MODERN MARKETING MONTHLY ARTICLE
They’re the kind of statistics that make you stop and think: One billion people around the globe are watching videos online, making up 52 percent of consumer Web traffic. And Cisco forecasts that number to jump to 90 percent by 2014.
The huge growth is driven in part by the popularity of sites like YouTube as well as the rise of technologies such as three-dimensional and high-definition TV. But more and more businesses also are turning to online videos to help sell products. In fact, eMarketer reports 33 percent of online retailers plan to add video to their sites this year.
“Video is quick, it’s easy, it’s authentic and it’s compelling,” said Matthew Moss, Creative Director at TAOW Modern Marketing. “You can’t always feel part of an experience with a photo or copy, but a video hits you in the face and you can feel the emotion.”
Moss has created videos for companies ranging from multi-national apparel makers to small law firms. He said videos are a cost-effective way for companies to look creative and unique while also forging stronger bonds with consumers. The numbers back him up: Zappos reports a 6 to 30 percent increase in sales for products with videos. Consumers also returned merchandise at a lower rate.
Businesses thinking about adding online video to their marketing arsenal should be on guard for what Jeff Guettler, TAOW’s president, calls “cost creep.” As the vision for a video makes its way from the brand to the agency to the director to the shooter to the post-production editor, changes inevitably occur. And changes can be very costly.
“It’s the quickest way to go from a $10,000 video to a $50,000 video,” Guettler said. He stressed the importance of understanding the specific roles of everyone in the production chain. It’s also critical to spend time in the initial stages of a project getting everyone to understand — and stick to — the overall vision for the video, Guettler said.
With the proven effectiveness of online video, it should come as little surprise that barre3 exercise studio plans to add video to its company website as it ramps up franchising efforts. The Portland-based company recently tapped TAOW to help with the project.
“What we’ve learned is that people who buy a franchise are really buying into you as a person,” said Chris Lincoln, who founded barre3 in 2008 with his wife, Sadie. Their workout combines elements of ballet, yoga and Pilates.
“At the end of the day we thought a video was the best way to give potential franchise owners an idea of who we are and what we stand for,” Lincoln said. “It’s certainly more effective than just eight Web pages of information.”
The use of online video is growing rapidly
Lincoln said barre3 already has had some success with a short video used for advertising. There are now two Portland locations, six open franchises, and four more franchises under construction. The new video will have a “homegrown, grassroots kind of feel that shows why we’re so passionate about our business,” Lincoln said.
Forget the old adage about a picture being worth a thousand words. In the Brave New World of online, barre3′s three-minute video will be worth 5.4 million words (at least according to Forrester Research).
Take a look at a recent TAOW video for INVISTA: Click here