Video marketing has gained significant traction in the realm of online marketing over the years. This marketing strategy is enormously effective in boosting brand awareness, generating leads, launching new products, and driving sales. This articles contains on ”How Video Marketing Increases Revenue”.
Videos provide several opportunities to connect with a large audience and thus, drive higher conversion rates. A study by HubSpot revealed that over 78% of internet users consumed online videos each week, with 55% viewing videos each day. Current estimates conclude that video traffic accounts for over 80% of all internet traffic.
The Positive Impact of Video Marketing on Revenue
Here are some insightful video marketing stats and different approaches on how you can harness the potential of video marketing to engage on deeper levels with your audience, boost conversions, and increase revenue.
What Exactly is Video Marketing?
Video marketing takes the phrase, “A picture is worth a thousand words,” and magnifies it thousand times over. Videos are the most prominent user interaction tools when engaging an audience on a colossal scale.
Video marketing integrates video content into a more comprehensive marketing campaign to engage audiences at a massive scale. There are different approaches to video marketing, where some campaigns link videos in a blog post while others solely rely on videos.
Video content can promote vendor-customer relationships, advertise products, services or brands, or deliver information and customer support. Videos are ideal for step-by-step how-to guides, answering FAQs, product demos, and more.
Video Marketing – Perks and Benefits
Video marketing is extremely beneficial for marketers and audiences. Be it establishing harmony with your customers, promoting your brand or business, or marketing a new line of products or services, video marketing is the go-to option.
Check out the benefits of using video marketing for brand promotion and gaining traction in the intensely competitive market.
Enhanced Value to Customers
Most customers prefer watching videos related to products rather than reading manuals about them. Videos simplify the process of understanding and retaining information, such as the technical specifications about gadgets and complex machinery.
Helping customers better understand a product increases the odds of them going through with the purchase. Despite already promoting your product via a blog or social media post, including videos to these marketing platforms will boost your odds of generating a sale.
How-to’s and product demonstration videos are profoundly beneficial for potential customers that are yet to proceed to checkout. Video content communicates the use cases of a particular product and helps you convert window shoppers into paying patrons.
Boost Brand Awareness
Video marketing is a powerful tool for promoting brand awareness. You can conveniently tailor your videos to promote your brand’s perception and approach a broader audience. Upload customer testimonials, answer FAQs and share fascinating stories to develop the customer’s trust in your brand.
Video marketing strategies are remarkably effective if executed carefully on media consumption platforms like YouTube. Being the second-largest search engine globally, YouTube is an ideal platform for creating a market presence, boosting brand visibility, and approaching a wider audience.
Boost Audience Engagement
Live videos are even better tools to drive audience engagement since people are more likely to sit through the complete live video than the pre-recorded clip.
Social media platforms, including Instagram, Facebook, and Periscope, offer live streaming capabilities. Such features can be leveraged by brand marketers to live stream launches and other events and drive maximum engagement.
Live-streamed videos drive user engagement in real-time, which is crucial when developing knowledge, trust and confidence in a brand.
Your company can host a live Q&A session or report a recent development in your niche. You can also go behind-the-scenes at industry events or stream talks with experts or recognized authorities.
Encouraging Customers to Take Action
The end goal of all marketing strategies is to encourage customers to take action, be it through higher sales, or to persuade visitors to sign up for a newsletter. Marketing drives customers down the path of conversion.
Video marketing is an exceedingly effective strategy for encouraging website visitors to take action. A video can deliver the final push to the viewers who are still undecided about purchasing a product.
You can enhance the quality of your videos by having them optimized for conversion. Optimization involves creating videos that urge viewers to traverse the conversion path by following directions and executing specific actions. Closing videos with a clear call to action can help you boost leads and drive sales.
Video Marketing: Stats and Relevant Figures
Despite the listed benefits, it is only fair for marketers to have their doubts, which is why you must check out some crucial video marketing stats. These marketing stats will shed light on the significance of video marketing and how your competition might already be tapping into its potential.
YouTube is the second-largest search engine in the world, only eclipsed by Google. Over a billion people watch videos on this platform, accounting for about a third of all internet users. YouTube logs over 500 million hours of video views globally each day.
Yet another popular social media platform is Facebook that accounts for a substantial portion of video traffic. As per Forbes, over 500 million people view Facebook videos each day. About 45% of internet users view over an hour of videos on YouTube and Facebook.
The famous social media platform Twitter also boasts a healthy share of online video traffic, with over 82% of its users regularly watching videos.
To wrap your head around the role of video content in the online experience, consider this: more videos get uploaded online within 30 days than the total of program material created by all leading television networks in the United States in the past 30 years.
Saudi Arabia is the country that has the highest rates of online video access. Each day, about 98% of the country’s population engages in some form of online video consumption. In the United States, over 85% of internet users watch videos online.
