Stat: 44% of Consumers Utilize Online Video on Path to Purchase
August 12, 2015 | Contributed by: Joe Morsello
Roughly 300 hours of video are uploaded every minute to YouTube and data from a recent LSA study suggests that this kind of content is in high demand among consumers conducting local searches on their way to making buying decisions. According to our most recent Local Media Tracking Study, 44% of consumers have viewed online video while searching for local products and services within the past month.
These are high-intent searches, which typically lead to offline purchases. Video not only boosts SEO visibility but can have a dramatic influence on purchase behavior.
The interesting thing to note here is that not every search engine result page offers video content. Similarly, search engines are not the only venue for local search, though they are the most prominent. What all of this suggests is that consumers are actively seeking out video content even if it is not readily available in search results.
Cisco claims nearly 75% of all internet traffic will be video by 2017. Adoption of video by local businesses will be a contributing factor. According to a recent a recent LSA-Thrive Analytics SMB survey, local businesses with annual marketing budgets less than $10K plan to increase their online video marketing budgets 71% and those with budgets greater than $10K will increase 131% year over year.
Like most other forms of advertising and marketing, production quality, subject matter and distribution all have an impact on the success of an online video. Google recently released data stating that “how-to” searches have grown 70%, and related “how-to” videos are having a tremendous impact on consumers, which might be the next big marketing opportunity for SMBs.
To see how your organization can get involved in online video, expert speakers will be exploring this multi-billion dollar opportunity at the Fast Forward Video Summit next week. In addition, LSA’s recent report, “Local: Online Video’s Next Frontier” explores how the local/SMB space is helping make online video one of the fastest growing forms of digital media and comes with Fast Forward registration.
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