Stop losing money…use video.

While statistics might make your eyes roll back in your head like they do mine they’re a necessary part of understanding your marketing efforts…and they help make accurate predictions about the effect on the bottom line. Michael Foucault in his post below addresses the most important reasons why video helps engage and keep potential clients and the stats to back that up.

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While personal contact and word-of-mouth will always be the strongest connection makers who can afford to ignore all the people who go to your website first and decide about you then and there?

Original Link: Warning: You’re Losing Money by Not Using Video Marketing
Sep 9, 2015

It’s not just a click bait title, you actually are losing out if you’re not marketing your business with video.

Here are the 2 big reasons you’re losing money by not utilizing video marketing.

1. You’re behind your competition
57% of marketers are using video in their marketing. 72% want to learn more or plan on increasing the use of video. Over half of the people in this study from social media examiner are already using video. So if you aren’t using video you are already behind, and there is a good chance your competition is one of the 57% already reaching customers with video, and they’re reaching your customers.

Being behind your competition and them reaching out to your customers is obviously not ideal for business and great way to lose money.

2. Customers aren’t interested
Video on your website or social media will engage your customers, which will keep them on your site longer, it will grow interest, it will inform them on your business or product and it will shorten the sales cycle.

Keeping customers on your site is a good thing it’s the same as keeping them in your store, the longer they are there the more they are likely to convert. When I started using video, in a 6 month time frame my web statistics had improved 57% and that included a 141% increase in “time on site” and a 47% decrease in “bounce rate” That’s the power of video on your web stats.

Video makes customers more likely to buy. According to ComScore it makes customers 64% more likely to purchase after finishing a video. If that’s not enough Reelseo states that a homepage video is likely to increase conversion rates up to 20%! what would a 20% increase in conversions mean for your bottom line? How about an 80% increase in conversions? Unbounce says that using video on a landing page can increase conversions to 80%. If you don’t have video it’s costing you money, lots of it. Video is so great at conversion, 52% of consumers say that watching product videos makes them more confident in online purchase decisions. Video makes consumers more confident thus more likely to buy, it impressively increases conversion rates, and it gets your competitors business.

The numbers are there and they look great. “But will video really work for me?” you might ask. Yes, now I may be an anomaly when it comes to using and sharing video online, it’s not something I do often as part of my normal web surfing experience. Today I ran across a company’s web video on YouTube (one of the top 3 search engines in the world also owned by google) I watched the video, all 2 min and 13 seconds of it. I was hooked, by the end of the video I was jazzed up about the product and the company, I loved it. I looked through the website, looked at products, and watched product videos, added products to my cart. Got up showed my wife the video, and immediately shared it on Facebook. I became a mini brand advocate and I haven’t even purchased anything, but when I’m ready to purchase there is no doubt I will be going with them. This is what video does for your company, and this is why it’s so important.

“But Mike, video is so expensive, can I really afford it?” How can you not? Video offers a chance at 20% conversion rates, even if you hit half that, what would a 10% increase mean to you? With video becoming more reasonable in price you will see your ROI quicker. In fact 52% of worldwide marketers say that video is the content with the best ROI. You only need 1 good video to start seeing an improvement and getting your money back.

Don’t lose any more money not reaching your customers and letting your competition beat you. Get ahead of the pack while you still can and tell the world your story with video, and make some more money doing it.