Study Concludes Video is an Important Resource at Every Stage
66% of auto shoppers stated that online video was important to their
58% consumers start their digital research process directly on
manufacturers’ site, and over half engage in an online research
process of 3-6 months.
Additionally, the longer the process, the more auto video is
consumed. An average shopper consumes 5 auto videos over the
course of the purchase process, 1/3 of which are video ads.
46% of auto shoppers said that video ads, across screens, were
important in their discovery phase – equal to automotive TV
commercials (45%) and the dealership experience (46%).
Video ads, across devices, ranked second compared to visiting the
dealership for forming opinions and making the final decision
NEW YORK--(BUSINESS WIRE)--
Tremor Video, Inc. (NYSE: TRMR), a leading provider of technology-driven
video advertising solutions, today released the findings of a recent
research study conducted to explore the role of online video advertising
in the shopping process across three verticals, with the first
installment focusing on automotive. As consumers’ behaviors change, they
are doing more research and have become smarter, savvier, and much more
informed when it comes to their purchasing decisions. This influx of
available information creates more consumer choice and a challenging
landscape for marketers.
“With the explosion of video, marketers can expand from text and image
to sight, sound and motion to bring the emotion out,” said Ryan Van
Fleet, Director of Insights and Analytics at Tremor Video. “This study
aimed to understand the powerful shift occurring in the way that
consumers engage with brands through online video, especially around the
automotive shopping process.”
The study, a comprehensive analysis of behavioral and attitudinal data,
was completed between May and September of 2013. The behavioral
analysis, conducted by MillwardBrown Digital, identified video viewing
patterns of potential auto shoppers within its clickstream data. The
attitudinal phase, conducted by Frank N. Magid Associates, expanded upon
the behavioral analysis with an in depth focus group, which was then
validated using a nationally representative survey of 900 adults, 18-54
years old who watch online video one or more times per week.
Among the findings:
Key Take-aways for marketers:
Online video’s role in the marketing mix is critical.
As more automotive companies have a wider range of segments of
competing nameplates, gone are the days of going to a particular brand
for a certain segment. The concept of loyal-for-life consumers is
shrinking fast and marketers need to produce more relevant, quality
content with emotional storylines to gain consumers’ attention and
keep them engaged.
Consumers use video as a resource in every stage of the shopping
process, including post-purchase. It is important for manufactures to
provide easily accessible video content to guide consumers throughout.