For millennials, apparently seeing is believing.
For the generation of consumers who grew up with the Internet and computers, online video is a necessary component of almost everything they choose to consume. According to a recent study, millennial consumers are especially driven to content that includes video.
Videos matter to consumers of all ages. The Animoto Online and Social Video Marketing Study surveyed 1,051 U.S. consumers and revealed that four times as many consumers would rather watch a video about a product than read about it. In fact, the researchers reported that one in four consumers actually lose interest in a company if it doesn’t have video.
Just over half of consumers believe that if a company has a website, it should have video. And since most consumers believe that a small business should have a website, this video strategy applies to them as well.
Videos can help brands in places besides their website. According to the report, customers are nearly 50 percent more likely to read email newsletters that include links to video. Similarly, retailers can increase their conversion rates by including product videos on their ecommerce portals. Four in five consumers say a video showing how a product or service works is important.
“The growth of online video marketing in recent years has been tremendous,” said Brad Jefferson, CEO of Animoto in a news release. “Historically, in order to create and distribute high-quality video to your customers, it was cost-prohibitive for all but the largest brands. However, today’s tools and platforms ensure that small and medium businesses can reach their audiences where they hang out online. This represents one of the biggest marketing opportunities for small businesses in a long time.”