How To Obtain A Positive ROI With Video Marketing
We now live in an age of quick user retention. Just as fast as someone can click on your content, they can click off. So choosing the right kind of content is IMPORTANT.
In a recent 2021 study Wyzowl interviewed 1,000 marketing professionals and consumers. In these surveys they found out that 69% of people would rather watch a short video than any other form of content. (see diagram below)
And on top of that 87% of businesses are using video as a marketing tool. In 2016 61% of businesses said they were using video as a marketing tool. That’s over a 25% increase in just 5 years!
That’s a lot to grasp so let’s break that down.
People are spending 18 hours a week consuming online video.
So where are they spending it?
According to a study done by Similar Web, this is how people are spending their time consuming online video primarily within Facebook (58 Minutes) , Youtube (40 minutes), & Instagram (53). All three of these social media platforms are almost all video content, and have switched from primarily photo and written content (except Youtube)
So we know people are watching videos, but how can that help my business grow?
Well it’s simple, you just need to create content around what your customer wants to see.
96% of people have watched explainer videos…
There are many different styles of explainer videos. Whether it’s a “How-To” Video, Product Breakdown Video, or a Frequently Asked Question (FAQ) Video. People are coming to a business’s site to learn about a product. In fact 43% of marketers have said that video marketing has reduced the number of support calls they receive. This is because a consumer can watch a short, but to the point video that explains the questions they may have, whether that’s in the decision making process or customer support side of things.
This can save your sales or customer support team so much time answering commonly asked questions.
In a study done by Big Commerce, Inc. it was shown that 72% of people said they are able to trust a business more by seeing positive reviews and testimonial videos. This is because a customer wants to know your company before they decide to invest in whatever product or service you are offering. Nowadays the customer is in control because they have so many purchasing options and they want to know they can trust a company before deciding to purchase.
This is where video testimonials can really come in handy.
But how will video help my product or service?
There’s a huge list of reasons why video marketing can help your product or service, but we’re going to cover the big ones.
Build brand trust.
You can’t deny that people will trust a brand more when their is a relationship formed between the too. Whether that’s something they know about the company that sticks with them, knowing the company agrees with their values, knowing the company actually produces what they say they are producing, ect.
As stated before, consumer want to know they can trust a company, before deciding to purchase from them. This is where video can really help play a part. Rather than just reading from an article a customer can see the product or hear from someone in the company and start building a relationship right then and there. They know the effort that is put into creating video content and that shows them you’re really going above and beyond.
Videos get more shares which equals more eyes!
People watching videos are 12 times more likely to share a video than a written text article. On top of that 92% of people watching videos share it with friends and family! When used correctly and aimed at the right demographic, video can be seen by way more people which can convert to more leads & sales!
Cost- Effective & Multiple Uses
Now I will admit video isn’t always cheap, but there are so many levels of production to shoot from. The higher levels of product are what would be used in nationwide TV campaigns or high production shoots involving insane amounts of people with a huge production team behind it. This form of video production works, but it’s not always what’s best for your business. Going with a smaller product team and specifically shooting digital media content can sometimes go further than high production shoots. A smaller video production company can work with you and in just a couple hours of filming, you could have many different forms of video.
So let’s get to the big question. Does video marketing give you a positive return on investment?
Quite simply yes.
In 2021 87% of marketers said they increased sales and brand awareness because of video marketing. (Wyzowl 2021) This is a 50% increase from only 33% in 2015.
Whether it’s increasing brand awareness, getting more people to your product or service, or showing off your product/service in a unique way and helping you stick out against the competition, video marketing can help play a huge factor in obtaining these goals!