When you prepared your marketing budget for the current fiscal year, no doubt it was shaped by your objectives to drive traffic and convert those visits to sales. These traffic driving activities can be costly if you are not converting so it's essential that your website is engaging.
In order to ensure strong returns on these investments, making sure your traffic converts must be the focus of your strategy. Digital marketing allows you to measure your ROI with 100% accuracy so there is no where to hide. If you are not converting your traffic your ROI will be poor and the you will have to explain why.
Online video is the most powerful marketing tool you can use to increase your site's conversion rate. In this article I am going to share some examples on how video has positively benefitted three separate businesses in ways you may not have considered.
Using Video to Reduce Returns & Increase Satisfaction
For online retailers, once the user has completed a purchase and checked out, the last thing you want happening a week later is having the product returned. You can significantly reduce returns by using video to merchandise your product.
Using Video to Increase Conversion Rates
Using Video to Better Inform the Potential Buyer
Another example of how video has benefited the bottom line is in pre-sales enquires. After adding product videos, Luzern OUTLET experienced a 30% drop in pre-sales customer inquiries. As a result Luzern OUTLET have reduced call center costs as video is now providing visitors with a richer experience, and thus are not feel compelled to make a call inquiring about the product before making the purchase. This is also supported with a 20% increase in product sales over the same period! See one of their product videos below.
How to Select the Right Online Video Platform for Your Business?
If you are ready to include video as part of your video strategy you will need to find an online video platform (OVP) thats right for you. Here is a getting started guide on what you need to know when selecting a video platform to meet your companies needs.
1.) Know Your Requirements
There are many OVPs to choose from so it's important to select the one that meets your business's needs. For example, some OVP's market themselves to large media organisations and as such have tools and features targeted to meet the demands of that profile. So create a list of your core requirements. Keep it short . This will help you create your short list of potential OVPs to choose from.
Here is an example list made by a online business selling toys:
- HTML5 Support (iOS support)
- Video Playlists
- Custom Unbranded Player with CTA links (Call To Action)
- Bulk Video Uploading
- Video Analytics
2.) Compare Costs and Subscription Terms
Once you have narrowed down your list to three OVP's, create a spreadsheet to compare the costs of each. This allows you to then rank each one by price. Also take into consideration the term of the subscription. Most OVP's offer a monthly plan, which provides you with more flexibility so that you are not tied into a 12-month contract. If you are happy to commit to an annual subscription, then make sure you receive a discount.
3.) Test Customer Support
Most OVP's offer a Trial period. Use this time to test out their features and platform but also test their customer support response times. Submit a ticket or call the support line. Then grade each OVP based on the response time and level of competence. The level of support you receive while on trial is indicative of what you can expect once you upgrade to a paid package.
4.) Ask Others
After you have created your short list based on your requirements and graded each one based on price and customer support, you need to conduct some due diligence.
Find out what others users have to say about them. Here are two tips on how to quickly do this. First, search Twitter by typing in the name of the OVP and see what others are saying about them. Second thing to do is a simple Google search "OVP name + review' More often than not you will see results that have real unbiased customer reviews.
Online video is a very powerful marketing tool for increasing your profits, your sales conversion and overall customer satisfaction. If you follow the steps outlined you will find the right OVP for your business.