Double Your Close Rate And Lop 25% Off The Back Of Your Sales Cycle With Video
The stats are in and they show that video marketing drives results. Here are a handful of data points courtesy of the WordStream blog to help you get your head around why you need video to be part of your sales and marketing experience:
- YouTube has more than a billion users, accounting for almost one-third of total internet users
- 45% of people watch more than an hour of Facebook or YouTube videos each week
- More than 500 million hours of videos are watched on YouTube each day
- One-third of online activity is spent watching video
- The 25-34 (millennial) age group watches the most online videos, with men spending 40% more time watching videos on the internet than women
Here are some more data points:
- 92% of mobile video viewers share videos with others
- 51% of marketing professionals worldwide name video as the type of content with the best ROI
- 59% of executives agree that if both text and video are available on the same topic, they are more likely to choose video
- Social video generates 1200% more shares than text and images combined
- The average conversion rate for websites using video is 8%, compared to 2.9% for those that don’t use video
- Having a video on a landing page makes it 53% more likely to show up on page 1 of the SERP
- 46% of users act after viewing an ad
- An initial email with a video receives a 96% higher click-through rate
- Video attracts two to three times as many monthly visitors
- Blog posts incorporating video attract 3x as many inbound links as blog posts without video
- Combining video with full-page ads boosts engagement by 22%
Having video assets designed strategically into your marketing and included in the sales process adds quantitative value to your ability to generate leads and close new customers. Here’s how to use video in your sales process to close more business and shorten your sales cycle.
Use Video To Integrate Advocacy Into Your Sales Process
Almost every sales process includes references. Your prospects don’t believe you and they barely trust you, so they must talk to other people like them. Thus, the request for references.
If you had video assets to deliver during the sales process that provided contextual testimonials from current prospects, you’d dramatically reduce the requests for references and you’d dramatically shorten your sales cycle.
For example, how powerful would it be for you to proactively send two or three video testimonials all through the sales process in context to the issues or challenges your prospect was facing? Let’s say that a prospect expresses concern about your ability to create a custom configuration that matches their highly technical specifications.
Of course, your sales team assuages their concerns with stories on how you’ve done this many times in the past. But then, as soon as the call is finished, your sales rep sends a video with a current customer talking about what you did to help them with their specs and how the final project worked out. In addition, the current customer volunteers to speak with your prospect at their convenience. Wow, right? This is the kind of experience you need to be building.
Use Video To Explain Complex Concepts
Your business likely has complexities, especially in the way you deliver your product or service. Sometimes, those complexities are difficult for sales reps to consistently explain in a way that makes prospects feel safe.
A solid video marketing strategy includes using video to help ensure your story gets delivered consistently regardless of rep, regardless of situation and regardless of timing. By having one video, every prospect gets the same story every time. By story, I mean story. Videos you produce have to be stories with a beginning, middle and end. The stories must feature your customers or prospects as the hero, not you, your company or your products. If you make the prospect the hero, you’ll close the deal much more frequently.
Use Video To Replace Demos
I know all of the software and tech marketers love your demos, but demos are where a lot of sales opportunities go to die. What do I mean? Simply put, demos almost always leave the prospect confused, uncertain and nervous.
Why? Because it involves a lot of clicking around, it almost never goes perfectly, excuses are created when it doesn’t work easily, prospects can’t follow as well as your technical team (which is doing the demo) and they don’t ask all of their questions because they don’t want to look uninformed. I could go on and on. The goal of the sales process is to make a prospect feel safe, and demos almost always make it worse. I was just on one today, and it was a monumental fail.
Instead, consider this approach. Collect the top 10 challenges facing prospects who would buy your software. Then package up a scripted demo of exactly how the software solves those specific challenges.
If you have 10 challenges, then you have 10 videos with clean, short and succinct demos of only that feature or function. You can enhance the video with zoom-ins and descriptive content over the actual screenshots. You can slow down the clicks so people can follow. You can add a survey at the end to ask whether the video answered prospects’ questions. This provides a much better experience.
Better yet, salespeople can use these videos to show the tools to their clients without having to schedule an hour-long demo that rarely goes as expected.
Track And Test The Performance Of Video
As with all marketing and sales tools, video has a goal. You need to create the goal and track it monthly. Those metrics could be views, clicks or conversions. If you want to use video to generate leads, make sure you have a dedicated landing page and a compelling offer at the end of the video. You can then track visits to the landing page and conversions on that landing page, and attribute those metrics to the video that drove people to the page.
Video assets are going to enhance the entire click-to-close experience. People visiting your website will get an enhanced experience, people participating in your sales process will get a more remarkable experience and it’s going to help you attract more visitors to your website, convert more visitors into leads and close more new customers.
While we didn’t dig into production-related challenges associated with video (i.e., can I produce a video on my iPhone?), the short answer around production is some video is better than no video. I’ll also tell you that the most important aspect of video is the sound. If the prospect can’t hear what you’re trying to say because the sound quality is poor, that won’t cut it. But whether you use an iPhone or an expensive camera doesn’t seem to matter much when it comes to results.
Instead of not doing it because you don’t have a video budget or you don’t have a high-end video production company, our advice is to get something done, get it out and then look to upgrade it over time.
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Posted By Author Mike Lieberman, CEO and Chief Revenue Scientist
Mike is the CEO and Chief Revenue Scientist at Square 2. He is passionate about helping people turn their ordinary businesses into businesses people talk about. For more than 25 years, Mike has been working hand-in-hand with CEOs and marketing and sales executives to help them create strategic revenue growth plans, compelling marketing strategies and remarkable sales processes that shorten the sales cycle and increase close rates.