Entrepreneur and video marketing pioneer Michael Litt sat down and acquainted us with the power of video and its connection to sales through his so-called “smarketing” strategy. Michael’s foresight in both tech and marketing enabled him to create VidYard, a software company that allows users to host customized videos and fully analyze those who watch them.
Why We Use Video
Litt first established the significance of video on the Internet today with a handful of quick stats. Seventy percent of B2B content marketers use video in their marketing mix and 60 percent believe video is the most effective tool they have. Visitors who watch video stay twice as long as those who do not, and video on landing pages can increase conversion by 80 percent. With 52 percent of consumers pointing to video as a confidence booster for online purchasing decisions, Litt believes that “the play button is the most compelling call to action on the web.”
Who is Using Video?
Seemingly everyone. According to Litt, 85 percent of Internet traffic is going to be video based by 2017 with consumers already watching up to six hours of internet video a day. Companies like Red Bull are employing video as a means to create content – not for selling energy drinks, but to align their brand with high adrenaline sports (which, in turn, sells energy drinks).
How Video Drives Sales
Video is only a successful marketing tool if it eventually leads to sales. Litt combines sales and marketing into “smarketing” and showcases this strategy with a conversion funnel graphic. The percentages on the right represent how much video content should be dedicated to a given stage while the bar on the left indicates which stages correlate with marketing qualified leads and sales qualified leads. As we move down the funnel, the length of the videos and the amount of user engagement should increase. It may be easy to follow, but this process requires an understanding of your customer base, and quality planning in order for the results (sales) to arrive.
What Video Looks Like
A video in the right place with the right intentions is all for naught if the content is not something worth watching. Future generations expect to sell and be sold through video, but their attention is only committed to what they really want to buy. The interest and learning stages, as a part of marketing, should be short and simple engagement videos that build awareness at the top. As we dive down the funnel, videos should provide a more in-depth look at the product, and more importantly the people who provide it. Litt encourages his team to star in the evaluation, justification, and pricing videos; consumers want to know whom they are buying from.
Regardless of what you are selling, incorporating video can and will enable you to reach today’s consumer in a more engaging and widespread manner. Incorporating software like VidYard allows you to see what consumers are watching and how they are watching in real time.
For more on how video can help your business watch the full interview here and give Michael a call on Clarity.fm.