How to Grow Your Business with Online Video

Introduction

The Internet has forever changed our world from a culture of slow, one-on-one communications to an always “on” world that changes by the minute. Because of these changes customers are used to having constant instant information. They expect it now from everyone they interact with, including businesses. Easily available, current information is a non-negotiable part of doing business in today’s market. This is why social media has become one of the main corporate growth strategies for businesses worldwide. Within the family of social media tools, video is having a major  impact. In todays real-time-everything-now world it’s a relatively easy and inexpensive way for companies to:

  • Reach a larger audience
  • Extend the company footprint
  • Expand their potential client base

If online video is not a part of a business’s plan, they will lag behind their competition. Changes in technology have made using video uncomplicated and comparably inexpensive. It no longer has to be a complex major production. Companies can do it in house or they can use one of the many companies that offer video services.

A major challenge facing a business today is to remain creative

In today’s economic environment marketing budgets have been reduced. Yet growing the business is exactly what is needed to increase the bottom line. Here lies the dilemma.

So marketing departments throughout the world are clamoring to keep up with the latest, less expensive methods of promoting their companies. They need to reach the largest audience possible in a timely manner. They are also looking for the best value for their investment.

WHY VIDEO IS THE SOLUTION

The statistics supporting the use of video as part of a marketing strategy are staggering and they continue to grow every year. Here are a few examples of businesses that used online video and the results they achieved.

CASE STUDY 1 : ATTIVIO1

“Sometimes a picture says a thousand words and video says 50,000 words,” says Drew Smith, Director, Online Marketing, Attivio. “Sometimes it’s easier for people to digest a complex concept by watching a two-to-three-minute video versus trying to read an eight-page whitepaper.”

Attivio sells highly technical solutions for large companies. They added video to their marketing strategy to help explain their complicated and technical product offerings. To assure top-notch communication with their existing and potential customers, who might prefer many different learning styles, Attivo used a variety of video types. They created a seven step tactical plan using rich content to appeal to their target audience. They studied the cost impact on each of the approaches and made their plan cost effective.

Their plan worked. Here are the results they achieved:

  • 200 – 300% more monthly unique visitors
  • 100% longer average time-on-site per visitor (another one to two minutes)
  • 3-minute average time spent on pages with videos
  • 1-minute 30-second average time spent on pages without videos

When compared to the previous 18-month period, the next 18 months provided the following increases:

  • Search engine traffic up by 157%
  • Unique visitors up by 100%
  • Page views up by 63%

CASE STUDY 2 : SCOTTISH WIDOWS2

In preparation for their sponsorship of the 2012 Olympics in London, Scottish Widows began a “Pre-roll” video marketing campaign during the 2010 Olympics in Vancouver. Designed to raise awareness of the company’s Olympics sponsorship, the campaign was a huge success. Here are some of the metrics:

  • Awareness of the sponsorship increased 50%
  • Brand favourability increased 13%
  • Consideration increased 9% due to 1 in 4 indicating they’d consider the company for their investments

The success of the pre-roll video marketing campaign positioned Scottish Widows to make the most of their 2012 London Olympics Sponsorship.

VIDEO BONDS COMPANIES WITH THEIR CUSTOMERS

BrainShark interviewed marketing directors of companies like IBM, Liberty Mutual, Babson College, Siemens, and BNY Mellon.3 They all agreed that adding video to marketing campaigns was imperative. Following are three benefits these industry leaders identified in their interviews:

1. Video builds bridges with customers

The consensus among these marketing leaders was video strengthens relationships and builds bridges between a company and its clients. They feel videos actually help develop a community.

2. Video is more personable

They said Video also offers the ability to show emotion and add a personal touch, which makes a company more personable to their audience. Also, descriptive story telling is easier and helps get the message across with verbal and visual expressions.

3. Consumers feel they are a part of the video

Videos allow a company to show how a product functions rather than just telling someone about it. They increase the trust, loyalty and understanding of not only how that product works, but also the fact that it does work. The customers are able to visualize themselves using it as they watch the video showing them how it’s done. They have the sense they’ve actually experienced it.

RETENTION RATES IMPROVE

Another benefit is higher viewer retention with video than with strictly audio or text content. A United States Department of Labour study showed the retention with video was six times greater than the spoken or written word alone.

