When the generation of consumers born between 1980-2000 starts turning 17 in two years, they will start spending more than $200 billion a year, according to market projections. If your business intends to capture some of that spending, which will amount to $10 trillion over millennials’ lifetimes, then video marketing is your ticket.
That’s according to the Online and Social Video Marketing Study released today by Animoto, creator of a video creation application. Its survey of 1,051 U.S. consumers indicates that 70 percent of millennials are likely to watch a video when shopping online and 80 percent find video helpful when researching a purchase decision online.
Animoto says that among the 80 million millennials in the U.S., a preference for online video as a communications channel is growing. Compared to Baby Boomers, the survey found that millennials are 146 percent more likely to watch a video if it’s available on a company’s site while shopping online, 150 percent more likely to comparison shop with video while in-store, and 264 percent more likely to share videos about a product, service, or company while shopping online.
And because four in every five millennials find video helpful during initial research for a purchase decision, Animoto CEO and co-founder Brad Jefferson says brands must strategically incorporate video into their online presence to assist millennials throughout the purchase cycle. “With accessible video creation tools and platforms, companies of any size can create professional-grade videos to reach the millennial audience and increase business,” he says.
Other data about millennials revealed by the survey included:
● 85 percent find product demo videos helpful
● Nearly 75 percent find video helpful when comparison shopping
● 79 percent are likely to watch a company video when shopping online
● 69 percent find video helpful post-purchase to research additional items from the same company
● Nearly 33 percent find it helpful to watch video to learn more about a company before making a purchase
● 62 percent prefer to watch a video from a company instead of reading text
● More than 50 percent are likely to watch a video from a brand if they receive it in an email
● 53 percent are more likely to read a newsletter from a company if video is included
● 48 percent only watch videos on their mobile device and
● 45 percent prefer to watch video on their mobile device rather than on a laptop or desktop
● 76 percent follow companies on YouTube
● 47 percent follow companies or brands on Twitter
● Four in 10 millennials (42 percent) follow companies or brands on Instagram