Why Video Changes the Game for Customer Acquisition
You’re more apt to do business with someone you’ve got a good feeling about as opposed to someone for whom you have no feelings at all, right? Effective acquisition is all about creating a positive, familiar relationship with customers before they’re actually customers.
If you’re thinking that sounds tricky, it really doesn’t have to be. Seeding that “good feeling” among your leads can be as easy as implementing a video marketing strategy.
Benefits of Video Marketing for Customer Acquisition
Seeing is Believing
The magic of video, you see, lies in the fact that it can make the unknown seem familiar. It’s the same reason why people develop feelings for fictitious TV characters and why they cry at holiday commercials. Video makes it incredibly easy to develop and maintain a relationship with customers at the acquisition stage and beyond.
Scientifically it makes sense. Psychologist Albert Mehrabian found that 93% of communication pertaining to feelings and attitudes is done nonverbally. So when someone’s raving about a product or service they feel strongly about, anyone listening is going find more meaning in their body language (55%) and tone of voice (38%) than the literal meaning of their words (7%).
That’s why it’s so important to be multisensory in your approach to customer acquisition. When viewers are visually and aurally engaged with a brand’s messaging, even if it’s one they’ve never purchased from or worked with before, a connection is formed. And when viewers repeatedly see similarly toned video content from the same brand, that connection deepens to the point where they’ll feel like they already know and trust you by the time they’re ready to do business with you.
Using Video to Educate Consumers Before They Buy
An excellent example of this is product review videos. 60% of consumers say they will watch a video if given the opportunity, and 52% report they’re less likely to return a product after viewing a product video.
Similarly, research from the Aberdeen Group makes reference to the “hidden sales cycle,” or the new norm of customers educating themselves online before proceeding with a purchase.
They found that marketing assets containing video repeatedly outperform those that don’t – so much so that companies using video require 37% fewer website visitors to achieve the same results as companies not using video. Aberdeen also found a 19% lower cost-per-customer acquisition among companies using video, where the average cost is $93 per marketing-generated-lead. At companies who don’t use video, that cost jumps to $115 per lead.
These strong numbers go to show that video not only grabs attention, but effectively conveys information in a way that drives consumers to action.
Mastering the Share
Customer acquisition campaigns specifically modelled for social media can be liked and shared, increasing the number of potential customers they reach. According to data organized by One Productions, more than 3 in 4 people say they would share a branded video with friends if it was entertaining and more than 2 in 3 people say they would share a video if it was informative.
Facebook reports the number of videos posts per person has increased 75% globally and 94% in the US, and an average of 4 billion video views take place on the network each day accounting for 100 million total hours of video watched daily.
If you think that sounds impressive, look at Facebook video data from the past year. Between November 2015 and November 2016, Facebook has seen 3.1 trillion video views. That’s a 94% increase year-on-year.
From a video marketing standpoint, that engagement is coming from customers at all stages of a sales funnel, not just acquisition. The shareability of video allows your existing customers to do some very valuable leg work for you. If they watch a video and find it entertaining or informative, they’re sharing it with their networks which likely contain new leads. Not only is that video now making a brand introduction with strong content, it’s coming from an already trusted source – a social connection.
Cadbury took advantage of this approach when they sought to increase brand awareness and introduce a new line of novelty chocolates. They built a campaign that gave viewers an opportunity to take a quiz to find their personality “flavor match,” and then sent participants a Personalized Video explaining the results. 90% of the videos were viewed to completion and the campaign saw a 33% conversion rate thanks to a high level of social sharing and widespread engagement.
Because people are receptive to video advertising in their social feeds, and specifically on Facebook, the network has been rolling out new ways for brands to engage people with video content. Facebook Live has opened the door for companies to livestream special events, behind the scenes features, and other less formal roll outs. It’s letting potential customers to get to know a brand in an authentic-feeling way.
Idomoo’s Dynamic Video Ads and unique integration for Facebook are taking that authentic feeling a leap further by creating the opportunity for a personalized approach to video content. Dynamic Video Ads leverage Facebook’s targeting data to segment users into highly-specific audience groups based on demographic data, user behavior, preferences and more. It ensures the right video is shown to the right viewer seamlessly and at scale.
This means prospective customers can see different videos than existing customers, nurturing them further down the funnel with the most suitable types of content until they’re ready to act. The effectiveness of Dynamic Video Ads blows standard video out of the water. Idomoo’s integration has let advertisers benefit from Click-Through Rates that are 128% higher and View-Through Rates that are 400% higher.
Chances are, if you’re reading this article, you love your company and want others to feel the same way. Customer acquisition methodology should be as authentic, passionate and informative as the people who put their energy into making a brand as great as it is.
Video provides the best channel to convey the maximum amount of emotion and opportunity for connection. Here are some key points to keep in mind as you develop your customer acquisition strategy:
- Body language and intonation are crucial to establishing an emotional connection. Let your enthusiasm show through in your video content.
- Companies who use video on their website see a lower cost-per-customer acquisition ($93) vs companies who don’t ($115).
- Video is hugely popular and widely engaged with on social media. People are most apt to share content that is entertaining and informative.
- Facebook Dynamic Video Ads are seeing record engagement and can target viewers in a uniquely specific way. Consider a personalized approach to video for optimized lead nurturing.
To find out more about Idomoo’s easy-to-use Personalized Video as a Service Platform (PVaaS™) and how we can help you reach your customers and drive action, contact us below.