Videos have transformed the way that we interact with mobile media. With the promise of deeper levels of engagement it has amped consumer data consumption and built out new possibilities for mobile advertising and marketing. Here, Nidhi Rana, Senior Marketing and Corporate Communications Exec at MEF Member VVIDIA has taken a look at trends in the Indian mobile video space, identifying five reasons why it is the king of media.
1) Better Engagement
Videos have led to a better and more personal user engagement with viewers feeling more connected to products and services that are video based or promoted via videos. They help in better understanding of a product or service and promise to attract more eyeballs with minimal efforts from the viewer.
According to a study by IdeateLabs, 55% of Indians watch videos every day and in an average there are 54 million unique video viewers per month. So, if you make it, they will watch it.
In India, 16% of the total population stream videos on mobile, which is higher than the percentage of total population using social media and game apps.
Even social media platforms are shifting their focus more towards video. Facebook announced that it now delivers one billion video views per day and will begin making public view counts on publicly posted videos from users, Pages, and public figures. Through this, Facebook wants to convince the advertisers to shift their budgets from traditional TV ad spend to online videos on Facebook. `
There are 100 million Facebook users in India. But India contributes less than 0.1% of its global revenue. So, there is a lot of scope and market for video ads in India.
2) Better Recall
Retain or recall through videos is much higher compared to other mediums. Video ads have a lasting impression on viewers’ minds since they create a powerful and lasting impact compared to texts and pictures.
Videos help build credibility. According to comScore, 90% of users of major retailer website said they find videos helpful in making shopping and buying decisions. Retailers who provide online videos to showcase their products report that products accompanied with a video sell much more than products with no video.
3) Better Conversions
According to Forrester research, 65% of users visit a marketer’s website after viewing a video. Video ads lead to higher sale conversions with a majority of marketers indicating that videos perform better than text and images.
86% of those surveyed in the report from Vidyard and Ascend2, “Video Content Marketing: Identifying Metrics and Measuring Impact” also confirmed positive engagement rates from the use of videos, while 69% of respondents indicated that videos had been a good vehicle for lead generations.
In India also, Marketers are shifting their focus towards video marketing from other mediums.
Video ads have the fastest growth rate with a 56% CAGR since 2011*. Video ad spend is increasing YOY and it amounts to 12% of the total online ad spends in 2014. Video ads sector, although, contributing comparatively lower to the overall ad spend, is expected to grow as many marketers are expressing a desire to spend on video based ads.
4) More Connected Devices
Both, connected devices and users are increasing world-wide and this is one of the key reasons why video today is the king of data consumables.
As of June 2014, there were 243 million claimed internet users in India out of which 192 Million are active Internet users who access Internet at least once a month. There has been a consistent growth in the number of Internet users over the past few years. India has the third largest internet population after China and United States, projected to be the second largest by 2015 with 330-370 million users.
Users can access videos on their devices anytime anywhere. Interestingly, one study says that the attention span and purchase intent of users watching videos on their mobiles is higher compared to desktop viewers.
The change in consumer preferences, such as opting for smartphones and tablets to consume content instead of traditional broadcasting is also another reason why brands are switching to video advertising.
5) Better Bandwidth
Better broadband speed has also helped improve the video-viewing experience and has led to an increase in video users. High bandwidth helps in faster downloads, leading to an improved experience. A study by Cisco shows that by 2018*, global fixed broadband speeds will nearly triple, to reach 42 Mbps, up from 16 Mbps in 2013.
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This study shows that there will be a massive increase in international bandwidth which will further enhance video viewing experience for users. These numbers give more push to video-viewing, since high speed will enable better quality of videos.
Whether you own a small business or are already established, all these reasons suggest that online video marketing should be the major focus of your marketing and marketing budget.
All the above mentioned factors and statistics indicates, videos are the future and will rule digital media like a KING!