This article is a guest post from Kendall Glaspie, Chief Content Officer at Kue Theory, a digital marketing agency that specializes in video production and marketing.
Last week, I onboarded a new small business client for digital marketing services. They have great products and are well-positioned to tap into multiple markets; however, during our initial consultation, the owner expressed great hesitation in using video campaigns to grow their business.
As the owner stated, “we’ve spent thousands of dollars on professional videos that I hate. We sacrificed valuable time and resources to produce content that we can’t use or that has not produced any return on investment (ROI).”
I encounter claims like this all the time when speaking to business owners and decision-makers. Video marketing can be scary, but it doesn’t have to be. In this article, you’ll learn valuable insights to help your business better navigate the world of video marketing.
What is video marketing?
Video marketing is a widely used tool used by brands and business to reach and engage new customers through storytelling. Businesses use video to tell all kinds of stories, from customer testimonials to tutorials on product use. Video allows you to tell compelling stories that capture the personality of your business and deliver them in short, digestible pieces.
Why does your business need video marketing today?
Allow me to begin by making a bold claim: all businesses with some form of online representation of their brand are now in the business of video marketing.
According to HubSpot, 51.9% of marketers identified video as the type of content with the best ROI. An effective video marketing strategy can help increase sales, build trust, and engage mobile audiences.
Most web users are now consuming more information by watching videos rather than by reading. Information is easier to digest and retain through video. Tremendous amounts of information can be packed into relatively short intervals while fostering an emotional connection that builds trust and loyalty. Better yet, search algorithms and media bots prioritize video, so the digital weight of video can give your Search Engine Optimization (SEO) a much-needed boost.
Facebook, Google, Instagram, and Snapchat have all integrated video into their offerings by either adding it to their platforms. Trust me, they have done their research. In its forecast for 2016 to 2021, Cisco predicted that 82% of all consumer internet traffic will be generated by video by 2021.
This can all be very intimidating for a small business when you’re competing with unlimited corporate budgets, but you don’t need a huge investment to get started on a video marketing strategy. It’s possible for you to reach your audience through video if you’re offering information that’s valuable to them. Take these three steps today to get started on an effective video marketing strategy this year.
1. Do the research and offer value
It is imperative to use data to support your video marketing decisions. Start by researching what your competitors are doing by way of online video. Also consider your audience’s interests, pain points, and the websites they frequent. Use this information to guide your choice of topics, content style, and your distribution methods, and to help you create valuable content for your audience.
Everyone is trying to create the next viral video, but few videos actually achieve that coveted status. Focus instead on providing video content that’s relevant and beneficial to your target audience to bring leads to your business and foster meaningful relationships with current customers. Give your audience quality and they’ll reward you by sharing your content and coming back for more.
2. Define success and measure progress
Consider your cost of customer acquisition while developing your strategy. This will give you something against which to measure the number of sales opportunities generated. This metric can also help inform your budget for video campaigns.
Set a goal for your campaign and define the benchmarks you’d like to meet. You could focus on video engagement and set a goal for total views in one month, or focus on website traffic growth and set a goal for a specific click-through rate. Whatever you choose to hone in on, make sure that your video content supports these goals. Don’t rely solely on visual appeal. There are tons of flashy videos that have low viewership and do not promote brand awareness or a strong call-to-action.
3. Know the costs and be realistic about your budget
Video marketing can be expensive so develop and use your budget wisely. Whether you decide to do it yourself, delegate it to an intern, or hire a production company, you’ll need a sound strategy and work plan when budgeting for and managing this endeavor.
If you’re just getting started, you can purchase production equipment and video editing programs relatively inexpensively, and the tech-savvy can pick up basic editing skills through online tutorials. You might even be able to shoot your first video on a high quality smart phone if you have editing equipment to polish it up. If you want to take your video marketing strategy to the next level, a professional-quality production will usually require some level of mastery in cinematography, lighting, sound engineering, coloring, directing, producing, research, strategy and script writing. Here’s what you should consider:
4. The cost of professional video
Videos are very labor intensive and require diverse skill sets. Because of this, the average cost of full production is approximately $1,500 per edited minute. Before deciding to take on video production internally, consider the cost of your time and the learning curve needed to bring your vision to fruition. Assess the skills of your team and determine whether or not you can reasonably take on the production of your videos in-house.
5. Your role in managing production
If you decide to hire a third party to produce your videos, keep in mind that clear and ongoing communications are needed between leadership and creatives in order to produce the most effective videos. You may want to designate someone within your business to an account manager type of role to help with streamlining communication. The creative geniuses behind your campaign will thank you for helping to mitigate the amount of rework needed for the project, and you’ll receive a high-quality video that meets your needs.
Conclusion
Every business should embrace the potential of video marketing. It’s a powerful tool to raise awareness of your business and to drive sales. Be sure to approach video marketing with thoughtfulness and care. With so many cost-effective options, your budget shouldn’t be used as an excuse to defer or postpone.
