Know How Videos Can Help You Increase Your Conversion Rate

A tremendous number of terms have come about with the birth of digital marketing and its monitoring initiatives. Having to know all these terms can be a challenging task so it can be easier to start with the important ones. Tools used to know if your initiatives are bringing fruit are most definitely essential and so knowing what a conversion rate is can be extremely helpful. 

In simple words, your conversion rate is the ratio of visitors to your platform that complete certain goals or actions, to the total number of visitors on your platform. The higher the rate of desired actions conducted by the visitors, the more successful your initiatives are proven to be. And so, a high conversion rate is indicative of successful strategies and designs. It also shows that your platform offers what the visitors are looking for and therefore piques their interests enough to carry out those desired goals.

Calculating conversion rates

To know if you have an ideal conversion rate, it is essential to know how to calculate it. As discussed before and is evident from its definition, the conversion rate is a simple ratio between visitors that do desired actions, to the total number of visitors.

And so, to calculate the conversion rate in terms of a percentage, simply take the number of conversions (number of visitors that conduct goals) and divide it by the total number of visits or clicks on your platform and then multiply the entire solution by 100.

Conversion rate formula=Conversions Total clicks or visits×100

For example, if your most recent email sent out for marketing had about 5,000 total clicks on it and you have been able to get 50 sales, the conversion rate would be 50 divided by 5,000, the whole multiplied by 100 which would give a conversion rate of 1%. 

Conversion rates can help greatly in understanding the kind of strategy that would be ideal for sales and marketing campaigns. This is because conversion rates inform you about how well your campaigns are performing and can so help you identify what needs to be modified and what needs to be continued.

Videos and Conversion rates 

So, it is evident that a high conversion rate is ideal for the success of marketing and sales initiatives. The question now is what can be done to increase conversion rates. A really efficient and effective method that is used and preferred by both marketers and visitors is videos. Videos hold the audio-visual aspect that is hard to accomplish through any other method. Not only does it break the monotony of plain text, but it also proves to be helpful in helping users understand more about the product. A survey concluded that 71% of consumers prefer video content, allowing for huge potential. There exist many more ways that videos can help increase your conversion rate and these are explicitly discussed below to help you out.1. Engagement with videos is unmatched 

Videos have the ability to stimulate both the visual and auditory senses. Due to the extensive possibilities available in the creation of videos, it is much easier to catch hold of the viewers’ attention. 

With the use of pictures, texts, music, voiceovers, infographics, and other elements to create pieces of content, a beautiful montage is created that helps in engagement more than ever. By using these elements, you are able to share your story while encouraging actions. A story has the powerful ability to evoke emotions and interest and can therefore do the same for your consumers.

A video’s movement urges watchers to stop to look and holds their fingers back from scrolling past. That is the reason it’s significant to make your video dazzling, so those initial couple of moments truly hook your watcher. 

2. Videos are the most shared type of content amongst users

Video sharing has become widely popular on platforms such as social media. Not only does video sharing count as the new and updated word of mouth that remains supreme, but it also counts as positive reviews which are crucial for garnering more sales. This is because the users sharing the videos have a positive perception of the products or content showcased in the video which also depicts the presence of interest and possible potential of the viewer to convert to a buyer.

According to Lemonlight, “Videos are shared 1200% more times on social media than links and text combined, video is quickly becoming a marketing cornerstone for companies of all sizes.” And Nielsen says, “over 80% of consumers say they trust the recommendations of family and friends.”

And so, considering all these factors, video sharing is trusted to have the ability to increase your conversion rate. 

3. Videos work best for a hands-on omnichannel experience

The beauty of including videos in your processes is that you are able to guide the customer experience from the very start. From them discovering your brand through a video advertisement to you providing them with an informational video describing your products and services and how they can access them to the best of use, you are able to streamline their experience to provide the most efficient way for them to browse through your information. 

Not only can you guide them, but you can also guide them on multiple platforms so that you are able to reach a larger audience and adhere to their preferences. According to Megastore, 73% of buyers shop across multiple channels. Meaning it’s essential for you to be everywhere you can be and nothing better than a video to do that, which users overwhelmingly prefer.

4. Get the privilege to Stand out

According to the latest statistics, 14% of search results are product videos. This is indicative of the enormous potential that can be captured as a result of the gap and help you stand out in search engines. With only 14%, you have great chances to be unique even more so if you have an exceptional video or thumbnail. 

And as Google is now displaying more than just sites or links on search results with having options of images, videos, news, maps, and much more, a diverse range of mediums can be used to display information in search results and can also increase chances of your content appearing in search results. Videos can make for a great point of differentiation and should most definitely be used to make the best of the users available. 

5. Product videos boost consumer trust

During the time when there exists constant contemplation in the consumers’ minds on whether or not to purchase a product, there are a colossal number of questions and doubts in their minds. These can be related to the operating of the product or the suspicion that the product would be how it’s shown on the platform. 

To solve both, product videos are a great solution. It’s easy to say a product can do something, but saying it alone isn’t much proof. This is especially important to consider in the case of online shopping as the consumers don’t have the liberty of physically seeing and analyzing the product. 

Additionally, it is crucial to consider Gen Z while deciding whether or not to take forward an initiative. As Gen Z are known to be online for a long time and a survey showed that 87% of Gen Z prefers branded videos or ads that show someone talking about a product, product, and informational videos can be a great tool to target them.

According to a survey, “73% more visitors who watch product videos will make a purchase, and 55% of consumers use videos for purchase decisions.” With product videos, you are able to accurately showcase the functionalities and usage through audio and visual mediums. This helps build customer trust and improves the credibility of your products.

Conclusion

To conclude, videos are proven to be greatly helpful and are so even known as the number 1 content type used by marketers to sell products and services. It is the top medium used and produced while even surpassing many other popular methods such as blog posts. 

And lastly, a survey revealed that 92% of marketers who use video say it’s an important part of their marketing strategy, which is a huge percentage and so reflects its effectiveness accurately.