewhere online and 16 percent watching ads that appear on an on-demand streaming video website.
The research also clarifies that online shoppers who viewed videos when researching for a product were more likely to spend more than those who did not view videos. 25 percent of the online shoppers who used video for research, purchased more than six times in the six-month period of the study when compared to the six months period before the study, whereas only 16 percent of those who did not use videos in their research purchased more during the same period. 28 percent of online shoppers who used videos when researching the product shopped for more than $500 in the six-month period of the research whereas only 2 percent of shoppers who did not watch video spend the same amount.
How can you use video in your online strategy to reap the rewards?
An annual survey done by Altman Vilandrie & Company and Research Now on consumer video viewing habits reveals the tablet making serious inroads into the space occupied by television.
The survey reveals that the number of older viewers (aged 45 years and above) watching television shows and movies on tablets at least once a week has tripled in the last year. The shift is marked among those between 45 and 55 years of age, with 24 percent of the people in this age group now using the tablet to watch a TV show or movie at least once a week compared to 15 percent last year. 19 percent of the people aged above 55 years watch TV shows or movies through a tablet compared to 11 percent of people in the same age group the previous year.
The tablet viewing habits of people below 44 years remained unchanged, but this age group already has a high tablet usage rate. Moreover, seventy-five percent of the people in the 18-24 year old group watch television shows and movies online across all devices, a significant rise from the 62 percent reported last year.
This trend indicates that the tablets, hitherto considered a device used by the youth, is now finding increasing adoption among the old as well, and that the viewing patterns remain more or less similar among all age groups.
However, tablets displacing television altogether is still a long way off as the group that access television content and movies through tablets is still only a miniscule portion of the overall television audience. The survey also reinforces the fact that a majority of users access content through multiple digital touch points. 47 percent of the people in the 18 to 34 years old age group multi task with their tablets and half of them do so when watching television.
The evolution of the business video dates back to AT&T’s PicturePhone of the 1970s. Since then, business videos have come a long way and online videos now command a significant share in the way businesses market their products and engage with prospects and customers. In fact, 80% of all marketers now use video as part of their strategy, accounting for a 35.7% jump in available online video since last year.
And people are watching. A study by the e-tailing group points out that 60% of the consumers who encounter online videos will watch them. It’s also interesting to note where consumers are encountering video. YouTube immediately comes to mind, given the 2 billion views they receive daily. 145 million people watch videos online versus 290 million people who watch them on TV. This is interesting when comparing traditional advertising to online and, according to eMarketer, online video is the fastest growing ad format in 2012 with nearly 55% growth.
Another place where online video is growing is on retailer sites, used to help consumers make better, more informed purchase decisions. MediaPost recently reported that product videos play a key role in consumer’s shop, citing a 9x increase in retail video views at the start of the 2011 holiday season.
Additionally, with the rise of mobile computing through tablets and smart phones, more people are interacting with video content from hand-held devices. In the same e-tailing group study, more than half of respondents with tablets and smart phones said they had recently viewed video on those devices.
Successful delivery of video content across different delivery touch points, however, remains a challenging task. The following considerations would help:
1. Video should be optimized for how it is consumed. The iPad adopting HTML5 over Abode5 is a game changer in the video space. With the tablets increasing in popularity, marketers may need to roll out HTML5 videos that would work across different digital touch points.
2. Video should be interactive and engaging. The technology of today promotes interaction, as exemplified by the increasing tendency of TV to merge with social media on various formats. The best videos leverage the power offered by the device to provide an interactive experience for the user. This may assume the shape of allowing comments not just on the clip, but specific elements or instances inside the clip, ability to play selected parts of a video, ability to track down related videos and more.
3. Video should be part of an integrated marketing strategy. Videos work best when delivered as part of an integrated content ecosystem rather than as a standalone or distinct medium. It could, for instance be part of an engagement-driven app along with other content types such as blogs and wikis, form part of an online catalog. The list is endless.
Are videos part of your selling strategy?
