Businesses of all sizes, across all industries, must pay more attention to where customers spend their time, so they know where to invest their marketing dollars. For example, if you look at current video viewing statistics, they clearly demonstrate the importance of video marketing. There are over 4 billion YouTube video views per day. According to a study in Forbes, 59% of executives would watch a video instead of a text summary of the same information. Video enables companies to educate, engage and build client relationships with their prospects before they first enter a business. Yet many businesses are not using video in their marketing, and are missing opportunities to accelerate the sales process.
So how many businesses are currently taking advantage of this relatively inexpensive yet effective way to market? Not enough. I presented a webinar recently and polled the nearly 700 attendees on this topic.
During this nationwide business webinar presented for SCORE on the topic of Preparing to Sell: Defining Your Target Market and Aligning Your Sales and Marketing Message for Maximum Results, I discovered that most poll respondents do not include video in their marketing mix.
Only 14% of poll respondents currently use video marketing to promote their business. Given that 36% of respondents noted they have a limited marketing budget, and that 47% answered that they need more brand/business awareness, this is a missed opportunity. Nearly half of the respondents said they wanted to add video to their marketing, but did not know how. Video is an accelerator. It enables people to introduce themselves and develop a personal connection with prospects, before they enter an office or business.
Additionally, 47% of the webinar respondents said that the key benefit of their product or service is that it reduces effort for their clients. What better way to make this point than through video testimonials? Video helps convey complex information more easily, and is a great way to demonstrate how to use a product. Video can also create better connections within a niche market, by speaking the language of that specialty group. By adding video to their marketing efforts, businesses can connect, educate, build relationships and increase sales.
Additional Benefits of Video Marketing
1. Video is shared easily and often throughout social media, which can amplify the reach of a carefully crafted video message, without any added effort or cost.
2. Video is measurable. Analytics are easily accessible, and can help determine what is driving increased sales.
3. Since videos evoke emotion, people enjoy commenting on what they watch. This gives businesses vital feedback; and they can adjust their messages accordingly.
4 . Video and e-commerce go hand in hand. During online video research, consumers can be one click away from buying, unlike with print or TV advertising.
5 . Video is mobile, and can be viewed wherever prospects happen to be when they’re searching for a product or service.
6. Video levels the playing field between small companies and larger competition with a well-crafted, creative video, without a tremendous financial investment.
Videos can motivate people to try a new store, reach out to a business, or make purchases, at the convenience of the prospect. Done correctly, video allows prospects to get to know and trust the vendor more quickly, and provides much more information than any flat, static ad can. Therefore it can accelerate the sales process. Since videos can be re-purposed, and they remain available online unlike traditional forms of advertising; they are an efficient, cost effective way to market. Think beyond B2B and B2C; video helps create that P2P (person to person) connection.