We’ve said it before, and we’ll say it again. Video is KING.
It’s no longer simply a good practice to incorporate video into your digital marketing strategy, it’s imperative. Although just about anyone can throw a video together, creating a comprehensive video marketing plan and having a clear goal in mind will help you achieve positive results.
Figure Out Your "Why" for Video
There are many ways and many reasons to use video in your marketing strategy. Before putting a plan together, figure out what you’re trying to accomplish. If the goal is to attract new customers, your videos should empathize with your prospect’s problems and introduce your product or service as a possible solution. Demonstrating your understanding of their troubles and empathizing with them can help you build trust.
Attracting new customers might not be the only reason you consider implementing video into your marketing strategy. Sharing thoughtful and relevant videos can also help you engage with your existing customers. As Drew Franklin, Marketing Specialist at Altec, mentions in our Why B2B Marketers Need a Video Strategy podcast, video is a great way to tell your brand story. He also elaborates on how using educational videos to give away value without expecting anything in return is a fantastic way to connect with prospects and build pipeline.
Different Videos for Different Goals
Different types of videos have different uses. With COVID-19 still wreaking havoc, many B2B companies are using webinars to reach their customers and prospects. They are immensely popular right now largely because they are one of the most engaging video types; they are often live and very interactive. But they don’t have to be live - offering your webinars on demand will allow your prospects and customers to watch them on their schedule and affords you the opportunity to continue promoting even after they’re over.
Story telling videos are a great way to showcase your company message and values. These videos can be simple to put together. Some are as simple as relaying a funny or interesting anecdote. Ann Handley explains that stories give your business-to-business solutions a heartbeat and a pulse. True stories tend to be relatable and can increase trust between you and your prospects and customers.
Another great application for video is customer testimonials. Testimonials are a great marketing tool because they demonstrate value. Affording people from other companies the opportunity to explain how your product or solution has improved their company will go a long way to adding value and validity to your product. Hearing first-hand how your product has contributed positively to someone else’s business can help drum up interest from other buyers and professionals.
Stats to Reinforce the Need for Video
If you’re still wondering if having a video marketing strategy is worth it, let’s look at some interesting statistics. According to Forbes, three-quarters of executives watch work-related videos every week. Just over half share those work-related videos with their colleagues. Considering 59 percent of executives prefer to watch a video on a topic rather than reading about it, creating thoughtful, insightful, and value-added videos is a sure way to reach your prospects.
In a report by Smart Insights, it’s estimated that by 2021 people will spend more than 100 minutes a day watching videos. With such a large audience, it’s no surprise that 95 percent of marketers expect to increase or at least maintain their current spend on video marketing. As explained above, videos are a great way to disseminate product and brand information. Understandably, using them throughout the buyer journey can create quality B2B leads.
Creating video doesn’t have to be a huge expenditure. Sometimes it can be as simple as setting your cellphone up on a tripod and recording. As such, 88 percent of marketers report that video provides them with positive ROI. Five short years ago, only 33 percent said the same thing.
Used effectively, videos shared on social media can drive traffic back to your website and keep people engaged with it longer. In fact, 84 percent of marketers said video has helped them do just that. After attracting the first visit, marketers are backing it up by then using video content on their websites which is increasing dwell time.
Copy these guys
We’ve put together a little list of companies we believe are doing video marketing right. Let’s take a look at them now.
Altec, a leading provider of products and services to the contractor, tree care, electric utility, and telecommunications markets, has been harnessing the power of testimonials to advance business. At the time of publication, they have 18 testimonials on their YouTube channel. They have wonderful stories that showcase their company values as well as the products that can help other companies successfully grow their business.
Slack, an inter-office communication and collaboration tool, is another great example of a company doing video marketing right. Given the current pandemic and associated challenges keeping teams connected while working from home, companies are flocking to collaboration software. For some, this is a new experience. Slack has created a number of how-to videos to help acclimate new customers to their platform.
Finally, let’s look at SPOC Automation. SPOC Automation manufactures automation technology for both the upstream and midstream segments of the oil & gas industry. They have taken the time to create a ton of product demonstration videos for their customers and potential customers. There is one short video they’ve made that really made an impact with us and it had nothing to do with their product. It is a compilation of short clips where their employees describe their favourite thing about Christmas. It gave us a glimpse into the SPOC Automation company culture and values - and it hit us right in the feels.
Is it working? Here’s how to tell
HubSpot has compiled a list of popular metrics used to measure the success of your video. Their list includes: view count, play rate, social sharing and comments, video completions, completion rate, click-through rate, conversion rate, and bounce rate and time-on-page.
Although tracking views is important, it’s not the only marker of a video’s success. Consider if 1,000 people see your video, but only six actually click it and watch it. It’s great to know that your video has been seen in a social feed, but it’s also important to know that it’s been watched. We found that play rate is one of the most telling metrics as it can provide insight into whether or not you’re heading in the right direction.
The formula to determine play rate is the percentage of people who played your video divided by the number of impressions, or the number of times your video showed up on someone’s screen. If the play rate is high, it can mean that your video is catching the eye of your prospect or customer and they are clicking on your video to see more. However, if your play-rate is low, it could mean it’s time to rethink either the content of your video or how it’s presented.
Final thoughts on the matter
As video is steadily becoming a vital part of many marketing strategies, there’s a growing understanding that marketers need to get on board or be left behind. Although it can be daunting and maybe a little overwhelming, if you haven’t already done so, now is the time to dip your toes into the water of video marketing.
If you’d like to learn more about the value of video in your marketing strategy, check out our video podcast, Video Marketing - Why B2B Marketers Need a Strategy.