If you're like most business owners, you're always looking for new and innovative ways to attract and retain customers.
And if you're not yet using video marketing, you're missing out on a powerful tool that can help you achieve those goals.
This post will explore some of the top reasons why video content is so vital to customer retention. After all, it costs six to seven times more to attract a new customer than to keep an existing one.
So read on to find out why it's time to start using video in your marketing efforts!
Why Should Your Business Worry About Customer Retention?
More than half of all businesses in the US will close their doors before they even make it to five years. Why?
There are plenty of reasons, but businesses underestimate the importance of customer acquisition and retention, which provides a cycle that is hard to break.
Recapturing lost customers is about 3 times more expensive than retaining existing ones with the same lifetime value. Understanding precisely what drives them away can make or break a company over time, but most businesses don't know the answer.
It's undeniable that most companies can't grow without new customers coming in the door. Still, you might be surprised at how significantly slower growth happens when your company doesn't have recurring revenue from loyal customers.
They invest more in brand recognition with advertisements and discounts to bring in "walk-in" customers.
However, it also costs them more long-term customer acquisition because each new customer has a higher lifetime value due to being more loyal and paying off any pre-sale investment.
As a business, it's important to focus on customer retention. One of the best ways to retain customers is through video marketing.
How Does Video Marketing Increase Customer Retention?
Video marketing has become a vital tool that businesses need in this digital age. With video, you can tell your story and offer demonstrations of products and services to customers on their screens.
But what is the true value of personalized video marketing? Why should we invest in it for our business?
Video marketing has increased website traffic by up to 50% and generated an average ROI (return on investment).
Video also offers increased conversion rates compared with other forms of content such as articles or photos.
For small-to-medium-sized companies, video can be used as a powerful customer retention strategy because it allows them to connect with their customers in new ways and share product updates more interactively.
Video ads are changing the way we market. It's more engaging, personal and memorable than any other form of advertising. We know this because videos are watched hundreds of millions of hours per day on Facebook alone!
Video marketing helps you build trust with your audience by showing how your company makes people feel - especially when your product or service solves their problems.
With video, you can show real customer testimonials, behind-the-scenes footage, and even live events to help them see what they're missing out on if they don't buy from you today.
Also Read: 10 Genius Personalized Video Marketing Examples You Need To See
Looking to Increase Customer Retention? Video Marketing Might Be the Answer
Consider it in this light. Would you choose the buddy with whom you frequently speak, who adds value to your life and with whom you have a strong relationship, or would you pick the friend who hasn't spoken to you in years but has no idea what they're up to these days?
Video marketing is the greatest and most successful channel for businesses to develop connections, share knowledge, and distribute resources.
Videoform is an interactive video production platform that's meant to help businesses utilize the power of interactive videos.
You can create your professional, engaging, and creative content on this site with one click using templates or built-in tools such as sliders; then customize it for each customer by asking them questions about what they want in their Videoform first!
3 Ways To Use Video Marketing For Customer Retention Strategies
1. Share Brand Announcements
Sharing your brand announcements with video is a way to create excitement and interest in the announcement and give you more reach than just a static image.
And yet, many brands ignore this opportunity that's tailor-made for them.
Brands that use video as their sole form of communication have the edge over those using only text and images.
Video provides a higher degree of engagement because it can be picked up by users quicker, giving them more time to see what's happening.
2. Product Demonstration
Product demonstrations with videos are an excellent way to help consumers understand the features of your products.
Unfortunately, it is often difficult for the average purchaser to conceptualize what they buy before seeing it.
Demonstration videos answer that problem by showcasing how the products work, their benefits, and exploring different applications.
A video can show a customer exactly what they want to know before making their decision, which will result in higher conversion rates and greater word-of-mouth marketing.
The best part? You can post product demonstrations on the Videoform platform itself, full of new features!
3. Form Emotional Connection with Video
Today's customers are connected, informed, and empowered. Therefore, we need to strategize content that engages them to connect emotionally with potential customers.
This can be done by posting a video testimonial of a customer. Your customer needs to understand how your product solves the problem before making the purchase decision.
And today's best marketing content is a video! Visual storytelling engages attention spans more than any other form of marketing content, creating an emotional connection quicker before asking for conversion at the end of your advertorial process!
Video marketing is an important part of any customer retention strategy.
It helps to create emotional connections with your customers, but it also increases the likelihood that they will purchase from you in the future.
If one thing should be clear by now, it's this: video marketing needs to be a key component of your overall digital marketing plan for 2022 and beyond if you want to maintain or increase sales over time.
Don't let yourself fall behind on what's working best today - get ahead with Videoform!