Why You Need A Video Content Strategy
So how important is a video content strategy to a company’s success, really? The proliferation of digital connectivity has made video viewing easier and more pervasive (and consequently, more persuasive) for business professionals than ever before. To put it in perspective, large companies streamed more than 16 hours of video per worker, per month in 2016, equating to 45 minutes of daily video viewing by each employee, including decision makers and executives (Gartner Research). 76% of executives watch business videos at least once a week, and 40% of those executives watch videos daily (Cisco). Without an effective video content strategy, your company will miss out on hours of direct communication with these prospective customers.
Video has become one of the most effective means of initial contact between a customer and a business during the awareness stage of the buyer’s journey, when buyers conduct their own initial research online. This trend is only expected to rise; by 2020, 80% of the buyer’s journey will take place without direct human-to-human interaction (MarketBridge). An effective video content strategy is crucial to engage buyers as well as introduce them to your brand and value proposition. When present, 60% of visitors will click to watch a video on a web page before reading a single word of copy (Pagewiz), indicating a considerable preference to watching and hearing about a product or service rather than just reading about it; a full 59% of senior executives have explicitly stated this same preference (Video Brewery). 80% of internet users watch at least one video ad per month. Of that same 80%, 46% took some sort of action after watching the ad, either searching for additional information about the product, visiting the website, or purchasing the product or service without any direct interaction such as emailing or calling.
While top-of-the-funnel video content is clearly important for quickly converting buyers in the discovery stage, an effective video content strategy makes use of videos at other stages in the buyer’s journey as well. Research conducted by the Aberdeen Group found that in addition to producing video for marketing and awareness, 60% of surveyed companies also produced video to drive conversions, 57% produced video content to nurture leads, 47% used video to qualify leads, 33% made videos for closing deals, and 33% continued producing video for post-sale communications. Simply including the word “video” in a subject line of an email can increase open rates by 7-13%, while embedding a video in an email can increase conversion rates by an average of 21% (Experian). It is important to note here that while discovery-stage video can be produced to speak to a large audience of prospects, video created in later stages must be made with increasing personalization in order to better communicate directly with a specific prospect. This requires a video content strategy that can be quickly adapted to fit the specific messaging needs of individual people rather than entire markets or demographics.
The benefits of video use for internal company communications rival that of external sales and marketing communications. In fact, 87% of young executives consider video to have a positive impact on any organization for reasons including enhanced telecommuting experiences, decreased travel costs, improved talent acquisition, and decreased language barriers in global markets (Cisco). 38.1% of companies use video for employee training and education (WVMC); those that do report between 50% and 70% savings over instructor-based learning. 27% of organizations use video for talent acquisition, including web conferencing for interviews as well as candidate recordings. In addition to attracting new talent, video can also help to retain existing talent. One study found that 18% of absence rates was attributed to subpar communications between employees and managers and that by employing more effective communication strategies, such as video, companies were 50% more likely to report below-average turnover (Business Performance).
We live in an increasingly post-literate world, in which video will continue to play an important role for all internal and external communications as other mediums are phased out. Any company that hasn’t developed a comprehensive video content strategy will be more than disadvantaged; they’ll be completely out of touch with potential customers by not participating in the new dominant mode of business.
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Posted on July 7, 2017