July 12th, 2018 at 6:49 pm UTC · 5 min read
And because almost every household had a television set at that time, it was the most influential and powerful marketing platform.
Fast forward to 2018 – with technological advances and breakthroughs resulting in the accessibility of the Internet and the affordability of mobile devices, the marketing landscape has also seen major changes, especially the trend of social media personalities and content creators influencing the purchase decisions of consumers through the use of spontaneous word-of-mouth videos. After six decades, video still remains the preferred and dominant promotional medium for brands to market their products.
Video marketing has presented marketers with a versatile and extremely shareable medium in reaching their targeted audiences.
Unlike verbal and pictorial advertisements, videos have the power to plant concepts and visual storylines in the minds of consumers that can lead them to associate certain ideas and imagery with the company. Reports have found that 80% of consumers can recall a video ad they have seen in the last 30 days!
Diode Digital has found that online videos are 600% more effective a marketing tool than both print and direct mail combined! All Internet video traffic will eventually account for 80% of all consumer Internet traffic, with more than half of the video traffic completely consumed via mobile devices.
Websites like YouTube, Vimeo, Dailymotion, and even Facebook Live, have inevitably become a staple of our everyday lives.
Video is undoubtedly the key medium for brands to boost brand awareness and understanding, and for consumers to acquire brand information. Adding a product video on a brand’s landing page is reported to increase conversions by 80%.
Studies show that 75% of consumers who watched a video explaining about a product eventually ended up buying it! 87% of online marketers use video content, with 92% of consumers sharing videos with others. In a fast-paced society, only the interactivity and permeation of online videos can engage a new generation of users.
This is where FANFARE steps in as a burgeoning new generation Social Commerce platform, combining the interactive aspect of social media with a brand-centric commerce element to create an immersive experience for both brands and users alike.
FANFARE’s aim is to revolutionize how online shopping will be in the future by enabling users to make instant purchases just by watching a video!
Brands can now directly put a ‘BUY’ button on any user-generated video to convert it into a Shoppable Video, thus making the video an instant point-of-sale for the brands. Users who are passionate about their favorite brands and products can market them on the FANFARE platform. The brands can directly reward them with FAN Tokens. It’s a win-win partnership!
If marketers were to convert a one-minute video into a print advertisement with words, it’s going to be an extremely wordy one, as Dr. James McQuivey has estimated that one minute of video is equivalent to 1.8 million words!
With advancements in video and VFX technology, videos supplemented with animation are great for explaining difficult concepts, and especially useful when launching a new product or campaign. Half of all businesses utilizing video marketing attest to having an explainer video on their homepage, with 83% saying that it was highly effective.
Video is second to none: nearly four-fifths of businesses attest to the great Return-On-Investment from video production. Video marketing is paying off big time as 90% of consumers say that videos are helpful in their purchase decision process.
The interactive nature of videos to disseminate interesting and useful information makes it easy for customers to better understand the product.
Online videos and mobile phones go hand-in-hand. Nine out of ten consumers watch videos on their mobile phones. YouTube reports mobile video consumption to rise by 100% with each passing year. Video marketing is an opportunity to augment one’s competitive advantage by a huge margin! Furthermore, video marketing works on many levels and can capture a very wide audience.
FANFARE is the world’s first Blockchain-powered Social Commerce ecosystem enabling brands to connect with consumers intimately through Consumer-Generated Shoppable Videos.
When users watch a video showcasing a certain product on the FANFARE app, and if they like what they see, they can click on the ‘BUY’ button to purchase that same product being featured in the video straightaway! This is the simplicity of FANFARE and the beauty of its Social Commerce platform.
The very foundation for sales conversion is building trust between brands and consumers. The whole concept of content marketing rests on fostering trust and the creation of long-term relationships. Videos are great for attracting consumers, because of their unique ability to engage the audience emotionally and quickly.
FANFARE enables brands to curate and use trusted marketable user-generated video content to connect with users through influencer and peer engagement programs within a single ecosystem. Through the FANFARE Brand App, Brands can easily engage with their fans and the video content that they create, turning authentic video reviews by Consumer Influencers into instant Shoppable Videos for the rest of the Social Commerce community to partake.
These informative and engaging brand-curated Consumer-Generated Shoppable Videos are unlocking the true value of Social Commerce.