Video is a highly effective content marketing vehicle and is continuing to increase in popularity and importance. Part of its phenomenal rise is due to the rapid adoption of social media channels both by the individual and the corporate entity.
These statistics reported by smartinsights.com demonstrate the high-profile nature of video and its traction in driving customer conversions and increasing sales numbers.
97% of all marketers believe that video helps customers understand products.
92% of brand marketers state that video will form an integral part of their digital marketing strategy in 2021.
88% of marketers value the ROI that video marketing brings to their overall marketing spend.
In 2021, the average person will spend about 100 minutes per day watching online videos.
Furthermore, Jonathan Barnard, Head of Forecasting at Zenith, noted that these trends indicate that “the consumption of online video is growing rapidly, and the average person will spend half as much time viewing online video as they spend viewing conventional television.” Additionally, the demand for online video fuels rapid growth in the video marketing industry, “making online video the fastest-growing digital channel by advertising expenditure.”
Now that we understand the role video will play in 2021, let’s look at five of the most powerful uses of video marketing.
1. Product videos
Product videos are created with the sole aim of putting the spotlight on a new product that is about to make its debut or a specific feature of an existing product. They are similar to an explainer video. However, the focus on a product’s features rather than how to use the product. In fact, video experts at Spiel believe that product videos are integral to a successful digital marketing strategy for any business.
In other words, if consumers do not know what products the company has for sale, they won’t buy any of these products. Therefore, it is essential for brand marketers and product managers to prioritize creating and publishing of product videos to educate the consumer, drive customer conversions, and increase sales numbers.
2. Corporate videos
Corporate videos play a fundamental role in informing stakeholders, clients, and investors who your company is, its ethos, culture, and goals, and how the company plans to achieve these goals. These videos are non-product-related and are not designed to be direct marketing videos. Instead, they are documentary videos designed to focus on why it is worth investing in or getting involved with the company.
Corporate videos are also used as recruitment tools, designed to attract like-minded talent or future employees. Their value as part of the overall digital marketing strategy is that they are non-advertising. They will reach a part of their target audience who will support a brand based on the ethos, mission, and company culture. Lastly, corporate videos also play a significant role in highlighting the company’s social responsibility programs. Consumers want to know what the company is doing to give back to the community, whether they subscribe to the Fair-Trade ethos, and whether they are using sustainable raw materials that are not harmful to the environment.
3. Explainer videos
Wordstream.com defines explainer videos as “short online marketing videos used to explain your company’s product or service.” They are often placed on a website’s landing page or product page and are designed to encourage the website’s user into the sales funnel and to fulfill the page’s CTA (Call-to-Action) by purchasing the product.
It is important to note that these videos have become exceptionally popular and are responsible for increasing customer conversion rates by as much as 144%.
There are essentially three types of explainer videos:
Whiteboard videos are where a whiteboard is used to hand-draw simple animations that explain the video’s core theme.
Animation videos are the most popular type of explainer video. They are the most popular for describing services or tech products. They are creative and can easily be updated or edited as your services or products are expanded.
Live-action videos are non-promotional videos that explain your business’s products or services. Companies usually use them to sell “physical products or a people-oriented service.” Having a physical person as the main focus of this video creates an emotional connection between the viewer and the product.
4. Testimonial videos
One of the best ways to encourage prospective customers to purchase your products, especially the high-end tech products, is to create a testimonial video where existing clients discuss how this product has solved challenges they had before purchasing your product or service.
There are three rules or “must-dos” to ensure that these videos are successful.
The video must not only be authentic, but it must feel authentic.
The video must be interesting and engaging, especially at the start of the video. Otherwise, the viewer will not finish watching the video.
This testimonial video must be relevant and solve a particular pain point that the viewer or prospective customer has. In other words, the testimonial must inform or help the consumer decide that the product will add value to their business model.
It is worth noting that a testimonial video is often the final touch that closes the deal. Unfortunately, the counterweight to this is that a video that is not authentic, informative, and relevant will do more harm than good and drive away prospective sales rather than encourage potential buyers to purchase the product or service.
5. How-to videos
These videos are similar to explainer videos. However, the fundamental difference between them is that the how-to video explains how to use a product rather than describe a product’s features. By quickly explaining the optimal way to use the product, you increase customer satisfaction and drive up the product’s sales figures. Succinctly stated, if a customer knows how to use a product before buying it, there is a greater chance that the sale will go through.
These videos are particularly valuable for B2B clients where how to use a cloud-based tech product or service is explained or how to use a particular machine for a machine shop’s production line.