What is a video view worth? Or better, what is the value of one Online Video Viewer?
Home builders spend millions of dollars each year trying to encourage online home shoppers to visit their websites and view information about their communities, inventory, plans and incentives. While most builders would say the goal is to get a shopper to register or reach out and request contact information, most shoppers are too early in their home shopping process to take this step. Builders may get tens of thousands of shoppers on their website each year and only a handful will actually reach out to register and still fewer will buy homes from the builder. A builder’s website must present an easy way for those few shoppers to contact a builder and provide enough information for the thousands of others who visit to learn as much about the builder as they can. The single most important quality of a successful home builder website is video. It won’t be long before the home builder website world is broken down into two parts: those who have video on their website, and those who don’t sell homes.
A clear case for website video is repeatedly made by the big players in the internet world. YouTube is the second most used search engine, only to Google, and the number one destination for online video new home searches. Real estate listings with video receive 403% more inquiries than listings without videos. Forbes magazine reports that 59% of senior executives would rather watch a video than read a text. Video in an email will increase click thru rates by 96%, increase lead conversion from emails by 51% and will increase the amount of time an average shopper spends on your website by 88%. Viral marketing is critically important today, and without video you just can’t go viral. Facebook isn’t being left behind in the video world and is currently the second largest referral source for online videos. If you want to get mobile users, video is critical: it accounts for 52% of all mobile traffic and 92% of mobile users share videos with others. Shoppers expect video and if you don’t have it, you’re not going to be part of their world. Having a video on your landing page can increase your chances of showing up on the first page of Google search results by 53%. Video on your website is effective, expected and connected to the way shoppers shop.
Almost as important as the quantitative data above is the way in which video impacts the quality of the home shopper’s user experience on your website. Video is the media or choice when it comes to collecting information and shoppers use it to learn about communities (86%), tour home interiors (70%), obtain general information (54%), compare features across brands (44%), understand features (38%), watch testimonials (30%) and decide which company to purchase from (25%). People just don’t read books, magazines or newspapers; what makes us think they’ll actually read the text on our web pages? And with the home buying population having more Gen X and millennials in it, demand for video information is only going to increase. Video also gives the builder control of what information they absolutely need the shopper to know; nothing allows a builder to deliver a unique selling proposition to a shopper better than a video. The average time a home shopper watches a new home video is just over 60 seconds and video is a multisensory experience, incorporating imagery, text, voice, people, words and music, all contributing to information retention. Video is the only way to create a real emotional connection between your brand, your lifestyle and the shopper. And finally, not only does video get people to your website, it keeps them there, increasing retention rate by as much as 65% when compared to text based information, and landing pages with video increased conversion up to 800% more than the same page with no video. If you want to get on a shopper’s short list early in their process, video is the best way to do it.
So, if a picture is worth a thousand words, and we’re all accustomed to paying for an internet click on a search term or word (AdWords), what is a video view with thousands of pictures worth? Paid search terms like “new homes Frisco” or “new home builders Austin” can cost between $3.50 and $7.00 per click. When we buy these clicks, what are we really paying for? We’re paying for a chance to deliver a message to a shopper that has demonstrated some degree of intent. We’re paying for an opportunity to have a shopper spend time with our brand. However, a recent Time Magazine article stated that 55% of the people who click on an ad spent less than 15 seconds on the click destination page. Most people that click on your ad simply don’t stay on your page long enough to read your information. Of those who do remain, less than one third of them will actually scroll down the page past the “digital fold” to see information past the first third of your page. Video on your website will keep people on your website up to 4X longer than text and deliver exactly the information you want the shopper to consume. Once you look at the math, the case for video become clear. If you’re paying $3.50 for each click, and only one in two shoppers will remain on your website for more than 15 seconds, and only 33% of those will read most of your information, the most desirable shoppers (those who spend more than 15 seconds on your site and reads most of your information) costs over $20.00 each! Wouldn’t it be easier to create a great video, increase your website traffic, increase your conversion, improve the shopper’s experience on your website and engage that shopper for over 60 seconds with critical information that you create? For the cost of a single video, you’ll be able to drop your cost of “home shopper” acquisition and conversion to pennies!
When you look at these numbers, the real cost of video is not having video viewers on your website.