As a small business owner, you will have to don many hats throughout the lifetime of your business. From content creation to brand management, and everything else in between needs your utmost concern. For anyone, adding more elements to the mix may seem like a lot, especially when it’s a time-consuming and heavy-on-the-pocket process like video marketing. To do or not to do? You must definitely do it because its benefits are many for your business.
Thankfully, we’re past the stage when people used to hold up placards to let people know about their services. Now, social media and different content formats have simplified sharing and enlightening people about what’s happening in the market. Video marketing is one method that will always bring desired results and also save your resources, both time and money. 91% of businesses are testament to this fact that video is the best marketing tool.
7 ways video marketing helps small businesses financially
The financial impact of video marketing for small businesses is significant. From conversion rates to high SEO ranking and from better brand image to more customer retention rates, video marketing is your one-stop solution. The following ways are to measure the financial impact of videos on small businesses:
Build a trusted brand identity
Trust is the foundation for any business to thrive in the global market. For small businesses, it may take years to establish and prove their name. Many brand building strategies have to be put into work for the business to flourish and make its place in households, offices and in the lives of their customers.
To build a brand identity, it becomes important to leave a definite mark in the audience’s lives. Video is one effective way to create easy, digestible, memorable and engaging content. With video marketing and features like online video translator, companies can stand out from their competitors and build a strong brand identity.
Improve search engine rankings
Everyone on the internet uses search engines like Google to get a valid response for their queries and to know more about new businesses on the block. To achieve higher recognition on the world wide web, businesses need to reserve a spot on the topmost rankings on search results.
Advanced analytics and tools have helped new businesses to scale their performance on the internet. Content in video format is the best way to let web crawlers know in detail what the business and video is all about. This will be helpful in providing accurate answers to the audience and also reduce bounce rates.
Influence consumer behaviour
Looking back the past two years, we can safely say that the number of online customers has significantly gone up. From the way we work to the way we shop, everything has gone online. The rise of ecommerce has also increased the number of online shoppers, approximately 2.64 billion people as of 2023. For small businesses, the lifespan of their business depends on their increasing customer base and video marketing is one effective way to keep the numbers flowing in.
Videos are a great way to influence purchase patterns and create need in the customers’ lives. Convenience and competitive prices are the two key reasons driving people to shop online. With the compelling videos that justify their pricing, position, and everything else is to boost their overall revenue.
Better customer feedback and retention
Following closely to point number 3 is the influence of customer feedback and retention on the financial aspect of small businesses. Today, high-quality videos can be made with mobile phones and don’t require fancy or high-end equipment. Brands can request feedback in video form, moving away from the traditional questionnaires and surveys, to boost interaction between both parties.
Video marketing helps small businesses to forge strong relationships with customers by providing information and increasing emotional connections. People place more confidence on a product or service when a video is attached to it.
Grow audiences via email listing
Small businesses don’t have the freedom to splurge on their marketing. However, emails are the most economical way to advertise your brand, its offerings and build customer base. It’s a free tool that business owners must make use of, and its influence becomes more powerful when paired with video marketing methods.
Video, when incorporated into your email will see more keen readers as people tend to open emails that include visual aid. Don’t forget to always include a call-to-action at the end of your videos. This is your best way to encourage more shares and sign ups and grow your email listing and cashflow.
Establish brand connection and recall
Be it Facebook, Instagram, or any other social media channel, the content format that you see the most is video. Video content has more potential to be shared on social media, which thereby gives the brand more exposure and higher engagement. These factors help in building a brand connection with the current and potential customers.
Develop ROI tracking
Video marketing is one of the best ways to monitor and track the success rate of your marketing strategies. You can make adjustments accordingly and tweak metrics here and there to get the most returns out of your videos. With constant monitoring and analysis, you will soon be on the road to successfully creating videos that strike the right chord with your audience. By the end of the day, you’ll be making more profits than losses and that’s all you need.
The bigger picture on video marketing
There are innumerable benefits of video marketing, especially for small businesses. If you’re still holding back on using that camera or mobile for video recordings, then this is your sign to start using them.
By B Naomi Grace