In 2009, Forbes Insights, in association with Google, surveyed over 300 C-level and senior executives of large U.S. companies with more than $500 million in annual revenues. Their focus: how executives “approach online video as a source of business-related information.”
18 months later Forbes updated this survey – Video in the C-Suite – to track how executives use video – like animated business videos – as a learning tool. Turns out that executives like video. A lot.
According to the study:
- 80% of senior executives watch more video than they did the previous year
- 75% watch work-related videos weekly on business-related sites
- 52% watch work-related videos weekly on YouTube
- 65% visited a vendor’s website after watching a video
So, 8 out of 10 top-level executives watch more work-related video than ever before, and more than half of those videos led directly to a conversion.
The study also revealed that executives are more likely to watch video directly on a website rather than host services like YouTube or Vimeo. This is great for your sales funnel because video on your homepage is far more likely to lead to conversions. Embedded videos capture the target market when purchase intent is high and the path to conversion is only a click away.
At the start of every project we ask our clients to define concrete goals for their video, because this knowledge of where and how people view your video is as important as what your video looks like. We want you to do more than “reach viewers” or “go viral.” We want you to achieve your conversion, sales, or lead generation goal.
B2B Video Marketing Is On The Upswing
The research shows that B2B video targeted to executive-level decision makers is a fantastic path to conversion.
And it’s only getting better.
More than half (51%) of executives under 40 have made a business-related purchase after viewing a video. That’s an amazing CR.
“But wait,” you say pointing to another piece of data from the study. “Only 26% of executives over 50 made business-related purchases after viewing. That’s not good.” Well spotted, sir or madame. Way to keep me honest. However…
Lower conversion rates among older executives is actually kind of what you want. It means that animated business video is an effective conversion tool with younger execs – and younger execs are the demographic that’s growing.
In a recent Creative Mornings talk, Joe Stewart from Huge says companies need to begin positioning themselves for the explosive growth of digital media in advertising budgets.
“When Generation Y holds the purse strings, digital becomes incredibly important.”
He goes on to say, “When those kids become CMOs, then the game really, really, really, changes.”
Animated business video is becoming a consumer vehicle before our eyes. Cisco predicts that by the end of this year – 2014 – video will account for 57% of all consumer traffic.
That’s not lol cat videos or skateboarding fails – that’s consumer traffic complete with purchase intent from upper-level decision makers. Remember, Forbes Insights only surveyed executives at companies with over $500 million in annual revenue.
Top level executives are watching video right now. Is your brand positioned accordingly?
Or do you still think video isn’t for you?
Rethink your marketing strategy with animated video. Contact us today.
Top photo by bruce mars via Unsplash.
