What is a Video Engagement Graph?
People often wonder about the cost of producing a marketing video for their business. They fear that they won’t be able to get a good return on investment, or can’t convey the benefits to their bosses. If you find yourself among those busy marketers asking yourself these questions, you’re missing out on the questions you really should be asking yourself:
What’s the cost of NOT producing a video?
What could you be missing out on?
Are you being quietly left behind while your competitors continue to build all areas of their business using online videos?
Let’s break it down and think about what you could be missing if you don’t use video in one format or another in your business.
What could a marketing video do for you?
Let’s consider this simple question first. How can you best use videos to market your business? One of the simplest and most common ways of reaping the benefits of video marketing is by using a video on your homepage. These videos are designed to capture your visitors and explain what you do or what makes you different in an easy to digest format, that will convey much more than you could get across to them with text or images alone, and encourages them to stick around and find out more about you.
Now let’s invent some conservative figures to get our heads around this. If a video on your homepage helped even 10% of your website visitors understand your company better, and if it guided only half of those to contact you, how would that change your business?
More website visitors
understand you
More website visitors
contact you
If you have only 1000 website visitors per month, that would give you an extra 20 enquiries each month.
What if the video increased your monthly revenue by 1%, 2%, 5%? How quickly would it pay itself off?
Then ask yourself, how long can you use that video for? 1 year, 2, 3? Dropbox famously used their homepage explainer video for 3 years, and it basically made Dropbox what it is today.
You may quickly start to realise, that for the relatively small investment in video content, you could be seeing big benefits in many areas. Say a video that costs £1000 is used over two years. That works out at less than £10 a week. If a marketing video on your homepage doesn’t boost your business by more than £10 a week, then something is seriously wrong!
Ok, so where can you put a marketing video to use?
Now consider that you could use a versatile video in other places other than your website. You could put it on Facebook, Twitter, Pinterest, YouTube, and any number of other social media platforms. You could use it in meetings, trade shows and other offline events that you participate in. You could send it out in emails to potential clients or advocates for them to digest and pass on.
This is starting to sound really good for something that could cost as little as £10 per week!
What about the areas you can’t even measure, the ones not linked to money? How much more would your website visitors understand your brand? How much more would they remember you over a competitor who didn’t invest in video? How much more would they quietly recommend your website to others? How much more trust and credibility would it build for you?
We can’t measure these things directly, but they will all make a positive impact on your business whether you can see the evidence of it or not.
Getting started with using business videos
It’s very easy to experiment with social media marketing, email marketing, or different website strategies. On the other hand, there always seems to be some barrier that prevents people from experimenting with video marketing. For some reason it has the reputation of being harder to get started with, or harder to implement, but it really doesn’t have to be that way.
There are loads of low-risk ways to get started with using videos, the only thing stopping you from reaping the rewards is a fear that for some reason marketing videos are a huge investment, and it just isn’t true.
So don’t hold yourself back from finding out more, don’t let your competitors race on ahead and leave you in their tracks. If you just get started with marketing videos, you’ll see it will be well worth the initial investment.
There are huge benefits to video marketing, especially for those who haven’t dipped their toes in the pool yet. So find out more, see what you could do, and then dive right in before you miss out on the benefits you could be seeing next month!
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