Video has become an increasingly important part of marketing and communication strategies in recent years, and for good reason. Not only is video more engaging and attention-grabbing than text or static images, it also has a number of tangible benefits that can help businesses boost their bottom line. In this blog post, we’ll explore how incorporating video into your business can be highly profitable, and how you can get started.
One of the most obvious ways that video can benefit your business is by increasing conversions and sales. According to a study by Wyzowl, 79% of consumers prefer to watch a video to learn about a product or service, and 64% of consumers are more likely to make a purchase after watching a video. This is because video is an effective way to demonstrate the value and benefits of your products or services, and it can help build trust and credibility with potential customers.
In addition to increasing sales, video can also help businesses save money in a number of ways. For example, video can be used as an alternative to in-person meetings, which can save on travel and accommodation costs. Video can also be used to provide customer support, which can reduce the need for phone support and the associated costs. If people can watch a video that touches upon a set of FAQ with the appropriate “fixes,” that reduces the amount of time you have to spend helping people and that clients have to wait to hear back with help.
Video is also a great way to drive traffic to your website and social media channels. Including video on your website can increase the amount of time that visitors spend on your site, which can lead to higher search engine rankings and more visibility. In addition, social media platforms like Facebook, Instagram, and especialy TikTok are all heavily focused on video content, and businesses that use video on these platforms can reach a wider audience and drive more traffic to their website.
Another way that video can be profitable for businesses is by generating revenue through advertising. Many businesses choose to run ads before or during their videos, which can be a lucrative source of income. In addition, businesses can also use video to promote their products or services to a targeted audience through sponsored content or influencer partnerships. Leveraging the audience that influencers have can drastically change the way your business does – just look at Fashion Nova.
Finally, video can be a powerful tool for building and maintaining customer relationships. By creating educational, entertaining, or informative videos, businesses can connect with their customers on a deeper level and build a loyal following. This can lead to repeat business and positive word-of-mouth recommendations, both of which can contribute to the overall profitability of a business. Seeing the owner of a business regularly, instead of as a mysterious presence, creates a connection that will enhance repeat business.
There are many ways that businesses can incorporate video into their marketing and communication strategies, and the potential benefits are clear. From increasing conversions and sales to driving traffic and building customer relationships, video can be a highly profitable tool for businesses of all sizes. If you’re not already using video in your business, now is the time to start exploring the possibilities. Reach out to us to get a free consultation to get an idea of what you need.