Our recent webinar with keynote speakers – Daniel Wolfe & Hamish Lawson – delved into the importance of video technology for both internal communications, as well as customer engagement.
Hamish Lawson, Head of Operations, Net Solutions UK, has worked in several domains, including launching his own brand in retail, working for fast-growing startups, and large enterprises such as Euro Car Parts, and IMG.
Daniel Wolfe, co-founder of Soaq, whose flagship product is an enterprise platform for corporate content. His expertise includes employee engagement, as well as productivity and performance, for over 12 years; he has been a technologist on the consumer end, as well as an enterprise platform, spanning 15+ years.
“Why video is so important?” was the key question. With the changing landscape and digitalization of the world, users have moved from the conventional black-and-white text-based enterprise tools and documentation that have always been the norm. Today they expect something different – and are expecting more! One of our sources mentioned that about 92% of users are influenced by visuals while making a buying decision, and about 64% are more likely to make the purchase if the visuals are strong enough!
It is due to information like this that businesses ensure that users hold a world of video content in their pocket everywhere they go!
Another key question discussed was: “What is driving video in business?” Simply put, a video paints a thousand words. Studies have shown that a 9-page PDF can be summarized in as little as 20-30 seconds in a video. This implies that in a video, you don’t need to add fluff or redundant information. A couple things drive this: you do not want it to take too long, and you do not want your workforce to be spending hours watching videos all day at work.
Videos are easy to consume for learning purposes. While the technologies we were developing and the methodologies we were using to train employees have been working for the most part, we have discovered that learners stand to gain more from video webcasts. This is the case because they accommodate every type of learner. For example, a learner could see exactly how they are supposed to be doing a particular task; so there is really no room for their own interpretation.
A learner is provided with a demo of a particular task being carried out that they are expected to do, and they are shown positive results via the video. Not only has compliance increased, customers have been happier with results, and ultimately, their employees are a lot happier, as now they are equipped with tools that they can relate to, that are easier to consume, and are easier to learn from!
How are businesses leveraging video technology?
Videos drive the ROI of an enterprise. Two of the biggest influencers on revenue and profits of e-commerce businesses are the conversion rate and return rate. The higher the website converts, and the lower number of returns the online business has, the higher the revenue and the profit. Thus, many e-commerce and retail clients are increasingly using video, to increase conversions but also decrease return rates. Having the ability to showcase products, so that more users can see and get a feel of the way the products are going to look using video, means they are less likely to return it.
Video technology is the way forward. It is the next big thing. Given that users are consuming videos not only for learning purposes but also for making buying decisions, the question that arises is: “How can I build video solutions that everyone can leverage, either for learning or user consumption?”
For those who are looking to learn more about building video solutions for their business, we recommend watching our On Demand webinar here. In case you want to explore this subject in more detail, reach out to us at [email protected], to schedule an appointment with one of our video SMEs.