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Are You Haemorrhaging Customers Without Realising It?

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Are You Haemorrhaging Customers Without Realising It?

I was recently at a B2B marketing summit in Sydney and I got to listen to lots of larger organisations, like GE, Lenovo, Telstra and Salesforce, shares their marketing stories.  The presentations were filled with some amazing insights into how their marketing departments are rapidly evolving to keep up with the ever-evolving consumer.

I’m not sure why, but I had always thought that these big incumbents would have a different set of marketing problems to Small Businesses, but what I discovered over those two days is that they don’t.  They’re all struggling with the same marketing challenges….. which essentially comes down to:

In a noisy world where consumer behaviour is changing as quickly as the technology, how do you engage and convert them?

Interestingly, there were no definitive answers, but one thing they did say was working was video.  They were starting to spend more and more time investing in ways to use video to engage and convert their customers because it was providing the greatest return on investment out of all their marketing strategies.

There are an abundance of statistics online about why video works better than most marketing approaches, but I’ve distilled this down to just three.  And it is these three reasons alone that should encourage you to start using video in your business today.

1. Video is taking over the Internet

Today, we are watching more and more video every day with over a billion individual users watching over six billion hours of video every month.

In fact, online video has moved well beyond YouTube. Facebook video now boasts around eight billion views per day.

2. Video gets better engagement

Where both text and video are available on the same web page, 69% of users would prefer to watch video to learn about a product or service.

A staggering 98% of users say they’ve watched an explainer video to learn more about a product or service.

Emails with “video” in the subject line generated an average 65 percent higher click-through rate.

3. Video Converts Better

74% of users who watched an explainer video to learn more about a product or service subsequently bought it.

77% of consumers say they’ve been convinced to buy a product or service by watching a video.

From these statistics, we know that your customers prefer to watch videos, they engage with videos more readily and video increases the likelihood of them purchasing a product.

The reality is that video content is rapidly overtaking non-video content faster than most of us realise.

Thinking that video is unaffordable, is not longer an excuse.  For the first time, video has a low barrier to entry.  All you need is a smart phone; a good microphone and you can film a quality business video. Invest in a camera, lights and good audio and you can produce a video like a true professional.  Video production is a learnt skill and anyone can learn how to produce professional, quality videos.

If business owners really want their companies to survive and grow in the future, they really need to incorporate video into their online and email marketing strategies. I am quite serious when I say that neglecting to use video as part of your online marketing strategy implies that you could be haemorrhaging customers without even realising it.

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