In 2021, Product Videos ad spending on video advertising is expected to reach US$92,253 million. It is estimated to expand at a 12.55 percent annual rate (CAGR 2021-2025), resulting in a market volume of US$148,018 million by 2025. According to Statista’s analysis, the United States will produce the highest income in 2021, with a forecast market volume of US$40,641 million.
Not only video ads are making waves in the marketing industry. Given that video currently shows in 70% of the top 100 search results pages and that viewers are 64-85% more likely to purchase after watching a product video, this is one marketing force you can’t afford to ignore.
Video marketing on the internet has finally evolved. We no longer have to deal with a deluge of sluggish connections, mismatched technologies, or uninteresting commercials begging for our money. Smart businesses and forward-thinking entrepreneurs are transforming the online broadcast medium into a communications cornucopia, a two-way street of give-and-take.
The beautiful thing about online video is that people prefer it to reading. Think about the last time you watched the news instead of reading a newspaper. It cuts across almost every business and demographic. Visitors to StacksAndStacks.com, a housewares e-tailer, were 144% more likely to purchase after watching a product video than those who did not.
What Is A Product Video?
A product video is a video that showcases and demonstrates the features of your product. Product videos make it simple for business owners to demonstrate what a product can do, and they’re also the preferred approach for potential buyers to learn more about it. Videos are especially helpful when there isn’t a showroom or physical location where they can see the product.
You can utilize several sorts of videos throughout your entire website (more on that below.) Product videos, on the other hand, are the videos that most closely correspond to ecommerce sales. These have an impact on consumers who are in the decision stage of the buyer’s journey because they are often published on your ecommerce or shop pages. They’re ready to buy, and all they need now is that final compelling point to seal the deal.
Why Video Marketing Is Beneficial
Conversion rates can rise by up to 80% when well-placed video content is combined with a smart video marketing plan, but it takes more than just making appealing films to drive conversion. Your video may be taking up precious real estate on your website without producing sales or profit if you don’t use video conversion rate optimization (CRO) tactics.
Many businesses invest in video marketing services from professional agencies because these firms have the video CRO tools, experience, and technological skills to guarantee results. Fallon Industries is one of these companies. Fallon Industries specializes in graphic design, as well as product photography, video production, package design, and product sell sheets.
It takes more than just putting a product video on YouTube or your website to increase conversions. You need to come up with a unique way to improve the buying or browsing experience. You can still benefit from the personalisation that video provides even if you don’t sell things through a shopping cart.
The Future Of Video Marketing
Expect to see a greater emphasis on personalisation of internet video in the future, similar to what video technology startup Eyeview has done for its clients. Personalized video enables for more exact targeting of an ad to reach a certain audience. This tailored targeting is beneficial to more than just local communities. Real-time sales, weather, and even the time of day can all be shown in videos.
So far, the outcomes appear to be very positive. According to a consumer survey conducted by Eyeview, the advertising resulted in a 100% more favorable view of the brand, a 73% higher likelihood of recommending it, and a 37% higher likelihood of returning to the business. It’s a win-win situation for businesses: not only are you making the video more relevant to the people who reside in that area, but you’re also significantly enhancing its efficacy and reach.