Videos today are being consumed in all mediums extensively. Be it a one-to-one chat on WhatsApp or a post being shared by users on Facebook/LinkedIn/Twitter. The video economy has given rise to a number of YouTubers and Facebook Video Publishers who work day and night to generate engagement and income out of it. Whether it is entertainment from content creators, musical representation or storytelling by brands, videos have become the most engaging form of communication now. It has now become imperative for all brands to be a part of this wave and identify ways in which they can ride them to meet their business goals.
So, what does it mean for brands/SMEs and Startups?
- Simple if you want to engage customers be in-front of your customer with a video Your social media should have videos regularly sometimes live and sometimes edited
- Sales people should use videos to educate and connect with prospects on one to one basis at a regular interval.
- It is important for brand strategists to keep aside a marketing budget with 20-30% of its marketing expenses on video making and promotion.
- Have a clear road map for video making and responsibilities firmed for each from day one.
But why do we say so?
- The value of a one-minute video is estimated to be 1.8 million words (Video Brewery)
- The average user spends 16 minutes and 49 seconds watching online video ads every month (Video Brewery).
- 43% of people want to see more video content from marketers. (HubSpot).
- 55% of people watch videos online every day (MWP).
- 54% of senior executives share work-related videos with colleagues weekly (TubularInsights).
- Marketers who use video grow revenue 49% faster than non-video users (VidYard).
- 2/3 of consumers prefer video under 60 seconds (Animoto)
These wonderful statistics prove the growing rise of videos in the market and why each marketers should look at it seriously. However, a bigger confusion present in strategy makes that videos should be used only for marketing purpose. But it is not so. Instead, it should be a great medium to interact with every stakeholder of the business.
Let me explain you how?
- Marketing- Everyone knows it and we ourselves have written it down on how it is now becoming a must for every marketers.
- Employee Engagement- educate your employees about policies, programs and updates in a small video instead of tedious, boring emails.
- Customer Engagement- Get your customers infront of the camera and let them talk about it. It is important they share the value of the association they have with you.
- Investor Relations- Let the CXOs have small videos send out to investors at a regular basis talking about challenges, solutions and achievements.
- Hiring- Stop sending out a detailed job description, instead get the managers to talk about the job and the expectations they have from the candidate. Have a clear expectations from day one.
Videos have an extensive use by now and you have understood it quite well. So, what should be your budget?
This is a tricky question but depends completely on our objective and phase of business you are in. We recommend of having at least 8-10% of total profit should be aggressively spend on videos this 2018.
So, how should I measure my ROI of videos?
Define the usage and see if the conversations have increased- Understand the objective of using the video:
- if in email then check click through rates,
- if in landing page check rise in conversion rates,
- if in blog, check average time spend on the blog
- if for lead generation see the result in business
The overall effect of these are to have on the business. Understand what is working and what is not in just 3 months and make your next move.
However, remember the content remains the main context of your video. So, have a good writer to create great content regularly and in a better pace.
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Feel free to get in touch at 8981698882 or just drop a mail at info@videofactory.in