VIDEO IS BOOMING AROUND THE WORLD

Content Marketing Institute (CMI) released their 2013 B2B Content Marketing Benchmarks, Budgets and Trends Research Report, which supports what industry leaders are saying about the video marketing boom.

Here are some of the statistics from that report: 4

Video marketing made the largest move up the chart and is now considered the sixth most popular tactic

70% of B2B marketers that took part in the survey are now using video as part of their strategic marketing plan (and this does not include webinars or webcasts which are 59% on their own).

Figure 1, also taken from this report, shows the tactics and the amount they were used across the businesses responding to the survey.

Additional proof for the escalation of video use can be found in Social Media Examiner’s 2012 Social Media Marketing Industry Report How Marketers Are Using Social Media to Grow Their Businesses. 5

More than 3800 marketers were involved in this study, which revealed that in 2012, YouTube and video marketing took the top spot with 76% planning to increase their marketing investment in this category. This increase was above other social media tactics such as Facebook, Twitter, Blogs, Google+, LinkedIn and others.

Data from the Social Media Examiner study showed the following increases in
proposed budgets for the top social media tactics: 5

Table 1 Study shows video is fastest increasing marketing tactic

TACTIC MARKETERS PLANNING TO INCREASE THEIR EFFORTS IN THIS AREA
YouTube/video 76%
Facebook 72%
Twitter 69%
Blogs 68%
Google+ 67%
LinkedIn 66%

The numbers in Table 1 cross business boundaries. The study included both B2B and B2C business types. These days, video is one of the primary tactics to reach most any target market.

SUMMARY

To meet or beat the competition, businesses must keep up with the latest technological trends and make them a part of their marketing plans. Video technology is the fastest growing marketing tactic today. Its use is important for companies who wish to expand their businesses and increase their bottom line.

Before you plan your marketing plan for using online video, read on to see the next 15 steps to take preparing a successful video campaign.

Next Steps

15 things to think about before adding video to a marketing plan

Before a company starts using video as part of its marketing strategies, there are several issues that need to be addressed. The following questions need to be answered during the planning process:

  1. What is the goal of the video?
    a. Business growth b. Lead generation c. Reach expansion d. Product demonstration
  2. Who is the targeted audience?
    a. Age b. Sex c. Demographics d. Interests e. Needs
  3. Where can these people be found?
    a. Where do they hang out? b. Which type of media will best attract them? c. When are they most likely reachable?
  4. How will the video be promoted?
    a. Email campaign b. Ads c. Press releases d. What is the best attention gathering mechanism for this audience?
  5. Who will create the video?
    a. In house b. External hire
  6. Who will host the video?
    a. In house b. External hire
  7. Where can the best value be realized?
  8. What is the budget for this project?
  9. What is the competition doing?
    a. What are their strengths? b. What are their weaknesses?
  10. How can the company differentiate itself?
    a. What is the company’s unique selling proposition? b. What will draw clients in?
  11. What kind of content will be on the video?
    a. Events b. Training c. Seminars d. Workshops e. Interactive functions f. Product information
  12. How can the video be personalized?
  13. How can the video be repurposed for later use?
  14. How will success be determined? a. What type of analytics is needed? b. How will feedback be collected?
  15. What are the latest trends?

NOTES

  1. Sutton, Adam T. “Content Marketing: Video Attracts 300% Traffic and Nurture Leads.” Marketing Sherpa How To: Marketing Sherpa, 14 Dec. 2011. Web. 10 Mar. 2013
  2. IAB UK. “Scottish Widows – Video Marketing Case Study.” Internet Advertising Bureau UK. IAB UK, 15 Jan. 2011. Web. 1 Apr. 2013.
  3. Brainshark. “Video: Why Use Video.” Brain Shark: Online And Video Presentations. Brain Shark, n.d. Web 20 Mar. 2013.
  4. Pulizzi, Joe. “2013 B2B Content Marketing Benchmarks, Budgets and Trends [Research Report].” Content Marketing Institute. Content Marketing Institute, 24 Oct. 2012. Web. 10 Mar. 2013.
  5. Stelzner, Michael. “2012 Social Media Marketing.” Social Media Examiner. Social Media Examiner, 3 Apr. 2012. Web. 10 Mar. 2013.

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