Over the past couple years, it has become conventional wisdom that the use of online video in sales and marketing can significantly increase conversion rates (see a great post at ReelSocialMedia describing this very topic ). But the question that is often left unanswered is "why does video improve conversion rates?" Here are a few reasons:
- Video is more personal and engaging - If you had the opportunity (and time) to tell every possible customer about your product in a face-to-face meeting, you would take it, assuming you had something appropriate to wear. But the reality of course, is that with busy schedules and globally disperse customers getting precious face-to-face time with everybody is impossible. Putting your best employees and customers on video gives you the opportunity to engage prospective customers with your best voices telling the story.
- The power of the narrative - Research and common experience both tell us that the human brain is wired to better understand and remember information when it is presented in story form. All the campfire myths and stories our ancestors yammered on about were done for a reason, they helped the memories last longer. Unlike text and images on websites, video is time-based which forces a narrative. You have to choose the specific order for your story. The story helps your message leave a longer lasting impact. Check out two different companies selling the same product, Lighting Direct (without video), and Energy Circle (a Wistia customer using video). Which one do you find more engaging?
- Complex products are better described with video - Some products and services can be really difficult to explain, and as the old saying goes "seeing is believing". When the thing you're selling is on the complex end of the spectrum (think multi-machine chemical manufacturing vs. steak knives) it's often easier for everybody when the process can be shown, talked about, and described visually. Video can end up being the only way to educate prospective customers other than flying people around to see your product in person. Some things are just better described through video.
While any one of the above items may be reason enough to improve online conversions, the case becomes overwhelming when these reasons are put together.