72% of consumers use video to help with an online buying decision says new study
Nearly three-quarters of Brits use video to help with a buying decision reveals a new study* from Speedie Consultants. The digital marketing specialists wanted to understand the impact of using video for influencing online purchases.
The survey reveals that:
- 72% of people have watched an online video to help with a buying decision
- Of these, are 75% male and 72% are women
- 85% of men used YouTube vs. 56% of women
- 23% of women used a company website vs. 6% of men.
Those who do not use video said:
- I didn’t need to watch a video – 75%
- There was nothing relevant available when I searched the web – 15%
- There was nothing relevant available on the company website – 6%.
Using video to sell insurance
The survey further drilled down to the insurance sector and asked: “Have you ever watched an online video to help you with an insurance buying decision?”
- 15% said yes
- 85% said no.
Those who had watched a video when buying insurance were asked: “What do you remember from the insurance buying video?”
- 73% said it explained how the product works
- 18% found it funny
- 9% liked that the video had lots of FAQ’s
Commenting on the study, Jason Hulott, Director from Speedie Consultants, says: “We wanted to understand the importance of video in the customer buying journey. It was increasingly obvious that video is a growing part of the journey, with 72% of people saying they had watched an online video to help with a buying decision.
“Yet when we drilled down to the insurance sector, only 15% said they watched a video relating to a product.
“This could mean one of two things. Firstly, there is no need to use video when selling insurance - yet we know from the FCA under their smarter communications bill that video is a great way to interact and explain product information.
“Secondly, that the customer was not provided with the option to watch a relevant video. Of those that said they didn't use video, 21% said it was due to the fact they couldn't find a video to watch.
“While the majority of those buying insurance said they did not need to watch a video, it should be noted that providing FAQ’s and product information videos seemed to be important to those that wanted to watch a video to help them.
“The other interesting statistic that leapt out of the report was the fact that when looking for a video to help them, nearly 4 times (23% to 6%) of women would look on a company website rather than using YouTube or Facebook. So if video is part of your marketing strategy, you need to make sure you include it in as many places as possible.”
*Independent study commissioned by Speedie Consultants July 2016 via Usurv.
Jason Hulott, Speedie Consulting, on: 01843 831088; 07940 521056 or email: firstname.lastname@example.org
Speedie Consultants is a digital marketing agency established in 2003 by Jason and Stella Hulott and offering over 50 years’ combined experience in the internet marketing and copywriting industries.
Speedie Consultants Limited is a registered Google partner and offers many solutions for businesses’ internet marketing needs including the provision of web content; article marketing; blog set up and marketing; press release syndication; affiliate programme set up and management; and consultancy.
Our clients are primarily insurance and finance based.