 |
| Blog Article Publication Date: 21/09/2022 |
| 14 Minute Read |
Video Marketing Funnel Blog Article
Why are Sales Leads vital to your Sales Funnel (Sales Process)?
Over the years that I have been involved in the internet industry, (I built my first business website in 1997), the Sales Process System, (or Sales Funnel), has not changed a great deal. However, it has greatly matured, become more intricate and vastly more expensive for business owners.
The definition of the sales funnel (also known as a revenue funnel or sales process) refers to the buying process that companies lead customers through when purchasing products and / or services. A sales funnel is divided into several steps, which differ depending on the sales model.
One common sales process is divided into seven phases including:
o Awareness Phase - in which prospects become aware of the existence of a product or service.
o Interest Phase – in which prospects demonstrate interest in a product or service by conducting product research and marketplace analysis.
o Evaluation Phase – in which prospects or prospect companies examine competitors’ solutions as they move toward a final buying decision.
o Decision Phase – in which a final decision is reached, and negotiation begins, if applicable.
o Purchase Phase – in which products or services are purchased.
o Reevaluation Phase – in sales, it is common for offerings to involve contracts that need to be renewed. As a customer becomes familiar with a product or an offering, and especially as a contract draws to a close, a customer will enter a re-evaluation phase during which they will decide whether to renew their contract.
o Repurchase Phase – in which a customer repurchases the product or service.
Inside sales managers commonly adopt strategies, tools and tactics aimed at optimising each stage of their sales process.
After developing my own E-Commerce and Streaming Media Software, I started my own E-Commerce and Streaming Media Company in Fulham, London UK in 2000, named Williamson Incorporated Limited.
Over the years, gimmicks and fads have come and gone but video advertising has continued to grow in leaps-and-bounds.
As we preached in 2000 and continue to preach, if a picture speaks a thousand words, how many words does a video speak?
I recall in my early days in 2000 / 2001 negotiating business deals with large Company owners, recommending they adopt the Branded Video Player Software that I developed, to enable their viewers to view their Television Advertisements on their website home pages. Some success came my way but many of the Company owners were reluctant to purchase, citing no one watches videos on websites.
I predicted in the coming years; more and more people will start watching videos on websites using their mobile phones and that this will open the door for huge revenue to be made using videos streamed on the internet to sell products and services.
This was often met with howls of laughter and people claiming, "no one would want to watch videos on their mobile phones!"
Boy, things sure have changed since 2000 / 2001.
We now have YouTube, Vimeo, Netflix, Stan, Facebook, Twitter, Instagram and a growing plethora of businesses and corporations offering streaming services.
Get on a train or bus now days and you can be sure that at least 90% of the people onboard have their eyes glued to their mobile phones watching something online, replying to emails, sending texts, looking at website’s, playing games, etc.
This will only increase in the future as we roll forward in the digital world. Welcome to the metaverse folks!
The Rise of Video Marketing Funnels – How to convert customers into sales using Video Funnels!
If your brand is not using video marketing today, you are being left behind.
66% of video marketers plan to increase or maintain spend, while 79% of marketers who do not use video aim to start in 2022.
That means more brands are turning to video to share the value of their products and / or services, to grow. And there is a good chance that your competition is doing so, as well.
Why does video matter?
Video is booming!
People consume it through social media and video-on-demand platforms and the numbers seem to point to greater and greater adoption.
What is more, a study by Verizon found that 69% of people are watching video on the go, proof that video is not just consumed in the comfort of one’s home or office.
Our interest in video is not all about cats and entertainment either. People use it to solve real problems. Google reports that four out of five people credit video for their acquisition of knowledge, while 90% of shoppers learned about new products through online videos. Statistics and evidence aside, the real value of building a video marketing funnel is in understanding what it is, and how it works.
What is a video marketing funnel?
A video marketing funnel is much like your content marketing funnel. In fact, it is a funnel within your content marketing funnel.
A video marketing funnel guides your target audience all the way through the buyer’s journey.
It is designed to attract, educate, convert, and retain buyers using videos at each stage.
Video funnels follow the same goals as your content marketing funnel, with KPI’s tied to each stage.
For example, if your goal is to attract a larger audience, your videos need to target buyers who are at the start of their journey and trying to define and identify problems with top-of-funnel content.
Your main KPI would be video views that prove your content helpful and is being consumed by the right audience. You might also consider engagement metrics such as view time and click through rate if you offer a call-to-action at the end of your video.
Why video marketing funnels are so effective?
Video marketing funnels are capable of doing more to drive your marketing messaging than other forms of content because of the medium.
