Four times as many customers would rather watch a video about your product that read about it. (Animoto)
That’s a pretty compelling statistic, and it’s changing the digital landscape and compelling more and more savvy marketers to lobby for more budget in video marketing.
Yet just because you get it, doesn’t mean that your boss, company owner or C-suite have the same understanding. Luckily, while digital marketing is constantly evolving, it’s not always unpredictable, and there are some solid trends and stats that can help you in building your case to invest more in video.
Building A Business Case For Video Marketing
For several years we've seen consistent upward trends and insights for video marketing that provide certainties such as a growing number of online searches, an increase in mobile consumption of content, and an increase video views that influence purchasing habits.
The data and trends around video marketing are so compelling that gaining buy-in to invest more in video may not be so hard. Here are some stats that might help you.
- By 2021, 82% of all IP traffic will be video - up from 67% in 2016 (VNI)
- 59% of executives agree that if both text and video are available, they will choose video (MWP)
- 52% of marketing professionals name video as the type of content with the best ROI (Syndacast)
- Adding video to a landing page can increase conversion by 80%
- Almost 50% of internet users look for videos related to a product or service before visiting a store (ThinkWithGoogle)
Trends and stats will be a good start to showing why investing in video is worth considering, but you’ll need to define a video strategy for your company and show how you’ll align video content with the goals of your company.
Create Your Video Strategy
This doesn’t need to be an overly detailed thesis that takes weeks or months to develop. Simple is good here.
Step 1: Determine the purpose of your video content and who it’s for
What type of content will you create?
How-to videos? Educational videos? Videos for entertainment? Let your audience needs drive your approach here.
Who are you making this content for?
If you’ve developed buyer personas, this step will come naturally. Make sure that you have a clear understanding of the real people who will be watching your videos.
What do you want viewers to do after they watch your videos?
Your video will be competing for the attention of your viewers. Once you win at capturing their attention, make sure you know what you want them to do next. Knowing this upfront will ensure that your video content drives them toward this action.
Once you’ve done these things, you should be able to write a succinct statement like this: At (company name), we create (adjective) videos for (target audience), so that they (take this action).
Step 2: Identify the topics and types of videos you’ll create
It’s tempting to want to get right to work on concepting your first or next video. Before you do that, discipline yourself to think strategically. Remember your audience and choose topics and the types of videos that will support the goals of your company.
Consider whether your videos will be used internally, externally, or both.
Consider what functions within the business that will be supported with video- HR, Sales & Marketing, Internal Communications, etc.
Consider the phases of the customer journey as the focus of your videos.. Certain types of videos work well for top of funnel, while others target bottom of funnel buyers.
I suggest starting with broad topics that will serve as your content pillars, and allow you to create multiple videos and content pieces around that broad topic.
For example, if you are a B2B software company, perhaps one of your value props is around the analytics within the software. Analytics could be a broad content pillar that would be supported by things such as:
- Customer testimonials
- How-to videos
- Case study videos
- Thought leadership interviews
Step 3: Identify who will create the video content
There are many factors to consider when deciding who will create your video content. Here are a few things to think about:
- What quality of production am I aiming for? Do you want high quality videos, lower quality social media style videos, or a mix of both?
- Do we have the staff and technology in house to produce the videos? Will you be hiring and purchasing equipment? Or will you work with an agency? In this consideration you’ll want to think about both skill set and capacity.
You might consider outsourcing high-quality content with an agency. This is a good option if you have budget and your in-house team isn’t trained on all aspects of video production or doesn’t have the capacity to take on these time-consuming projects.
Step 4: Determine where your videos will live and how you’ll promote them
Once you’ve created videos, you’ll want to be strategic in where they live and how they are promoted. Having your videos on your YouTube channel will be important, but that shouldn’t be your strategy.
YouTube is interested in keeping viewers on their website, which limits your ability to convert prospects. That’s why you’ll want links back to your website within your SEO optimized YouTube descriptions as well as a place on your own website for videos to live.
With a good home, you’ll want a strong marketing plan to promote your videos so that they achieve their goals. An integrated approach using multiple channels such as email, blogs, social media, and PPC will generally yield the best results.
Step 5: Establish Video Marketing Key Performance Indicators
Many company executives are Baby Boomers (ages 51 -69). While most of them consider themselves digitally savvy, their digital experience is quite different than millennials and Gen Z's. Your leadership team could be skeptical, deliberate, and just straight out traditional.
Your business case should be built around objectives and KPI's that matter to your leadership team. Here are four good ones that are likely in-line with things they care about:
- Brand Awareness
- Lead Generation
Brand awareness is a term your leadership team is familiar with and it should be highly important to them. There are plenty of stats you can capture to share average views and impressions on video marketing across various channels. But how many impressions or views do you need to increase brand awareness by, let's say 10%?
What happens if you claim that more videos will increase brand awareness and you're expected to show data that supports this? One way is to use Google Surveys before and after your video marketing campaign to get fast, reliable feedback from consumers online. You'll select your target audience criteria, type your questions, and collect results within hours. Pricing starts as low as $0.30 per completed survey, so it won't break the bank.
Making the case for a video budget shouldn’t be tough since most executives are familiar with it and understand its value. Preparing in advance with a strategy that includes how quickly you can get started with video along with cost estimates will help determine the size of the budget you are given.