Every day, you hear all this hype about how video marketing can skyrocket your business growth: give you more traffic, more leads, higher conversion rates – you name it.
And much of it is true! With one major caveat:
To get results, you need a rock-solid video marketing strategy.
That means not just firing off a random video once in a blue moon, but making it an integral part of your content marketing and your sales process.
Easier said than done, right? Well, not to worry – The Draw Shop is on the case!
In today’s article, we’ll examine how to create a video marketing strategy for your business. Specifically, we will look at 5 under-used methods that will help you:
- Ensure you’re pursuing the right goals for your video marketing efforts in the first place;
- Measure the ROI and impact of your videos without getting bogged down in dozens of irrelevant metrics;
- Tweak and improve your video marketing strategy as needed, to make sure you’re never left spinning your wheels and guessing why something isn’t working.
And more. Sound good?
Then let’s start with the most important, if not very “sexy” part…
1. First, do your homework
Most business owners confuse video marketing strategy with “let’s try a bunch of tactics and see what sticks.” They come up with plans based on what they think their customers want, or what the competition is doing, or what sounds nice – in short, on anything but reality.
You want to avoid this trap by gathering data and doing some… thinking (gasp). Focus on three things:
- The goal of your video marketing efforts. What do you want to achieve? What would success look like? This one is extremely important, and we’ll touch on it later in the article. For now, just keep it in mind for later.
- Insights about your customers. Mostly, you want to concentrate on two basic questions: who are they, and where are they? This will inform everything from content topics you choose, to video marketing channels you use, to tone and messaging.
- Your monetization logic. How and why would people go from watching your videos to buying your products or services? If you can model their entire journey from first impression to conversion, even roughly, you’ll create a much stronger strategy.
If you’re struggling with defining all three of these things in painstaking detail, don’t worry. Try to summarize the big-picture view of your video marketing strategy by using this formula created by Joe Pulizzi:
“type of content + who it’s for + how it helps them”
This will be your “video marketing mission statement,” and you’ll use it to direct your strategy as you’re fleshing it out.
And let’s start said fleshing out by setting goals – the smart way…
2. Work backwards from your goal
What’s the ultimate goal of your video marketing efforts? Not of your business as a whole, but this element specifically. What does the ideal outcome look like for when you have a functioning, well-optimized video marketing strategy?
Maybe your big objective is to:
- Generate 10 million total views on all your video content by the end of the year, or…
- Build and fine-tune your content creation/promotion machine to the point where each new video rakes in at least 100,000 views – or perhaps…
- Get 1,000 new leads per month just from your video content.
You name it.
When you have an ambitious goal ahead of you, the single best way to create a video marketing strategy that supports it is to work backwards from the outcome you’d like to see.
When you know the target and you know the timeline, you’ll be able to figure out:
- How much growth you need to achieve month to month.
- Which tactics you will need to test, and what kind of ROI will justify using them.
- The exact numbers you will want to hit.
When you’re creating a brand-new strategy, you’re going to have to go out on a limb a lot. Working backwards like that removes at least some of the guesswork and speculation involved.
For example, if you know that your goal is new leads, you’ll pay more attention to boosting conversion rates. If you need millions of total views, you will want to focus on making your videos easily discoverable and shareable. To get reliable recurring views, you will need to scale a few traffic channels you can tap on demand, whenever you release new content.
You get the idea. With a specific goal in mind, you’ll be able to create a focused strategy and stick with it. More importantly, you will also know what to test and how.
Speaking of which…
Did you know your marketing video needs 10 essential elements to be high-converting? We have developed a neat checklist you can use to fail-proof all your video content before you release them to the world. Click the link right below to grab it:
3. Always be testing
It’s impossible to come up with the perfect video marketing strategy on your first go. You don’t have a reliable process yet, you don’t know what your customers want, you can’t predict what return on investment you’ll get… There are too many variables.
That’s why a great video marketing strategy has to be flexible. Chances are, you will need to adapt it more than a few times before you hit the sweet spot between your investment and the results.
And, to know what to change about your strategy and how, you want to test everything!
And we do mean everything:
- Your video marketing channels;
- The length of your videos;
- Your calls to action;
- Your video formats and styles.
And more! Don’t just do something because everyone else does it, or it seems like you’re supposed to, or because it would be nice to do. There’s no such thing as a one-size-fits-all marketing strategy. To find the right fit for your business, you will need to test, test, and test again.
And when you do, you’ll discover that a lot of “best practices” are garbage, your customers don’t behave the way you thought, and what works for your competition might fail for you. That’s OK! Keep everything that works – and ruthlessly discard all that doesn’t.
4. Follow the 80/20 rule of content
Most brands make one huge mistake when they formulate their video marketing strategy.
They meticulously plan content creation… but leave little to no room for content promotion. And without that last part, their entire strategy is dead on arrival! That’s the marketing equivalent of planning a ten-course dinner party – but forgetting to send out invitations.
The promotion plan for your video marketing efforts should be just as detailed as your content creation plan. You want to determine exactly how you will attract viewers, which channels you’re going to use, and how many people you need from each of said channels.
As a rule of thumb, 80% of your video marketing efforts should focus on content promotion, and only 20% on creation. If it seems like too dramatic of a split, we totally understand – would you prefer that your videos got zero traction instead?
Just kidding. Or are we? *cue ominous music*
Seriously, though – if you don’t think you can dedicate 80% of your time and effort to promoting your video content, then at least aim for an even 50/50 split. And then later you can reevaluate your video marketing strategy and determine how you can emphasize promotion going forward!
5. Find your “North Star” metric
When you need to evaluate the success of your video marketing strategy, it can be mighty tempting to measure. Everything. All. The. Time.
But please don’t.
If you already have a giant list of metrics and KPIs on hand, we urge you to either: a) get rid of it entirely, at least for the foreseeable future, or b) measure them very occasionally.
The truth is, you don’t need to track everything under the sun to know how well (or how poorly) your video marketing efforts are going. Here’s an approach that’s much easier and more conducive to keeping you – and your team – sane and happy:
- Pick one metric that reflects the success of your video marketing strategy with reasonable accuracy.
- Track it on a daily basis.
Now, the exact metric you choose will depend on your big-picture strategy, your priorities, and the current state of your video marketing. But here are some examples of things you could track:
- Click-through rates on calls to action you put in your videos
- Unique views (no need to be fancy)
- Audience retention (how many people watch all the way through)
- Total time watched for your video content
- Average viewing time per lead
Having a “North Star” metric helps you stay on top of what’s going on with your video marketing without obsessing over it. You can still track other KPIs and check them once in a while – e.g. in monthly or quarterly meetings about video marketing strategy. But this should be the only metric you monitor frequently.
Need help with your video marketing strategy? We’re here for you
Still wondering how to create a video marketing strategy for your business? Come talk to us!
True, we specialize in producing the actual content – but having completed 2,000+ projects for hundreds of clients, we know a thing or two about video marketing strategy. And we’d be thrilled to help you clarify your vision!
So we encourage you to book a free, no-strings-attached pow-wow to discuss your video marketing strategy with us. All you need to do is enter your details below, and The Draw Shop marketing ninjas will get back to you post-haste!