It’s old news that college-aged consumers watch a lot of online videos. Given that more than half of millennials follow brands on Youtube, Twitter, and Facebook, social video had become a key strategy for connecting with this demographic.
However, social video has the potential to influence consumers beyond brand awareness.
The Science of Social Video by BrightCove surveyed 5,500 viewers aged 18 and over in the United States, the United Kingdom, Australia, France, and Germany to learn more about their social video consumption. The study found that social video doesn’t just engage consumers–it helps push them further along the customer journey:
When we follow social video in tandem with the customer journey we find that nearly three quarters (74%) of consumers pointed to a connection between watching a video on social media and their purchasing decision-making process, followed by 46% of consumers who said they actually made a purchase as a result of watching a brand video on social media. Clearly, social video is a quick and strong driver for influencing consumer behaviour across the buying journey.
This conclusion rings especially true in the United States. According to the report, Americans watch an estimated 60 minutes worth of social video every day. About 45% of respondents said they watch branded videos, and 53% reported making a purchase because of a branded video. BrightCove notes that this is the highest conversion rate of the five surveyed countries.
In other words, Americans are not only watching branded videos, but they’re also more likely to act on them.
But brands beware; there is a catch to social video. Videos that are low quality, boring, or too promotional risk alienating viewers. The survey found that 33% of respondents were less likely to watch more branded content after watching a bad video. Another 20% would actively discourage others from interacting with a brand if the video quality was poor.