When you prepared your marketing budget for the current fiscal year, no doubt it was shaped by your objectives to drive traffic and convert those visits to sales.  These traffic driving activities can be costly if you are not converting so it's essential that your website is engaging.

In order to ensure strong returns on these investments, making sure your traffic converts must be the focus of your strategy. Digital marketing allows you to measure your ROI with 100% accuracy so there is no where to hide. If you are not converting your traffic your ROI will be poor and the you will have to explain why.

Online video is the most powerful marketing tool you can use to increase your site's conversion rate. In this article I am going to share some examples on how video has positively benefitted three separate businesses in ways you may not have considered.

Using Video to Reduce Returns & Increase Satisfaction

For online retailers, once the user has completed a purchase and checked out, the last thing you want happening a week later is having the product returned. You can significantly reduce returns by using video to merchandise your product.

A good example is Diamond Jewelry Limited who sell diamonds online. After adding product videos to their eCommerce site, they realised a 60% reduction in returns, which significantly increased their revenues and margins. By providing a truer representation of the diamond with video than offered by static photos, prospective customers had a more informed experience so there were no surprises when they received the product. See an example of the product video below.

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Using Video to Increase Conversion Rates

Some products benefit from video more than others when it comes to converting browsers into shoppers. Equip2Clean have been selling cleaning and garden equipment online for several years. Since using video to demonstrate their products, conversion rates of visits to purchases increased from 7% to 15%, which is a massive step change. All products on Equip2Clean 's website now feature full product videos and demonstrations. The reason this company was able to increase sales is simple. The videos show shoppers how the products really work and are able to wow them in a way photos can not. See an example of one of their product videos below.

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Using Video to Better Inform the Potential Buyer

Another example of how video has benefited the bottom line is in pre-sales enquires.  After adding product videos, Luzern OUTLET experienced a 30% drop in pre-sales customer inquiries.  As a result Luzern OUTLET have reduced call center costs as video is now providing visitors with a richer experience, and thus are not feel compelled to make a call inquiring about the product before making the purchase. This is also supported with a 20% increase in product sales over the same period! See one of their product videos below.

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How to Select the Right Online Video Platform for Your Business?

If you are ready to include video as part of your video strategy you will need to find an online video platform (OVP) thats right for you.  Here is a getting started guide on what you need to know when selecting a video platform to meet your companies needs.

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1.) Know Your Requirements

There are many OVPs to choose from so it's important to select the one that meets your business's needs. For example, some OVP's market themselves to large media organisations and as such have tools and features targeted to meet the demands of that profile. So create a list of your core requirements. Keep it short . This will help you create your short list of potential OVPs to choose from.

Here is an example list made by a online business selling toys:

  1. HTML5 Support (iOS support)
  2. Video Playlists
  3. Custom Unbranded Player with CTA links (Call To Action)
  4. Bulk Video Uploading
  5. Video Analytics

2.) Compare Costs and Subscription Terms

Once you have narrowed down your list to three OVP's, create a spreadsheet to compare the costs of each. This allows you to then rank each one by price. Also take into consideration the term of the subscription. Most OVP's offer a monthly plan, which provides you with more flexibility so that you are not tied into a 12-month contract. If you are happy to commit to an annual subscription, then make sure you receive a discount.

3.) Test Customer Support

Most OVP's offer a Trial period. Use this time to test out their features and platform but also test their customer support response times. Submit a ticket or call the support line. Then grade each OVP based on the response time and level of competence.  The level of support you receive while on trial is indicative of what you can expect once you upgrade to a paid package.

4.) Ask Others

After you have created your short list based on your requirements and graded each one based on price and customer support, you need to conduct some due diligence.

Find out what others users have to say about them. Here are two tips on how to quickly do this. First, search Twitter by typing in the name of the OVP and see what others are saying about them.  Second thing to do is a simple Google search "OVP name + review' More often than not you will see results that have real unbiased customer reviews.

Online video is a very powerful marketing tool for increasing your profits, your sales conversion and overall customer satisfaction.  If you follow the steps outlined you will find the right OVP for your business.

  • http://www.facebook.com/profile.php?id=100000125187200 Kruger Gould

    Here is something that can help http://www.voiceplate.com?refID=1589. Check out the rewards and see how they can benefit you.

  • Shola Abidoye

    It's no secret that audiences respond to video. The savvy author here does a good job of pointing this out with measurable factors. One note I might add is is this. Merchants, business owners, etc can leverage the "Olgivy factor" (great video by the man himself here that still rings true - http://www.youtube.com/watch?v=Br2KSsaTzUc ) to boost the bottom line when using video in very specific ways. As an example, consider using QR codes as well as text message marketing as call to action prompts in video. What does this do? It increases the no. of qualified leads that are tangibly acquired through a video - catches at the moment where they are most engaged and likely to convert to a sale. Did you notice I said "qualified" lead? Video does something striking in terms of boosting conversions - it engages the viewer/prospect through different modalities - seeing, hearing and physically experiencing (since the call-to-action makes the experience more interactive). Lastly, as the writer alluded to, video provides better/more striking proof elements for the user which only translates into less hesitation when it comes to making the ultimate buying decision. Good stuff guys!

  • http://www.facebook.com/brent.klaproth Brent Klaproth

    What OVP is each of the featured companies using?

    • http://www.reelseo.com/ Mark Robertson

      Vzaar, which is the company that the guest writer works for - disclosed in
      the bio.