In the last few months, businesses have become more reliant than ever on their 2 year digital strategy. Without wanting to sound too dramatic, it may be the deciding factor in whether a company make it through the tougher times ahead. The unprecedented barriers to face-to-face business, pose an enormous challenge and now is the time to rise to that challenge. Key to resilience and growth is the development of ongoing contingencies to militate against this loss or total failure.
Many companies have relied on face-to-face communications to build trust with their customers. For smaller businesses especially, used to getting new customers through word-of-mouth referrals then their loss in business will come as a shock. This does not necessarily have to change but the approach to achieve this may need to be adapted.
Larger companies are also now finding themselves in the position of large loss and won’t be able to get back the hours of time and expense spent on preparations and anticipated revenue for this year. We are seeing these companies rapidly adapting their procedures and even products to remain buoyant. Formulae 1 teams designing and making ventilators for example.
Digital video is likely to be the clear winner here for businesses that need to move into social marketing, content marketing, SEO and new product campaigns. Estate Agents have already seen this opportunity and videos will definitely be being used as an industry standard in the future.
"There is nothing fails like success" and that is truer now than ever. This means there’s opportunities out there for the taking! A key factor in resilience is adaptability. Waiting for everything just to 'get back to normal' may simply not be a viable option.
Top 10 Video Marketing Stats for 2020 (pre Covid-19)
These statistics were published prior to the current pandemic some may be more relevant and higher now. The statistics below are divided into three sections: social platforms, a word from other marketers, and users.
On Social Platforms:
1. LinkedIn users are 20x more likely to share a video than any other type of post on the platform.
2. YouTube and Facebook are the most widely used platforms for video marketing by businesses
3. 90% of shoppers have discovered a new brand or product through YouTube
A Word from Other Marketers:
4. 92% of marketers who use video say it’s an important part of their marketing strategy
5. 95% of video marketers are planning to increase their ad spend
6. 51% of marketing professionals worldwide named video as the type of content with the best ROI
7. 87% of marketers stated videos increased website traffic
8. 72% of customers prefer learning about a product or service through a video
9. 66% of teenagers (users between the ages of 13 to 19) watch video content everyday
10. 84% of users were convinced about buying a product or service after watching a brand’s video
If it’s standard in your industry to go out and meet new customers face-to-face, you need to be doing something differently and thinking about this now. Adapting may mean opening new video channels over web or social media platforms where you can introduce your business and put a personable face to your company. In the new state of normality, clients may be less open to the idea of letting you walk through the door and shake their hand! No-one really can say how long this will last and how this will lead to longer-term changes but you need to be thinking about it now.
Scott Jones, CEO of 123 Internet Group, “We are in uncertain times, but with the increase of remote working and a collaborative approach, companies are turning to digital channels and embracing the transformation. We have seen a real spike during the last few weeks from companies wishing to create or update websites, launch new e-commerce channels and create social media campaigns focused on home-workers and a real focus on using influencers and SEO to reach new audiences.”
If your organisation previously put token efforts into digital channels now is the time to revisit them. That could be as simple as giving your website and social pages a refresh, or a more innovative approach.
Ratnesh Singh, head of global business at Buzznation, “There’s a window of opportunity here – when things are back to normal budgets will be going back into live events and that’s what they will be spending their time on. But if they see the benefits and opportunities that digital channels can offer, this will become part of their long-term marketing contingency plans.”
It’s certainly true that the coming weeks, months, or years – will be a challenging time for any company that isn’t ready to think about how they will replace previous opportunities that have now been lost. If a businesses approach shifts to a more digital marketing strategically and could carry on providing long-term value when the world eventually gets back to normal. This would also give companies more resilient to deal with any future pandemics.
If you are interested to find out more on how Burton Media can support you and your business to make video marketing films, please don’t hesitate to get in touch. To see Burton Media corporate services click here