Relevance of Video Advertising in the Pharmaceutical Industry
A video is worth approximately 1.8 million words. Videos provide a unique and powerful medium to market your products or services since they grab people’s attention. This makes videos necessary in your marketing strategies. Authentic videos are greater in attraction and include behind-the-scenes videos, live videos, vlogs, product walkthroughs, etc and they are preferred more by most customers, unlike videos with artificial effects or graphics. Brand recognition increases by 139% when videos are added to marketing activities. Likewise, a video on a landing page increases the conversion rate by 86%.
Pharma companies can not only promote their products and services, but can also provide information about the content of the products, and the effects it has on the human body. Other remedies and methods can also be shared. Companies can therefore, improve the brand image they wish to portray. Engaging online, before seeking the physician’s opinion has become a more common habit for patients these days. Approximately 60% of people search for online solutions to their healthcare-related questions. Pharma companies can therefore inform patients directly through their medical videos.
When building a video marketing strategy consider these important tips before launching a successful video marketing campaign.
- Focus on videos that build a strong brand and community –Include various video types such as explainer videos, image films, and product videos to give the viewer a full 360° view of your company. Aim to create a digital personality that communicates transparently and build an emotional relation. About 59% people buy from a known brand, 21% of consumers buy a new product from liked brand.
- Focus on patients – Videos should also focus and stress on the benefits that patients will get from using it. Properly educated patients can suggest a specific brand, and physicians are more likely to prescribe it. Videos are highly impactful when explaining a mode of action of a particular product. By explaining what a medication does on a molecular level, you can explain what makes the product more effective in that particular disease. Make your medical videos accessible online on multiple websites to ensure maximum visibility, so that patient can watch them in their own time. Furthermore, videos are extremely shareable, so physicians can show the videos to patients in their office or share them after the appointment.
- Push User-generated Content – Incorporating User-generated Content (UGC) by the consumer creates trust and identification with the brand. Patient testimonials or real-life success stories of patients are among the most popular content on video. About 92 percent of users rely more on personal recommendations than on the information and advertising messages of the brand itself. Also, UGC videos on YouTube receive 10 times more views than brand content videos.
- Make Good Use of the Initial 10 Seconds – About 20 percent of viewers will stop your video after the initial 10 seconds. This is crucial in the pharma industry since physicians are overburdened with patients and paperwork, and don’t have a lot of time to watch pharma company videos. Use the first 10 seconds to get them hooked by putting forward a provoking question or present some completely new data or content. Ensure you provide viewers a solid reason to continue playing the video. In most cases, 30 percent of viewers drop off by 30 seconds, 45 percent by 1 minute and 60 percent of them will be gone by the 2-minute mark. These numbers stay the same, irrespective of your video being 1 minute or 20 minutes long. An ideal duration of 90 seconds is what holds a physicians’ attention, which is why your animated medical explainer videos should be never longer than 90 seconds.
- Focus on Emotional Videos – Emotional videos receive about 3 times more than those with hardly any or no emotion at all. Good communication helps respond to the emotional situation of the person and offers solutions, such as taking away the fear of those affected. This is relevant for those patients who are ill or whose loved ones are going through a lot of emotions like – fear, grief, anger, hope, joy, and gratitude.
- 360° Video, Virtual, and Augmented Reality – The global market for Virtual Reality (VR) and Augmented Reality (AR) is expected to grow since there is increasing use of Smartphones and growing networking via the internet. A 3D view and AR helps consumers understand exactly how things work and these are useful for complex topics, such as medicine.
- Attract Healthcare Professionals – Physicians spend about 180 minutes a week watching medical videos, so your video content generated should attract them. Videos highlight the advantages of certain medicines and new therapy beginnings in a fast, simple, and lively way.
- Gain Credibility Through KOLs –KOLs (key opinion leaders) are renowned for their exceptional expertise in a particular field, and they often take part in panel discussions, as guest authors and guest lecturers at universities, conduct clinical trials, and are advisors to major pharmaceutical companies and medical institutions.