This blog post comes to you from Invodo‘s VP of Marketing, Russ Somers.
If you’re on the Web these days, you’ve probably heard of Gangnam Style by South Korean pop star PSY. The video now holds the record for the most “liked” video in history. Another big piece of news on the Web these days is that Invodo and Zmags have joined forces to bring you video-enabled interactive catalogs that represent a cutting-edge browsing and buying experience. What does that have in common with Gangnam Style? When I think about it, they have four things in common:
- It’s an experience. The first time you saw Gangnam Style you may have felt the way I did…a bit puzzled. But the energy and humor quickly brought a smile to my face. The first time a consumer encounters video while browsing a catalog, it may be a bit of a surprise as well. But it will be a pleasant surprise, as abundant research indicates that shoppers find video helpful in the shopping experience. So I expect it will bring a smile to their face as well.
- There’s more than meets the eye. On the surface, the song is an energetic pop trifle. However, the video is filled with sly humor. The locations and situations (sunbathing at a playground as though it were the beach, rapping on a toilet – yes, a toilet) are far from what you’d expect in a video paying tribute to Seoul’s trendiest district.
And there’s more than meets the eye to the Invodo/Zmags partnership as well. Invodo’s analytics platform delivers deep insight not just on who watches your videos, but on how they interact with the video and when they buy. Combined with Zmags’ robust analytics, joint clients will find themselves with a great deal of rich data to help them market more effectively.
- It will inspire imitation. Gangnam Style has spawned its share of parodies, including some pretty funny ones (and one from MIT featuring a cameo from Noam Chomsky). In the same way, expect to see ecommerce sites striving to capture the browsing experience an interactive catalog with video delivers. But just as none of the parodies approach the original’s 500 million views, the deep integration between Invodo and Zmags will deliver a superior shopping experience.
- It’s everywhere. Yes, I said 500 million views, and it’s on track to become the first video to reach over one billion views by December, according to Forbes. (For perspective, that will displace Justin Bieber and other lesser talents). That’s a lot of laptops, tablets and phones all playing the same video. The combination of Zmags and Invodo is everywhere too, as the same rich browsing experience is delivered to your iPad or phone just as surely as it’s delivered to your desktop or laptop computer.
In the world of pop culture, it’s hard to know what will make a video go viral or spawn an Internet meme. However, in the world of shopping, a focus on customer experience is what it takes to make a hit. Invodo is proud to team of with Zmags to offer a cutting-edge shopping experience.
A picture is worth a thousand words, which especially holds true in ecommerce. Creating a look that converts browsers into buyers can fuel sales. The “look,” however, extends much more than an attractive or clever image. Marketers have to leverage the rich media capabilities offered by the latest touch points to make the shopping experience fun, easy and seamless.
A case in point is the Express Fall 2012 collection catalog. The catalog is arranged in a simple and neat fashion. Users may simply click on the arrow to browse the different pages, or it can run as a slideshow. The specific items displayed in each page, such as necklace, shirt and tank are clearly marked. Users can simply click on the required object to buy without leaving the page.
By clicking on the product, a pop up window comes up with an expandable description of the product, color and other technical specifications, allowing the user to enter the size and number of pieces that they would like. The user then has the option to continue browsing the catalog or proceeding to checkout. In checkout, the user has the option to make changes, login or enter the billing information and make the payment.
The “Get the look” option in the catalogue opens up a pop up listing the entire “look” or the range of products showcased in the image, making the purchase easy and fast.
The “Show Me More” option opens up a pop up that lists additional items available, which may or may not be part of the catalog, but which closely relates to the product being shown. The customer has the option to compare alternatives and dig deeper into the inventory to make the best buy.
The first page of the catalog features a video that showcases the products. Research by Google concludes that 53 percent of all tablet shoppers use videos when researching and shopping, and among them, 82 percent watch videos for more than 10 minutes.
Bottom line is that intuitive features in the catalog enrich the shopping experience. Is your shopping intuitive? Are you creating a visually compelling experience?