In today’s increasingly centralized online market, more and more entrepreneur’s have been driven to starting their own companies to cash in on the action. Yet despite a wealth of online services and research materials, many of these businesses struggle to turn a profit and fold soon after being created. Of all startups, 25% don’t make it through the first year, and 50% of those fail within the first five years. Ensuring the longevity of a startup requires a tremendous amount of dedication and effective marketing.
There are many reasons why Tech startups are especially prone to failure. Forbes contributor Yan Revzin suggests that the most common reason for a tech startup’s failure is a product/service released without adequate testing. Revzin refers to Airtime, a startup which offered a video chat service but failed two years after launch due to programming bugs.
However this only part of the story, even a well tested product is worthless if it isn’t marketed right. Once you have your product/service firmly designed and tested, you’ll need to make sure your marketing is in check. A strong digital marketing strategy (or lack thereof) can make or break your chances to engage with your target audience. The secret incredient to such a digital marketing strategy is video content.
Why You Need to Incorporate Video into Your Digital Marketing Strategy
Anyone paying attention to digtal marketing will have recognized that video content marketing has become a force to be reckoned with in the past few years. In fact, adding a video to your website increases your chances of landing a first page Google result by 50! Search engines recognise that video content is extremely important to consumers and prioritize sites that incorporate video marketing into their outreach strategy.
However, even when setting aside the importance of SEO, videos are a fantastic way to engage your target audience as well. Kickstarter demonstrates the reach of video on its website commenting “If you’re like us, the first thing you do when visiting a project page is click play. Projects with videos succeed at a much higher rate than those without (50% vs 30%).”
The reason is that video content blends information and insight into a compelling and engaging format. Even a low budget video is much more engaging than the most flawless sales pitch. As Kickstarter implies, visitors to your site can simply press play and find out more about your company. In fact, a viewers’ understanding of a company’s product tends to increase by 74% when they watch video instead of reading text.
The reason why video content is much more easier to take in is that it is a low investment form of media. All a user needs to do is click play and they can sit back and take in your brand message and service offering. The ease of consumption delivered by video content has meant that 4 times as many people would rather watch a video about a product than read about it.
In practice this results in more conversions and email click-throughs. Vidyard indicates that the average conversion rate of websites using video is 1.9% higher than those without, and simply putting the word “video” in email subject lines increases open rates by 7-13%. This indicates that video content function as an effective form of outreach as well.
Employing a content marketing strategy with videos is also great and low entry way to situate yourself on the Internet’s second largest search engine: YouTube. Releasing videos on your own site, and on social media sites alongside YouTube is a great way to maximize your potential reach. Releasing regular video content not only captivates viewers but helps to feature you in more social feeds.
Video Content Delivers Solid ROI
Above all, video marketing provides a high ROI. Its widely acknowledged that marketers who use video grow revenue 49% faster than those who don’t. 87% of marketers have had a positive ROI with digital video in the past and its easy to see why. Even the most cash strapped startup can still deploy an effective video marketing strategy without breaking the bank. For brands that seek to increase their reach and connection with customers, video content is an absolute necessity.
A video offers ample opportunity to tell a story and build a stronger brand identity to connect with a wider audience. The more you connect with your consumers and get your brand values out there, the more you communicate your value. A stronger online presence will increase customer engagement and inevitably, drive them to make a purchase.