The Data is In – Here is the ROI of Personalized Video
More than a year after COVID precipitated a mass migration to online commerce and collaboration, over 80% of companies say that accelerating their digital transformation is a strategic priority – up from 50% before the pandemic.
And, as the dust is settling, personalized video has emerged as one of the most pragmatic and impactful ways to achieve digital acceleration and maximize ROI.
Upping the digital bar for online customer experience, personalized video is a powerfully effective medium that creates a unique video for each customer or prospect – on-the-spot, tailored, engaging – explaining how your products or services will satisfy their specific needs.
Customers want solutions, and personalized video makes it easy for customers to get the information they need to make informed decisions online.
But the burning question remains – does personalized video generate a positive return on investment?
Engagement and conversion rates are the primary ways to measure success with personalized video, and, after developing and integrating an analytics dashboard to accurately track ROI, we have the results, and they are just…wow!
What we see through detailed ROI measurement on the IndiVideo platform is a range of 4x to over 40x ROI.
These numbers were beyond our wildest dreams, and yet still reliably show that, in the vast majority of deployments, the ability of personalized video to engage and convert directly in the digital channel was clear.
With a play rate of over 85% and over 41% follow-through on CTAs.
Driving these numbers is that personalized video circumvents many of today’s current consumer woes. Online, a customer does all the heavy lifting when tracking down crucial information to make important, sometimes life-changing, decisions. At a time when our attention span is shrinking to seconds, already-burdened customers need diligence, perseverance and strong literacy skills to find, read and process anything of value. The customer has been stranded, with nobody there to help.
Or consider an alternative: a human asks you a few questions and then explains how a product will work in your case, based on your specific situation. This is what you get with human assistance like a salesperson – and to a fair degree with personalized video – but never forget the costs of helping every customer at each juncture of their purchasing journey with human intervention: costly, impractical, and often not what customers even want as part of the digital experience.
Of course, humans should still help with the more sophisticated customer interactions that best leverage their skills, but
our data shows exactly what personalized video is intended to do: successfully fill a critical customer experience gap.
The changing expectations of digital-savvy customers have exposed a glaring hole at the middle of the customer experience and the purchasing journey. There is a need for improved customer communications. Interactive, personalized video has shown that not only is it possible to fill the online customer assistance gap, but that’s it’s also highly profitable.