Do I need it? … Is video marketing effective? … And how much does it cost? These are frequent questions you’ve probably asked yourself as a business owner and/or brand manager above whether or not to consider adding video marketing services to your mix. Either way, the answers to the above questions are simple: Yes, yes, and it may be costing your business more by not having one than investing in it.
1.Do I Need Video Marketing?
Let’s first take a look at why your business needs a video marketing strategy. Video consumption is up by huge percentages, and it’s not just millennials who are watching. Sure, over the past decade or so, millennials have had the highest percentage of online video consumption at more than 61%, but in just the past few years alone there’s been a shift in the paradigm of online video consumption among consumers ages 45 to 65 which is up by more than 45%. So, the answer to “why” you need it? The bottom line is your target audience, no matter what the demographic: baby boomer, gen-x or millennial, are spending more time online than ever before. There needs to be a shift from your traditional marketing platforms (ie print, direct mail, tv) and reach your audience where they are today – online. After all, you can’t drink form the punch bowl if you’re not at the party, and these days the party is online!
2. Is Video Marketing Effective?
Well, first and foremost there’s lots of statistics that show video marketing drastically increases the time visitors spend on your site. We live in a world today of instant gratification. So, if visitors can’t find what they’re looking for quickly, they’ll be off to another website in under 10 seconds. According to a comScore study, visitors who view video content on a website will stay on average 2 minutes longer than those who do not. And, even if your video is viewed outside of your homepage, a whopping 75% of people who view a video will visit the brand website afterwards. Need more nuggets of proof? Another comScore study found that people are 64% more likely to buy a product or service from a retail site after watching a video, and when given an option, 80% of people will watch a video, while only 20% will read written content in its entirety. Human beings process visuals 60,000 times faster than text, so the quicker we can gather all the purchasing information we need, the quicker we can make a decision. Marketing Videos help aid in this process. And last but certainly not least, above all, video allows you to connect on a human level with customers, something traditional methods can’t accomplish.
3. How Much Does Video Marketing Cost?
Of course, the big question. How much does video marketing services cost? Unfortunately, there’s no nice, neat little answer to this question. Let’s face, the cost of video marketing services are based on a number of factor such as complexity of the video project, video production length, and while I’m not a fan of the “B” word, yes your budget and several other factors will contribute to your cost. Truth be told, the question itself uncovers an inherent problem in how many – too many –small business owners view marketing and its role in the organization. By relying on a percentage of sales, operating costs, or any other method, marketing is relegated to what a business wants to spend, instead of what a business should spend.
Instead, let’s focus on the fact that marketing of any type for your business is really an investment and not an expense. Just like you invest in training, equipment, etc., you have to invest in marketing to build brand value, influence audiences, gain exposure and market share. As the studies show, adding a video marketing strategy is essential for your business. But let’s make one clarification. By video marketing, we really mean, when you hire professional, experienced video marketing services experts. Why, because at the end of the day, videos that aren’t worth watching, aren’t truly effective. Depending on your market, home-made usually doesn’t cut it. When you add video marketing best practices, along with great content as a part of your marketing mix, your video marketing can drive consideration, purchase, and loyalty for your brand. We’ve helped all types of brands create powerful video marketing content. Visit our portfolio page to watch video marketing examples.
Got a question about video marketing services? Want to learn more? Drop us a line in the comments sections below, and we’ll give you expert advice.