Perhaps you’re a business who’s considering ramping up your marketing efforts. Video's been on your radar but you're still not sure if you're ready to hire a video production company in Orlando. You might be wondering where your time and energy is best spent? Will a business video really help my company grow?
I’m not going to suggest that video production is some secret elixir that will cure any and every challenge your business might experience. If your product doesn’t work, or your people don’t care about your customer nothing can save that. Except maybe a new product and employees that actually care! Let’s assume both are great.
So the question remains…why hire a video production company?
In a nutshell….it speeds up the conversion process.
Depending on what blog you read and which industry expert you hear it from, people say it takes anywhere from 5 to 20 touches to engage a new lead. Video done right will answer a prospect’s questions, educate them, and depending on the type of video we’re talking about…move someone emotionally to a purchasing decision.
None of this really should be a secret. Every single day we see it in front our faces on our phones. People sharing videos. Funny videos. Smart videos. Sad videos. Educational videos. Video is popular and that won’t be ending anytime soon.
How you implement video is important. Say you’re meeting with a prospect for the first time after doing some mining on LinkedIn where the two of you had a couple emails back and forth. You go through all the pleasantries and you hit it off and there might be some symmetry between your businesses. You send an email back letting them know you enjoyed your meeting and hope you can answer any additional questions they might have. When they reply back with a specific question about the product, it can be extremely helpful to be able to share either a product video or a B2B testimonial from another client and how the service has been a windfall for their group.
Marketing Stat: 59% of executives would rather watch video than read text
Depending on where you have the video hosted you’ll have access to critical information. Did they watch it? How many times did they watch it? What percentage of the video did they watch? Did they watch any particular segments over and over? When you are armed with this kind of information (heat maps) you begin to have more leverage in the sales game.
So what stops some businesses from jumping on board? Fear maybe, taking a risk, doing something different, and the idea of stepping outside of their comfort level. Will the reward be worth the investment? How much of a time commitment will they have to honor during the production process? How long does it take to produce a video anyway? These are all factors that come into play. But these are all pieces and parts that an entrepreneur, a successful small business owner, and any department head for a large company faces. Without risk there is no reward.
If your company produces a product or service that either brings reoccurring income from potential clients or your product demands a significant amount of money to purchase, video marketing does make sense. You can begin to understand the return on investment.
Let’s consider an industry where a company’s competitors might not be using video marketing. An example; air-conditioning companies in Orlando. We reviewed the first page on Google when searching for the term “Orlando air conditioning companies”. Out of the 10 organic listings only one of those companies had a professionally produced video on their website! This spells opportunity. According to Hubspot’s Marketing Statistics Report shoppers who see a video are 2 times more likely to buy a product than a consumer who didn’t watch a video. Marketers who rely on video as a part of their business strategy saw their company’s revenue increase almost 50% more than those who didn’t use video. Forbes did their own study where they found that 65% of business executives visit a vendor’s website after watching a video.
Getting back to ROI. Homeadvisor.com states the average cost to install a new AC unit is $5,262.00. How many installation jobs during the course of a year would it cost to bring back the investment of a professionally produced web video? One! How many jobs could a powerful video showcasing testimonials from homeowners who are pleased with a company’s service win? Countless! With the power of online marketing through Facebook, YouTube and a company’s own website that should be a no-brainer. When you create targeted campaigns using videos on landing pages you can pinpoint where your leads and conversions are coming from. Another approach is educational videos. When you educate a prospect or existing client about what to watch for when your air conditioning unit might be going bad brings value to your company and establishes you as a leader in your industry. Especially in a case where your competitors aren’t using the same strategy.
The same applies to a nonprofit. If a nonprofit invests $5,000 in a 4-minute awareness video that they can use for presentations, fundraising and recruitment, the chances they can have a solid return are immense. If the video is a heartfelt story that shows the profound impact their group is having on a community it can attract not only additional donors but also volunteers. Let’s do the math. ‘Sarah’ has been searching for a nonprofit to volunteer for; she comes across a NPO video about Habitat for Humanity Seminole-Apopka. She’s moved and wants to volunteer her time. Maybe it’s just an afternoon two times a month. As of 2016 the value of volunteer time was slated at $24.14 an hour. That one volunteer alone will amount to a total of just under $3,000 for the year. That’s not even taking into account the effect the video will have on fundraising when the video is played at galas, or through online marketing.
Non-profits, successful businesses, professional associations, as well as large corporations all have much to gain from implementing a video strategy. If you have any questions regarding your company and how video can work for you please contact us.