According to the Statista Research Department, Facebook is the largest social media network with roughly 2.89 billion monthly active users. This data corresponds to the second quarter of 2021. Further, research by Buzzsumo states that video happens to be the best performing post type and generates 59% more engagement than other content formats.
Therefore, it is a no-brainer why more and more businesses incorporate video marketing in their content strategies. Video marketing gets businesses a good ROI, facilitates lead generation, and results in increased traffic.
While large-scale businesses can experiment with different marketing strategies and gauge what works or does not work for them- most startups cannot. They face infrastructural and financial bottlenecks that keep them from marketing their products and services like other businesses in the industry with years and years of experience.
1. Avoid Going Overboard
One of the biggest constraints that startups have to deal with is in terms of resources. They can neither deploy a big marketing team nor spend generously advertising. Kipp Bodnar, CMO of HubSpot, highlighted the tradeoff faced by startups in this regard. Bodnar points out that due to constrained resources, these businesses are unable to implement their marketing strategies effectively.
In an attempt to explore and leverage multiple channels for promotion, they either produce substandard content or compromise on quality-inevitably leading to poor results.
This brings us to the first video marketing tip for startups- focus on one or two social media platforms for video marketing. In an attempt to attract potential customers through multiple channels, you might end up with a lesser number than you would have had otherwise.
Focus on analyzing where you are most likely to get your target audience and zero in on the top one or two platforms accordingly.
2. Market Your USP Creatively
As a startup, lack of brand recognition is another hindrance to growth. For your target customers to find you in a progressively growing market, the chances are very lean. Unless you can keep up with the evolving trends, it will not be long before you find yourself in the statistics of startups that fail.
Some of the video types that perform well and you can experiment with are-
- Commentary
- Product Review
- Tutorial
- Top ‘X lists
- Educational
With a bazillion other businesses vying for customer attention through video marketing, the competition is cut-throat. To survive and thrive amidst the competition, brainstorm ideas to get your message across in a way your competitors do not or devise strategies to make it more compelling and engaging.
Niching down on promotional channels will spare resources for generating quality content which will eventually help you garner more attention.
3. Brainstorm Cost-effective Alternatives
For most startups, paid advertisements are nothing less of a luxury that they cannot afford. However, the barrier to information is non-existent in the 21st century. You are just a Google search away from familiarizing yourself with all things video marketing.
From studying and analyzing the data on the performance of videos to filming one on your own, there is much you can do even with a limited marketing budget as a startup. The internet has tons of free video filming and editing tools to assist you in your journey. online video editor like InVideo, eliminate the need for a professional video editor.
Some of the methods to utilize video marketing even with a shoestring budget are-
- Get student actors on board
- Use video editing software
- Hire freelancers
- Cut down on the length of your videos
4. Plan in Advance
Video Marketing is not only essential is also a tedious endeavor. Conceptualizing, Scriptwriting, signing actors, selecting a location, camera setup, shooting, editing, and promotion- demands more time than you can imagine.
With only 24 hours and an overwhelming to-do list each day, startups walk a tightrope with time management. To overcome this challenge, having a plan in place can go a long way in saving you time and prevent you from eventual burnout.
- Come up with a buyer persona
- Give cognizance to your brand voice
- Prepare a Video content schedule
- Batch similar tasks
5. Deliver Value to Your Target Audience
Startups struggle to win over customers due to a lack of recognition. To construct a loyal customer base over time, adding value to the lives of your audience is imperative. You can accomplish this through informative yet engaging content.
Address customer pain points and craft solutions through your video content. When content is consumer-centric, it is likely to strike a chord and help build a lasting relationship with your potential customers.
Videos enjoy the maximum engagement in comparison to other content formats, and those with a strong value proposition are likely to be shared amongst family and friends. Thus, both you and your customers mutually benefit.
6. Gauge What Works and What Does Not
Like any other marketing strategy, the efficiency of video marketing rests on its reception. Your job does not end with creating content, but it merely serves as a foundation to build your clientele.
To gauge the success of your marketing campaign, analyzing its performance is equally important. Here are a few metrics you can use to measure the success of your video marketing strategy-
- Play rate
- Click-through-rate (CTR)
- Shares, likes, comments, and reactions
- Watch time
- ROI (Sales effected/ Cost of production)
You do not need to hire a full-time digital marketer to provide you data about the video marketing efforts you undertake. The growing popularity and effectiveness of digital marketing have led to the development of numerous analytical and marketing tools. These tools are easily accessible and do not require a professional to yield the desired results.
Conclusion
The success of a marketing strategy is not entirely dependent on the size of your budget. Even with minimal resources as a startup, you can enjoy a good ROI by thinking out-of-the-box. Splurging money on a marketing campaign does not determine your success, but creativity does. Witness growth in your startup by incorporating the above video marketing tips in 2021.
