While video marketing may seem like an optional tactic before, it has become an indispensable marketing tool for companies looking to make an impact visually and to connect better with audiences. Many brands acknowledge the importance of a video marketing strategy and it is now considered a central component in their outreach, campaign, and social strategy efforts.
In recent times, there is no doubt videos have taken over social. A recent Hubspot article states that 4 out of the 6 channels that global consumers view videos on are social channels. In addition, Facebook Executive Nicola Mendelsohn predicted that in less than 5 years, their platform will be ‘all videos’. Enterprising individuals or small businesses are quick to capitalise on the live-streaming function on various platforms to better increase engagement and conversion rates.
Why You Should Focus on Video Marketing
Winding back to 2016: video experienced a steady rise in popularity as a content marketing format. Skip to 2017 and videos made it to the top of the marketing tactic list. And in 2018, it has evolved from a singular marketing tactic to a complete business strategy. Five years ago, having video marketing as a complete strategy sounds far-fetched and possibly a waste of budget. But now? Video has been proven to drive interests and increase conversions. Check out the statistics below:
- A Hubspot research piece found out that more than 50 percent of consumers would want and prefer videos from brands than any other content types. Adding a video on the landing pages of the company or brand website can increase conversion rates by as much as 80 percent.
- Mentioning the word “video” in the email subject line can also increase open rates by as much as 19 percent. More importantly, a staggering 90 percent of customers claim videos helped them make purchasing decisions.
- In 2017, 91% of consumers surveyed by wyzowl said that they have watched an explainer videos to learn about a product or service.
Video has not only dramatically changed how consumers shop, it has also revolutionised how salespeople connect with prospects and convert them into actual buyers, and changing how customer support teams delight and provide support to customers. Having access to backend analytics can help marketers accurately qualify and propritise leads that are cold or unresponsive. It is a truly versatile tool throughout the overall customer journey. From knowledge based videos, to on boarding, meet the team, down to support video calls, videos have made it possible (and easy) for brands to create a more personalised and thorough customer support experience.
Types of Marketing Videos
Understandably, you need to be aware of the different types of video content out there before you can pick the best one that fits your content marketing tactics. Understand and narrow down your options by checking out the list of marketing videos below.
Demo videos – primarily, this type focuses on showcasing how your product works. Unboxing, putting the product to the test, and giving viewers a tour of your software and how they can use it are just some of the ways brands can approach demo videos.
Event videos – is your brand hosting a fundraiser, round table discussion, conference, or any activity of the same kind? Producing interesting interviews or a highlight reel from said gatherings is the main essence of this type of marketing video.
How-to or educational videos – instructional videos are used to build foundational knowledge or teach an audience about something. In other words, it is used by brands to help consumers better understand their business or the solutions they are offering. These videos are also used by customer service and sales teams as they engage with customers.
Animated videos – this format is ideal for those difficult to grasp concepts that can use strong visuals. Animated videos are also the best option for brands looking to explain an abstract product or service.
Brand videos – this type is usually released as part of a much bigger advertising campaign that highlights a brand’s mission, vision, or products and services. The primary aim of brand videos is to establish awareness around the brand and intrigue and entice consumers.
Expert interviews – a video with industry thought leaders or internal experts would be a wonderful way to build authority and trust. In line with this, brands find authorities and influencers in the industry and get interactions with them in front of their target audience.
Explainer videos – when brands want their audience to better understand their product or service, they turn to explainer videos. Typically, explainer videos puts emphasis on the fictional journey of the brand’s core buyer persona that’s experiencing any issues. This individual will overcome the problem by purchasing or adopting the solution offered by the brand.
360º and virtual reality (VR) videos – 360º videos makes it possible for viewers to scroll around so they can see content from every angle. This video style also gives viewers access to experience an event or location.
Virtual reality (VR) videos on the other hand gives viewers the option to both navigate and control their experience. Videos of this type are typically viewed through devices like Google Cardboard or Oculus Rift.
Customer testimonial and case study videos – understandably, customers would want to know if a product or service can indeed solve the specific issues they are dealing with. One of the best ways to convince them would be through case study videos that feature loyal and satisfied customers.
Satisfied customers are undoubtedly any brand’s best advocates. Get them on cam and let them share what their challenges are and how your brand provided the solution they are looking for and you’ll have a good thing going for you.
Augmented reality (AR) videos – this type of video adds a digital layer to what is being viewed in the world. For instance, if a user points the phone’s camera at the living room, AR would let them see how a particular couch would appear in the space. One awesome example of this would be the IKEA Place app.
Live videos – for brands who want to give customers a special and behind-the-scenes look at the company, live videos is the way to go. Live videos are also best at drawing higher engagement rates and longer streams.
Viewers have been known to spend as much as 8.1x longer when viewing live videos than videos on demand. You can also increase engagement by inviting viewers to comment when you live-stream presentations, events, and interviews.
View more samples of video marketing on our video marketing portfolio.
Identifying Goals and Evaluating Results
Prior to launching your video marketing campaign, you need to first identify your primary goals. Do you want to increase engagement? Are you looking to boost brand awareness? Do you want to offer free trials?
As a general rule of thumb, it would be best to pick one or two goals for each video so you can zero in on the message you would like to convey.
When determining goals, always keep your target audience and buyer persona in mind. What are their interest? How old are they? What interests them? What stage of the purchasing journey are they in? The answer to those questions can help determine the type of videos you will make and where you should post them.
After you’ve identified your goals, you need to figure out the relevant metrics so you can gauge the result of your video marketing efforts. Some of the key metrics you need to monitor include:
- View count – As implied, this refers to the number of times a video has been viewed. This is also otherwise referred to as reach. This is the ideal metric to track if you are looking to increase brand awareness and you would like to have as many people as possible see your content.
- Comments and social sharing – brands who are active on social media are familiar with commenting and sharing. Comments and shares are seen as good indicators of how relevant a particular content is for the target audience. When a video is being watched and shared, then you most likely created really good content. Brands who would like to reach many people should include social shares in their tracking.
- Completion rate – in essence, completion rate refers to the number of individuals who watched your video in its entirety divided by the number of individuals who played it. Completion rate alongside other engagement metrics would be a good way to gauge people’s reaction to the video. If a video has a low completion rate, it is a sign that the video content is not resonating with the people you are targeting.
- Play rate – brands who want to determine the relevance or appeal of their video should include this metric in their list. In a nutshell, play rate is the percentage of viewers who watched your video divided by the number of impressions it got. If thousands viewed the video but only a handful played it, that’s a cue the content needs to be optimised.
While the thought of video as a regular content format may seem daunting five years back, it is now thankfully more cost effective than ever. We’ll be launching a video marketing workshop later this year, so stay tuned and give video marketing a try this 2019! For updates on schedules, kindly register your interest via our Contact Form here.