One of the most common questions marketers ask when it comes to implementing a video strategy is, “how much revenue will it generate?” At the end of the day that’s really what matters the most. In fact it’s more important than ever because video content creation is expensive when compared to other content types, but if implemented correctly can reap huge rewards and show the most ROI.
To get an idea of how effective online video marketing can be for your organization let’s take a look at some of the numbers and the benefits that come along with them. Thanks to our friends over at HubSpot and their research we have a good idea of video marketing efficacy. Check out these stats:
- Embedding a video on a campaign landing page can increase conversion rates by up to 80%
- People that view video content via mobile are 92% more likely to share that content (easier to share things via mobile).
- Consumers are 64% more likely to make a purchase after watching a video online
- 80% of video consumers can recall the specifics of a video that they’ve seen within the last 30 days.
We know that the opportunity cost of not implementing a video strategy can have drastic negative effects. The first obstacle to overcome is cost, this is what most marketers or budget approvers will be concerned with. Production is expensive and YouTube is free, so why invest in a video marketing platform? Well if you don’t then you’re likely to be left behind, here’s what we mean:
- SEO rankings will be stagnant and missed opportunity with video thumbnails
- Unable to connect with your audience in an engaging format
- Website and form conversion rates will hover around industry averages
- You will be less likely to captivate executive decision makers
Now that you know the numbers see if you can build your own ROI calculator and set KPIs to share with your team. If you align video with your marketing goals such as increasing conversion, or prospect or customer influence then you will get a sense of how much revenue was generated by your video marketing efforts. You can also configure video to sit within your tech stack making it easy to track specific individuals who have watched video and when they purchase the amount of revenue influenced by each video view. Now go out there and generate revenue with your videos!