Video marketing can enormously boost engagement and fuel revenue growth by an impressive 49% because about 64% of consumers feel encouraged to buy a product after watching brand videos online.
Here’s Why you Should Not Delay Implementing Video Marketing in your Marketing Strategy
With such convincing video marketing stats and the benefits of video marketing listed above, its significance cannot get overlooked. However, several marketers fail to account for the perks of utilizing video in marketing, which could cause the stagnation of the SEO ranking of websites.
Not putting up videos on your web pages will cause you to miss several opportunities to connect with your visitors in an engaging format. This practice could lock down your conversion rates to the industry average, with minimal chances of growth.
Not putting up video content on your website will make it harder for you to grab the attention of decision-makers in your niche, further hindering your growth.
Such factors can have long-term adversities on your company and its success relative to the competition, which might be miles ahead due to leveraging videos. A thorough assessment will reveal why you must incorporate videos in your marketing strategy and reach a broader audience.
Video Marketing – Potential of Revenue Generation
The total revenue generated often establishes the success or failure of a marketing campaign. The most popular question for most brands is how much money they can make by prioritizing video marketing.
Relative to other types of content, video creation is more expensive and is a time-consuming process. Therefore, you must figure out how much time, effort, and resources you must pour into video marketing to drive sales.
As a sigh of relief, video marketing has enormous revenue-generating potential. If implemented correctly, video marketing can yield a considerably higher ROI relative to other types of marketing content.
However, the figures you make from video marketing will vary with the campaign. Many video marketing statistics indicate that video content is a significant factor that drives website visitors down the path of an eventual conversion.
A study by HubSpot revealed that videos embedded in a landing page boost conversion rates by about 80%. These video marketing stats also indicated that mobile users are more likely to share video content because of the seamlessness of video sharing through mobile devices.
Moreover, consumers will likely purchase a product after watching a video about it. Over 80% of video audiences remember the standout points of a video for about 30 days after initially viewing it. Video marketing is an immensely competent tool if you create video content aligned with your marketing goals. Tailoring your videos to boost conversion rates or persuade visitors can help you generate more revenue over time.
A Detailed Breakdown of Running Video Marketing Campaigns
Besides the technicalities of creating a video, video marketing is analogous to most other forms of marketing. You can produce videos based on your goals, ranging from business promotion, generating sales, launching new products or services, or engaging visitors. As with all marketing campaigns, it is imperative for you to monitor metrics and note customer engagement with your video marketing campaign.
Here is a detailed breakdown of video marketing to help you get started on this incredible journey
Allocating Resources
Appropriate resource allocation is pivotal to ensure the success of your video marketing campaign. Your first step must be to determine a budget for video production, which must cover the expenses for video equipment, editing software, and video creation professionals. It is advisable to create a dedicated video marketing team for seamless supervision of the campaign.
Tell a Story
Being an excellent storyteller is crucial for the success of any marketing campaign and is especially true for video marketing. Pen down the stories you wish to share with your audience and the approach you would undertake. Sharing engaging stories compellingly via video content will better grab your viewers’ attention.
Drive Customer Engagement
It is recommended to have a hook to go along with your story throughout the video content. This hook can be anything from a historical backgrounder to intricate details about your brand or product or even real-world scenarios that prove your brand’s value. You can also use stats related to your products or services to drive conversions.
Keep it Brief
Shorter videos are more practical when grabbing user attention unless you are covering a complicated and lengthy topic. If you are covering a topic in-depth, it is advisable to break it up into digestible sections.
While you might feel tempted to pack in intricate details, it can often increase the runtime, further lengthening the video. Emphasize a few key concepts and get rid of jargon.
Publication
Publishing the videos is yet another crucial step towards the video marketing process. To gain maximum exposure and ROI, upload your videos on several online platforms, such as your website, YouTube, Instagram, and other video streaming sites. Be sure to promote your videos wherever you get the opportunity.
Monitoring and Analysis
Publishing your videos is not the end goal, as you must keep closely monitoring your video marketing stats and metrics to determine which videos are performing optimally and which are not delivering results. Thoroughly analyzing your videos’ performance will help you work on ways to modify and refine your video marketing strategy to achieve better results.
Final Words
The most crucial element that drives the success of video marketing campaigns is gathering data and implementing strategies accordingly. Maximize the results from your campaign by devising a strategy that accounts for each stage of the sales funnel. Be sure to create custom videos for your targeted audience to expand outreach.
It is also imperative to know the relevant metrics that influence the success of your videos. Track and record the video marketing results, and constantly tweak your approach. With the rapid expansion of the internet, videos have begun dominating the online traffic, implying that videos are an ideal marketing campaign to gain global traction.
Be sure to pick a decent video editing and creation tool online, which offers diverse customization options and a variety of templates to choose from, so you never run out of ideas to implement and see what sticks.
