HOW TO CONVERT VIDEO INTO A SHOPPING FUNNEL
95% of marketers plan to increase or maintain their spend on video. This means that as consumers, we will be seeing much more video content from now on. Even with the pandemic, we have become accustomed to having brands at our finger tips via the internet with 69% of people watching video on the go.
Moving forward, interactive video is going to be the next big thing for video ecommerce. Brands can use interactive video platforms to tag videos with product info for customers to discover. The clickable, immersive elements successfully engage customers, reducing user drop off rates. Interactive videos can be made shoppable by incorporating group popups with add-to-cart functionalities. This monetises content and converts at a rapid rate. With focus on video increasing, this format is a key tool for marketers to stay ahead of the game. Applying this format carefully to the shopping funnel can boost brand awareness and generate more qualified leads.
What is the shopping funnel?
A shopping funnel guides your consumer from awareness to purchase. It is designed to attract, inform, convince and convert buyers.
Take a look at the diagram below to see how video ecommerce works within the shopping funnel.
KPI's are attached to each stage. So, if your goal is to attract new customers you will need to focus on the top of the funnel. Identifying problems in the awareness stage and adapting them accordingly will help you to attract the attention of new customers. Your main KPI could be to create an interactive video that is dynamic, eye catching, reflecting the key values of your brand and the customer you want to attract. So, you should consider views, click-through-rates and the effectiveness of your call-to-actions. These engagement metrics will help you to figure out your consumers desires and preferences within your tag videos.
Breaking down the shopping funnel...
1. Top of the funnel:
This is where content will target your consumer and pull buyers in. The content will grab the attention of people looking for products like yours, they will then look for more information to see if you are selling what they are looking for. The more views and engagement your videos receive the more likely they will dig deeper into your brand and make a purchase.
2. Middle of the funnel:
Here, your customer is educated about your product. In interactive videos this could be measured through clicks on product links to display information. The customer becomes more understanding of your product and even more interested. Watch time will also indicate whether your customer is sticking around long enough to gain a clear insight into your product offerings.
3. Bottom of the funnel:
Bottom of the funnel content is designed to convert, selling your product to committed, educated audiences. Adding calls-to-actions in interactive videos will drive your consumer quickly down to this stage in a matter of seconds. Using 'add to basket', 'sign up', 'buy now' and 'book now' type functionalities will turn viewers into customers. Key metrics to consider will be sign ups, transactions, leads and sales generated.
Using interactive video platforms to tag videos with clickable information engages and informs your customer early on in the purchase funnel. By including call-to-actions that encourage conversions, viewers are driven down the funnel quickly and turned into customers through transactions. Combining video and the shopping funnel leads to effective video ecommerce that converts 400% more than standard video!
To find out how to tag videos and make them interactive visit Smartzer.com