It doesn’t matter what type of business you’re running; boosting your revenue likely holds a permanent position right at the top of your list of priorities.
According to one recent study conducted by Aberdeen, marketers who use video tend to see revenue growth at rates of about 49% higher than those who are still relying on older techniques like blog posts and white papers.
But this isn’t just because people love video content as a concept. Video, as a communication medium, brings it a wide range of different benefits that would be difficult (if not impossible) to replicate via other types of content.
In recent years, online video content seems to have dominated every channel of communication. And for good reason! Online videos are, as we’ll see, some of the most effective marketing tools available to you right now.
So let’s take a look at the five key ways that online video content can boost your revenue in particular that you’ll definitely want to pay attention to in 2019 and beyond.
1. Video gets to viewers’ hearts
The number one way to boost your business’ revenue is to sell more products and services, right? Of course – and video is perhaps the most powerful ally you have to that end.
According to Hubspot, 64% of people are more likely to buy your product or engage with your service after watching a video about it online. Therefore, a steady stream of online videos can quickly become the best fleet of salespeople you’ve ever had.
Let’s face it, no matter how hard we try to make rational decisions, in the end, emotions are the primary driver of our decision-making process. Part of this has to do with the fact that we understand complicated ideas better when they’re presented to us visually, sure.
But once again, convicting someone to part with their hard-earned money and make a purchase, lives and dies based on the emotion you create. Video marketing is absolutely leading the pack in that regard.
2. Video is an Opportunity to Build a Bridge to Your Customers
As a business owner, one of the core pillars of your success comes by way of your ability to explain to people not only what it is that you do, but how you do it and why those two things matter to someone’s life.
That naturally requires a certain amount of education on your part and to that end, video is second-to-none. Video can convey all of the same information that a white paper could, for example, but it can do it A) in a far more compelling way, and B) in a fraction of the time.
You can “show, not tell” someone why your product or service is so important, and illustrate what a meaningful impact it will have on someone’s life. So not only will people understand your brand better, but they’ll also begin their relationship with it farther down the sales funnel than they otherwise would.
3. Video Has a Dramatic Positive Impact on Your SEO
One of the major ways that online video content can help boost your business’ revenue has less to do with the video itself and more to do with that content’s impact on the rest of your marketing campaign.
Regardless of what type of campaign you’re running, Search Engine Optimization (SEO) is undeniably important. Based on that, you should know that video is literally 50 times more likely to generate organic page ranks in an engine like Google than plain text content alone.
That’s mostly because the competition for online video content is so much less than the competition for blog posts and other types of content.
In other words, the type of videos you might be uploading to a VOD platform (like YouTube) or other similar services have a much better chance to rank higher in Google (and create more awareness and revenue) than blogs, even if those two things are essentially saying the exact same thing.
4. Video Can Unlock Powerful New Revenue Streams
Another reason why online video content matters so much in the modern era is that the format itself is incredibly malleable. Yes, it’s an effective way to expand your digital marketing efforts. But if you play your cards right, that same video content can quickly become a new “product” for you to offer in and of itself.
Launching your own subscription video-on-demand platform can be a great, easy way to branch out into a new market. You could offer regular videos featuring interviews with industry thought leaders and influencers, or you could start your own series of instructional videos on the topics that matter most to your audience members. You could even launch a knowledge hub for your customers, and educate them on how they can best use your products and services to become more successful.
The more people who sign up for your OTT service, the more brand exposure you generate. So not only do you boost your revenue by creating a new stream to capitalize on, but that also bleeds into your original products and services as well.
5. Video Opens Up a Bold New Era of Social Marketing
Finally and perhaps most importantly, video content is by far one of the most effective ways to take full advantage of the social media revolution that is going on all around us.
Not only does video give you the opportunity to show people what it feels like to be one of your customers in an authentic and engaging way, but assets like customer testimonials generate massive results on sites like Facebook and Twitter. Video content is shared more frequently than nearly any other type, potentially exposing your business to a brave new world of prospects that you might not otherwise have access to.
Filming customer video testimonials and using them on your product landing pages, allows you to easily create more satisfied customers, and boost your conversion rates! You can even repurpose your video content, and fuel your email marketing campaign. The possibilities are endless, and that’s exactly the power of online video.
At that point, the momentum you’ve been able to create will build upon itself in the best possible way. All of that energy feeds right back into your business, thus boosting your revenue almost instantly.
Creating the type of content that your online audience is dying to consume is as simple as stepping in front of a camera, and hitting the record button.
By now, any of the above-mentioned factors should have proven to you that video content is more than a worthwhile investment in our modern era.
But taken together, it’s easy to see why online video content has become one of the preferred types of content that marketers are leveraging these days. The content is very flexible, and you can repurpose it for your other marketing campaigns, as well as the fact that it’s very easy to get started with, it’s infinitely compelling and if you can generate even a fraction of the results that a lot of successful marketers are now enjoying, boosting your revenue won’t be something you have to worry about any longer.