Vidyard, the leading video platform for businesses, today released its State of Virtual Selling Report, revealing how sales professionals are using video throughout the sales process and its impact on sales team productivity and results. The study found that more than 70% of sales reps who leverage custom-recorded video in the virtual sales process experience higher prospect engagement and nearly half report less turnaround time to close a deal.
The State of Virtual Selling Report, conducted in June by Demand Metric, is based on a survey of more than 600 sales leaders across a variety of industries and asked them about the pervasiveness, impact and potential of video-powered virtual selling. The report found that over two-thirds of sellers plan to continue working remote or hybrid for the long-haul and video is helping them do their jobs better. More than 70% of respondents noted that custom-recorded video performs better than text-based emails, and has increased response rates.
“Until recently, virtual selling was a rarity, but it’s now ubiquitous with selling and an essential skill for every sales professional to have in their toolkit,” said Tyler Lessard, Chief Video Strategist and VP Marketing at Vidyard. “This report shows the depth of what video is doing for sales leaders – not only is video helping sales reps meet their goals, but it’s increasing productivity and expanding their long-term performance potential.”
As virtual and hybrid work has increased across industries, the response rates to text-only communication are decreasing. But video is helping to curb this trend. The study also found:
- Nearly half of sales pros leverage custom-recorded video in their sales process. And 53% of those not currently using video plan to do so soon.
- Nearly half of sales reps who leverage custom-recorded video report that it has shortened their deal cycle.
- Over half of sales pros who leverage custom-recorded video report that it has increased their close rates.
- Over 70% of sales professionals report that custom-recorded video performs better at producing opens, clicks and responses than text-based emails.
- Nearly 60% of sales professionals who use custom-recorded video report that it has increased their productivity.
Sales professionals are in part successful because of their ability to connect with prospects in a human way, which video allows them to do. As a recent Vidyard study found, text-based emails only create negative emotions, making prospects less likely to engage. However, video acts as a welcome break to the text-heavy in-box. People remember video content better than text and may be far more likely to act on a video message than a text message. And with asynchronous video, prospects can absorb information on their time, only increasing their positive response to the sales relationship.
For sales teams planning to implement custom-recorded video or those on the fence, the report provides recommendations on how to get started or optimize video for virtual or hybrid selling:
- Experiment with custom-recorded video, starting on a small scale.
- Make video for sales a team activity, so individuals don’t feel as though they’re going through a new process on their own.
- Invest in a video product that’s built specifically for sales, since these tools help sales reps keep track of opportunities better and provide viewing data for a customized approach.