In today’s tech-focused business arena, executives cannot avoid the rise of digital. Digital transformation is vital to giving businesses a competitive edge and driving future growth. With the set-up of the Digital Transformation Office, the government has begun to prioritise innovation and transformation in the digital world.
Heading into 2016, digital transformation that leverages video should be higher on the agenda. Video is proven to enhance customer and employee engagement – the cornerstone of any successful business.
For many CEOs, video remains a significant untapped opportunity.
Research conducted by SAP and AMR and published in the Australian Digital Experience Report indicates that only 3% of businesses receive a positive digital experience rating from their customers and employees. Video is the key to enhancing customer and employee engagement; it has been proven to increase people’s understanding of products or services by up to 74%.
A common problem with digital experiences is that the communication within them doesn’t resonate with the target audience. This is typically due to a lack of context, for instance the customer or employee is unable to build a ‘mental map’ to better understand your business and identify with your message.
This issue is well reflected in recent statistics, which show that 71% of employees claim that executives do not spend enough time explaining plans and goals, yet only 48% of employees open emails related to internal communications.
Video has emerged as the silver bullet to solving the digital engagement challenge. What sets video apart is its capacity to convey non-verbal communication such as tone, imagery and emotion, which impacts the audience far more powerfully than ‘passive’ communication platforms such as text. The retention rate for visual information such as video can reach 65%, versus 10% for text-based information.
In fact, studies have identified that time spent on web pages increases by 245% plus when video is used, and customers are 85% more likely to buy a product or service after watching a video about it. Making video the pillar of your digital communication strategy allows you to use the most effective communication medium to deliver immediate results.
New technologies give businesses the power to engage and communicate through video like never before. Enterprise video platforms are becoming core to the technology stack and allow video to be easily integrated into any digital initiative. These platforms contain advanced analytics, so you can understand how effectively a message is being communicated and the results achieved. Specific tools allow you to make videos interactive and accessible on any device at any time, which transforms views into engagement and measurable action.
As more and more people inside and outside of your business engage through digital channels, video communication will be absolutely vital when it comes to providing context, ensuring engagement, and strengthening corporate messaging.