Lockdown due to COVID-19 increases video demand across industries
As the COVID-19 threw us into the locked houses, the industries found themselves in a deep conundrum. As it is a non-negotiable for any company to reach out to the customers irrespective of any scenario or situation, video consumption has become a critical tool for businesses within just about every industry in recent months, as they respond to the ongoing crisis. An estimated growth of 232% has been observed within a month from March 2020 to April 2020 in the Video consumption pattern across multiple sectors like IT, Pharma, Real estate and FMCG. It manifests the importance of visual communication in these hard times when we physically cannot communicate with each other.
How video communication was an aid for brands’ recall value.
As this never ending lockdown has ceased the usability and accessibility of outdoor products and services, the experts of the FMCG sector have claimed that the non-essential food retailers are expected to report 80-100% reduction in sales due to the lockdown. The supply chain has been put to halt for 84% of MSME businesses which could not only impact sales but can rub these brands out of people’s memory. Creating videos like webinars, infographics, CSR activities depictions and educational content came in as the response by multiple companies to imprint their identity in consumers cognitive memory and minimise impact in falling sales post lockdown. As it is observed that 52% of consumers say that watching product videos makes them more confident in online purchase decisions, Retail industries have started creating product videos for pre orders to enhance their sales that can be delivered post lockdown.
Post Lockdown Safety Guidelines video for employees
On the other end, As COVID 19 is setting up new norms and standards at the workplace, it has become essential for companies to train their employees about the new guidelines. As it has been proven that illustrated text is comprehended 83% more effectively than text alone by an average human, it is in the best interest for the companies to use visual communication as compared to any other means.
Video content on website improves web performance
Video consumption has time and again proven itself to be essential in boosting brand image and brand recognition. It does this by improving the SEO of a webpage and enhancing click through rate upto 27%, hence, leading to higher web conversation rate by 35%. This results in better revenue generation and helps the company to avoid compromising on quality of content as 62% of consumers are more likely to have a negative perception of a brand that published a poor quality video.
It is very interesting to see how various industries have rowed against the tide and have converted cost centres into revenue centres using the latest advertising tools to market their essential visual communication. Hence, bringing in a new edge to their marketing strategies to emerge victorious in this tumultuous time.
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Article by Akash Dubey