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Video, the undisputed pillar of the (new) B2B buying journey
Millennials now account for 75% of B2B purchasing decisions. Fully immersed in digital, they demand a playful and sometimes entertaining experience, making video one of the most effective formats for conversion. Here’s how it works…
B2B buyers favour video, supported by numbers.
When it comes to documenting the impact of the video format on the B2B buying journey, the studies are one and the same. Here’s a brief summary…
1- The Brightcove x Ascend2 study
Carried out among more than 300 American and British B2B decision-makers, this 2022 study tested the video format in the decision-making phase. Conclusion:
- Video is “a valuable decision-making aid” for 95% of decision-makers ;
- 70% of B2B decision-makers consider video to be the format that “adds the most value during the purchasing phase” ;
- 93% of B2B buyers believe that the use of video is “associated with a company’s ability to deliver on its commercial promises” ;
- 97% of B2B decision-makers who have recently watched a video say they are more receptive to the company’s marketing communications ;
- 88% of B2B decision-makers have watched a video in the last three months to learn about a potential supplier’s products ;
- 81% of respondents prefer to watch a video to understand a complex product offering.
2- The MotionCue study
This study, entitled “Video Marketing Statistics: What to Expect in 2022” explains that the video format translates into a positive (and rapid) ROI for 59% of marketers. Video is described as a “driver of engagement” by 60% of those surveyed, an “awareness accelerator” (64%) and a “conversion catalyst” (57%). Also :
- 87% of marketers report an improvement in traffic to their company’s website after integrating the video format into their strategy ;
- 94% say that video enables them to better explain their offer to their target audience ;
- 86% generate more leads with video campaigns ;
- 81% report an increase in sales after integrating video.
3- The PYMNTS x Worldpay study
According to the Global B2B Payments Playbook produced by PYMNTS and Worldpay, 85% of B2B buyers now attach as much importance to the quality of products as to the experience they have during the purchasing process. As a fun, educational and easy-to-use format, video is an important ally in boosting the experience and maximising the chances of conversion.
The dominance of millennials propels video format in B2B
According to an i2c study, millennials are now responsible for 75% of B2B purchasing decisions (in the US). They are even described in the study as “the drivers of large-scale digital transformation in B2B”. Fully immersed in web culture, this generation is keen to rediscover the codes of B2C in its purchasing process.
For them, “B2B” is not synonymous with “Boring to Boring”. They expect something playful, daring, digestible and even entertaining. This is reflected in the consumption of visual content (videos, infographics, webinars), the use of instant messaging to communicate with partners, the use of B2C codes in B2B communication campaigns, etc.
Case study: how HubSpot made video the core of its sales approach
The adventure began when Adam Rataj, a sales representative at HubSpot, responded favourably to a proposal from a service provider for a video editing solution ‘for everyone’.
The salesperson’s day-to-day work was like clockwork: creating educational content with the marketing team, then sending an email to customers and/or prospects with a Call to Action to make an appointment. The aim was to educate prospects about HubSpot’s plethora of products and services and to promote customer success.
Adam Rataj therefore challenged his approach by replacing newsletters and other text-based ‘How To’ content with short explanatory videos, using whatever means were available, to demonstrate a feature, announce a new feature, etc. The results were nothing short of rave reviews. The results have been nothing short of rave reviews.
- A fourfold increase in meeting requests ;
- 94% retention rate ;
- 77% click-through rate (CTR) on videos sent via email.
Let’s leave it to Adam Rataj to conclude this post: ‘I was working less, making more money, and my clients were satisfied.’ Since then, the salesperson has been promoted to Sales Manager and has expanded the use of video in sales, as well as in internal communication, training, and coaching.