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We all know the difference between video and text. But do you know the impact difference of video and text? Consumers describe videos are more appealing, more engaging, and more unforgettable than text. And study after study shows that videos will drive more traffic to your website.
Statistics show that 40% of online users have a more positive response when seeing visual content as opposed to text-based content. Text can be much more descriptive and informative but the brain processes visuals up to 60,000 times faster than text.
However, how much of this actually translates into higher sales conversion rates is a whole other story. That’s because most companies still only use video to promote products or services they want to sell. The majority of their marketing efforts are directed towards building brand awareness and educating customers about the company’s offerings.
As we all know, when it comes to traditional marketing methods (i.e., print media), there are several benefits:
1) Increased brand awareness — When people are exposed to your brand via print media, they can make educated decisions about whether or not they will buy from your company (i.e., which products & services your company offers). This means that if your brand is known well enough in the customer community (for example through word of mouth), then it gets more exposure than if it was unknown at all!
2) Increased consumer trust – Since customers already know what products and services you offer, they can trust that when they buy from your company, they will be getting an authentic representation of those same products & services (i.e., e-commerce sites offer real-time inventory updates with stock levels). This also makes them feel as though they’re getting a great value for their money!
3) Increased customer loyalty – When customers trust the reputations of brands who have been around for years, these brands become more valuable because customers feel less inclined to switch to another brand because of problems like poor customer service, slow delivery times or inferior materials.
Moreover, companies who have long reputations with loyal customers tend to be trusted more by their customers as well as potential competitors…which means more word-of-mouth recommendations from current customers!
4) Increased brand equity – Customers often use rewards/incentives such as points for shopping regularly at a businesses store. Therefore, increased usage of loyalty programs leads to brand equity being built.
How to Use Video Marketing
Imagine that you own a hotel. You’ve been fortunate enough to attract well-heeled guests and have built up a respectable portfolio of satisfied clients, but you are also aware that your website is not as good as your competitors. It’s clear that you need to improve your online presence, and do it fast!
Well, the answer starts with video marketing. Video marketing is one of the most effective ways to garner customer loyalty and increase sales. In fact, studies show that online videos can facilitate up to 80% higher conversion rates when compared to text-only messages.
Video marketing can also be used for branding purposes, helping you position your business on the leading edge of technology innovation by showing off your innovative products and services in action on screen. In fact, recent research shows that video marketing can boost visitor engagement by 100%, and increase brand awareness by 250%.
How to Create a Video Marketing Strategy
Just like in other areas of business, the best way to implement a marketing strategy is through experimentation.
As a general rule, if you have data to support your argument, then it’s best to show that data. In this case, the data is a study of conversion rates for pages with video.
The study’s authors from Great Plains Research found that video marketing increased the conversion rates for all three types of pages — landing page, sales page, and product page. They found that video marketing increased lead generation by: 37% on landing pages, 25% on product pages and 49% sales pages.
They also found that when video was embedded into an existing webpage rather than placed as a separate piece of content on top of it, conversion rates were more than double what they were when videos were placed on their own (10% vs 4%).
How To Create a Video Marketing Campaign
“The ideal marketing campaign is one where the end result is a positive one for your business and its customers.”
There are a lot of “ideal” marketing campaigns out there, but few are actually executed properly. In fact, many marketers will tell you that their standard marketing campaigns do not produce the desired results, and there is waste in them, too.
I was an early adopter of video marketing for my previous companies and I have seen first-hand what happens to businesses with a poor video strategy. The problem is that video marketing is very rarely incorporated into the larger campaign mix. A poorly executed campaign can be viewed as “too much work” by some marketers, and it can also be dismissed as being “just another good idea” by others.
But when it comes to your business or sales team, it really does matter if you win or lose in the long run… because every dollar spent on video marketing can produce 2X-5X in profits per month. That means that if you build a great strategy around video marketing, you can conservatively turn $500 into $1,000+ in sales per month!
Just because something has been done before doesn’t mean it will work again — especially when it comes to video marketing! This is why we need to go back to basics sometimes and fix older campaigns. We ask the following:
- Why did we decide to use this particular media channel?
- Did we observe what worked well for this client before we developed our campaign?
- Did we know how to create a great short (15-30 second) presentation?
- Did we have the right tools and software to make this happen?
- Did we pay attention to user behavior before developing a campaign?
- Are our graphics optimized across devices?
- Is the content relevant, appealing and engaging enough for today’s social media users?
- Are the videos easy on viewers’ eyes?
All of these questions are critical if your organization wants any chance of success with its current campaign or future campaigns.
Conclusion
Video marketing has been a great tool for companies that have quality content. For example, if you have a website with beautiful photography, make sure to optimize it for mobile viewing so that people can easily see or watch your content.
This is what’s called “cross device optimization” and is very important.
However, as more and more mobile devices are being used as second screens by customers, video is beginning to take on more importance as an information source.
As we just saw from the data above, conversion rates for web pages containing a video are up to 80% higher than those pages without a video.
Videos can significantly increase the revenue intake of your company, as they help establish you as a reliable business. Those who watch videos online retain over 90% of what they've viewed, whereas only 10% of what is read is retained. If you want patrons to remember your business tomorrow, then utilizing video is a powerful and effective method.
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