30 Jan Video For Small Business: 6 Reasons Why Now Is The Right Time
Adding video into your overall marketing strategy may seem an intimidating challenge for many small business owners. Here are six reasons why video for small business is now more accessible, affordable and effective than ever.
1. Generation of big spenders
Millennials or Generation Y (people born between 1980 and 2000) will collectively spend more than any other demographic over their lifetimes. Millennials love video content and not just for entertainment but also to learn about companies and to make purchase decisions. In fact, they’re 85% more likely than baby boomers to purchase a product or service if they can watch a video explaining it beforehand (Source: Animoto).
2. Video Production Costs at an all time low
There’s a common misconception that producing video content is an overly expensive exercise – the truth is that professional looking video content is now affordable for businesses of any size. Professional video production equipment such as cinema cameras and editing software are now available to the mainstream at a fraction of the cost. Just add a great idea with some motivation and your business will soon begin to attract a much wider audience.
3. Engagement at an all time high
Video engagement has increased dramatically with the average daily video views on Facebook doubling from 4 billion views per day to 8 billion views per day between April 2015 and November 2015 (Source: TechCrunch). By the end of 2016 people around the world will be spending on average almost 1 hour a day watching online video and more than half of these people will be on doing so on a mobile device (Source: ZenithOptimedia).
4. Create your own Distribution Network
It’s never been easier for small businesses to produce video content and distribute directly to their target audience. Television commercials do not have the same cut through as they once did. We are in the generation of on-demand content streaming (e.g. Netflix, Quickflix, Stan, Foxtel Play & Presto), so we no longer need to be interrupted by someone trying to sell us something. However, video content posted directly to social media channels such as Facebook, Twitter and Instagram are experiencing unprecedented levels of engagement.
5. Return On Investment (ROI) easier to measure
For small businesses ROI is essential. Advancements in monitoring key metrics within social media platforms (e.g. Facebook & Twitter) and video hosting sites (e.g. YouTube & Vimeo) is making it easier than ever to measure success. Being able to see what people watch, how long they are watching, and the moment they take action is crucial to your marketing efforts.
6. Virtual Reality has arrived
Virtual Reality opens up a whole new way of engaging with your audience. 360 degree video and photography will further enhance the consumer experience and to ignore the impending VR wave will be at your peril. Smart businesses need to develop an understanding of how this new technology can be used within the context of their own business. Virtual Reality should be viewed as an opportunity and a fantastic way to make your business stand out in a crowd.
Effective video makes your business more authentic, trustworthy, interesting and current. Media and technology are constantly evolving and to be at the forefront of this will ensure your business has a long lasting future.
Don’t be left behind.