Every time a video is shared on the internet world, it is marketed knowingly or unknowingly, building connections, initiating interactions, and sharing information about a particular concept or idea. Marketing through video is the simplest and most effective form of communicating an idea. Selling happens in a jiffy without any bargain.
The power video marketing holds is numerous, and the current time period is the golden period for businesses with videos since the internet world is now filled with videos. Having said that, let’s see how video marketing through online video platforms is changing the marketing game for businesses and creators.
What is Video Marketing?
“Video marketing is using videos to promote and market your product or service, increase engagement on your digital and social channels, educate your consumers and customers, and reach your audience with a new medium” – Says the mighty HUBSPOT.
The promotion and advertisement of brands, products, and services using videos for selling and marketing an idea is known as video marketing.
Video marketing is now carried out on various online platforms; with the increase in usage of smartphones and digital gadgets, video marketing is snowballing, and businesses that use video marketing as a critical marketing tool are reaping numerous benefits.
Why Video Marketing is so Important?
“94% of marketers find video marketing is a key element in their marketing strategy”, says Vidyard.
The key reasons why video marketing is important are the following factors.
1. Brand awareness
Businesses that launch new products and release new updates for existing products or services. Companies looking to stay updated with the latest trends can express their goals, intentions, and next plan of action from the business point of view through videos. Here video marketing directly reaches your users and clients.
2. Global reach and communication
Reaching more potential customers and clients is one of the painstaking tasks for businesses. Video marketing, on the other hand, does it with ease. The increase in the number of video consumers and smartphone users has paved the way for the world of video marketing, increasing the business potential by communicating with the audience.
3. Engagement and cost-effectiveness
User engagement is crucial for any business to explain the process and nature of the product; with video marketing, you can do that in an instant, and the investment for traditional marketing is much higher when compared to that of video marketing. All you need to do is explain your product and business idea in the most effective way possible.
4. Conversion and return on investment
Videos have proven from time to time that the possibility of conversion that happens over video marketing for businesses is inevitable.
Promo states there is an 86% increase in conversions for video marketing techniques.
5. Targeted advertising
Focused marketing strategies can be set through video marketing, and you can connect with a specific set of audiences by the type of video generated to perform the marketing, increasing your chances of conversion and retention.
Types of Video Marketing
Video marketing can be done in multiple ways; the most common and effective types of video marketing are mentioned below:
- Testimonial videos
- QnA videos
- Explainer videos
- Company culture videos
- Live videos
- How-to guide videos
- Event videos
- Educational videos and webinars
📽 Testimonial videos
Testimonial videos are customer experience videos where the customer or client explains the uses and benefits of the product. This is more like a positive review explanation video. Again, this helps build brands’ credibility and value.
📽 QnA videos
A compelling personality from the company answers the questions posted by the customer or employees. The company discusses about the product or brand as an interactive QnA session is QnA video marketing.
📽 Explainer videos
Breaking down the solutions offered by the company and articulating them into a video with a detailed explanation is what explainer videos are about. Sometimes it’s a live demo of a new product.
📽 Company culture videos
Company culture videos comprise a video with information about policies, rules, and culture that are followed by the company and the people behind the company.
📽 Live videos
Live streaming of the new product launches and events conducted by the company, and the demo sessions are live videos. Live streaming adds a sense of value by engaging active participants for the business.
📽 How-to guide videos
The step-by-step procedure and working of a product i.e., more of a user manual explaining the operation of the product are how-to guide videos.
📽 Event videos
Event videos are a great way to show off the company’s personality and the way they handle events. In addition, events are typically campaigns for the company; this can increase brand awareness.
📽 Educational videos and webinars
Educational videos are the tips and tricks a user can benefit from the company’s perspective; most of the time, it’s about the product or the new launches. Webinars are a great way to communicate with clients and educate consumers on development and business prospects.
The Future Trends of Video Marketing in 2023
Recent research by NogenTech claims that 91% of marketers will use video content in 2023. With that said, the future of video is progressive and profitable for companies that deal with video marketing.
The future of video marketing is Short-Form Videos(shorts), Live Streaming videos, Interactive Videos, Social media stories, AR/VR videos, tik-took reels, YouTube shorts, etc.
Another study by Statista conducted in November 2022 states that 86% of marketers used videos on Facebook for marketing purposes.
YouTube was the most sought platform for marketers, which is performing at a whopping 90%, and TikTok scales up to 35%.
It’s a massive opportunity for businesses to reach customers since the estimated value is expected to reach $120 billion by 2024.
Video Marketing Strategies for Your Business
An average adult spends about 80 minutes per day watching videos, and businesses that use this time to sell their products and services are minimal. However, top-tier companies have adapted to video marketing with strategies. Follow the checklist to plan a video marketing strategy for your business.
- Set goals for video marketing based on your business- Set a goal that speaks about the product or company.
- Choose the right platform(s)- Top video marketing platforms like Vimeo and GUDSHO offer the best features to accommodate business needs.
- Select your video types from the above list- make sure you prepare a proper video plan according to your product and business needs.
- Prepare a video content plan for your business- Content is king; strategize your content and be creative.
- Schedule and promote the videos- the right post at the right time reaches the right audience, and schedule your promotions for the videos.
- Use metrics from the video platform and analyze the report- platforms like GUDSHO offer analytic reports that help clients to analyze the data.
Important Stats on Video Marketing
- 91% of consumers seek video content from brands.
- 86% of marketers use video as a marketing tool.
- 66% of users vouch for short-form videos as the most engaging content on social media.
- 92% of video marketers say an excellent ROI is returned from video marketing.
With the pace and upgradation businesses are enrolling in, the marketing world is evolving to the current consumer mindset. Video marketing is here to stay for many reasons, and choosing one right platform to market all your videos is the best choice for any business rather than hiring a marketing team. Many platforms in the market lure businesses with advertisements, but the right platform has quality tools; some top-tier marketing firms GUDSHO, Vimeo, and Patreon offer some great marketing features focusing only on the customer needs. To learn more about GUDHSHO, click here.