Quite a number of startup businesses especially within the SaaS (Software as a Service) space seem to invest in developing one or more to help explain their product. What your business needs to weigh up is whether you really need to invest in developing one for your product or service. Today well uncover some of the numbers and case studies which should make the decision process a lot easier.
Videos are an answer to the ever shortening attention spans:
The National Centre for Biotechnology information reports that the attention span of a human being today is about 8 seconds.
After studying over 50,000 pageviews, the researchers concluded that 17% of pageviews last only for 4 seconds. What about all those long blog posts that youve invested several hours trying to perfect? Sure there might be the odd few which read word for word but the reality is, time is scarce so at best a reader will skim read through your article.
Coincidentally, the same report also states that the average length watched of internet videos spans to about 2.7 minutes.
Videos seem to engage the viewer:
A video is much easier to digest than studying a drone of alphabets spread across a white-screen. Animated videos can present a dull idea/product in a new light and should be given some serious thought.
Videos bring in the halo effect:
According to Wikipedia, The halo effect is a cognitive bias in which an observers overall impression of a person, company, brand, or product influences the observers feelings and thoughts about that entity character or properties.
An explainer video gives the viewer a deeper understanding of the product, the presentation makes it more appealing, and when done right, leaves a positive impression on the mind.
So much so, that this Invodo report says that video boosts confidence among at least 50% of shoppers.
Videos can bring in more sales/conversions:
Neil Patel, co-founder of CrazyEgg, swears by explainer videos. According to him, the below video which was previously on the CrazyEgg homepage was responsible for $21000 in additional revenues each month.
Case Study: Vidyard
Vidyard witnessed a 100% improvement in conversions when they used a video on their landing page.
Below are the results from using a video in their coming soon landing page.
Without video: 6.5% average conversion rate
With video embedded in page: 11% average conversion rate (69% conversion lift)
With video in lightbox modal popup: 13% average conversion rate (100% conversion lift)
Yes Video sure did work when it came to converting customers!
Videos can make your product memorable:
To understand the above point we need to recap how we remember things. It consists of four different processes:
We have already seen that videos can have a significant impact when it comes to grabbing a users attention. Since most explainer videos tell a story they introduce a villain in the form of a problem and a solution as the protagonist, it becomes encoded and stored in the memory.
But the most important piece in this puzzle is retrieval. Faced with the very problem that your product solves, it’s this storytelling that intertwines the problem and the solution.
Without this association gained from storytelling, the product is a difficult sell. And that’s the very reason why high quality product videos increase cart sizes by 174%.
I should also mention that most buyers (99%) don’t make a purchase on their first visit.
They leave with the intent to buy and the strength of the story telling drives them back.
Psychologists attribute this to the how the brain is structured. The human brain is designed to learn best in multi-sensory environments.
Videos simulate real-life experiences, along with sounds which are triggers to remembering information.
Now that we have a good idea in terms of numbers and results of using explainer videos, lets explore the different types of videos your business can create.