Video blends sound and visuals, two powerful tools for altering emotional states. For example, research into the effectiveness of visual design shows that 90% of people are visual learners.
And when it comes to sound, a study on the use of sound shows how it was able to influence the moods of crowds in public areas.
Put together, both findings are further validated by the University of California’s research into the field of advertising. They found that ads that can generate an emotional response do more to influence decision making than the actual content of an ad.
Whether your product is a video membership or subscription site or an eCommerce store, where text and images are successful at promoting your offer, video is far more engaging. As people absorb more visual information and experience altered emotional states through sound, their responses to well-structured videos can lead to better results for your brand.
What is a video marketing funnel made of?
Most marketers understand the concept of a content marketing funnel but often struggle to understand how video marketing funnels work. So, I will dive a little deeper into what each stage of a video marketing funnel should look like. I will also save you a lot of time by sharing the key metrics to pay attention to at each stage.
ToFu: Attract your audience
The top of your funnel is where you create content about a specific problem or challenge that your buyer may be experiencing. Top-of-funnel content is designed to pull buyers in at the beginning of their journey. These are often people who are or have just become problem-aware but need a little more information to define what they are going through before finding a solution.
At the top of your funnel, the key metrics to focus on are video view count and engagement. The more views and engagement you receive, the greater the chance that your message is reaching more of your audience.
Example: Grow better with Hubspot
Almost every marketer has heard about HubSpot. They offer quintessential tools for growth-focused brands. But in a world filled with a growing number of me-too marketing platforms, creating a message that resonates with your audience can be challenging.
To cut through the noise, HubSpot opted to go with something a little closer to home.
Their video zeros-in on the biggest challenges that marketer’s face today.
It highlights the constant pressure to drive revenue above all else and counters it with an idea of a more compelling and humane approach to marketing and sales. If you are a marketer who wants to generate results and feel proud about your work, this video was made for you.
MoFu: Educate your audience
Middle-of-funnel videos are designed to educate. As buyers move along their journey to finding a solution, they become more interested in what a solution might offer, and whether it addresses all of the problems they now clearly understand.
The key metric here is watch-time. As more people watch more of your videos, the greater the probability is of them learning about your solution and why it solves their problems or meets their needs.
Example: How to sell your phone on eBay
eBay was founded in September 1995. And while they are over 25 years old, they are still focused on making sure people know how to use their platform. To help, they produced a short explainer video. It walks customers through the listing process for people wanting to sell their smartphones. While just 30 seconds long, eBay does a stellar job of simplifying how their platform works and makes customers feel empowered enough to sell their smartphones online.
BoFu: drive conversions through proof
Bottom-of-funnel videos are created to convert ready-to-commit audiences. At this stage in the buyer’s journey, your audience has a good understanding of the problems and challenges they face, knows about your products and / or services, (and most likely a host of competitive products and / or services), and is now weighing up their options.
Your goal at the bottom of your funnel is to help buyers do away with any lingering objections they may have towards your solution.
Your key metrics are conversions in the form of sign-ups, leads generated or sales.
Example: ConvertKit demo & tutorial
Finding email marketing software is not the toughest thing to do, but it can be hard to find the right solution. In ConvertKit’s demo and tutorial video, well-known online entrepreneur Pat Flynn walks viewers through the state of your marketing, reasons why ConvertKit is the best solution out there, and then shows how to use the platform.
Demo videos are critical bottom-of-funnel content and more so when they are endorsed by well-known brands, influencers, or public figures. And that is what makes this video so powerful. Flynn leads with stats as he builds a case for email marketing software and ends with practical use in the form of a tutorial.
Retention: keep buyers happy and in your ecosystem
Retention videos are used to familiarise customers with your product. Through educational and instructional videos, your audience begins to explore all your product has to offer, making it easy to use and generate results with.
How to build a video marketing funnel that converts?
With a good understanding of each stage of the funnel, it is time to look at how to build yours. Here is a step-by-step process for creating an effective video marketing funnel.
Step One: Conduct an audit
Conducting an audit is always the best starting point when it comes to designing a video marketing funnel. Like all audits, the goal is to understand how effective your videos have been.
While audits can be complex, yours does not have to be. If this is your first time working with video, reading this section is still worthwhile. It will help you develop a deeper understanding of what makes for an effective video funnel.
If you are looking for ways to elevate your funnel, here are a few questions to ask yourself to establish how effective your video marketing has been thus far.
1. How many videos have you published and how successful have they been (according to key metrics shared for each stage of the funnel)?
2. What is your major challenge?
Your major challenge is the one thing that seems to be preventing your funnel from producing results. The great news is that the funnel works in stages and in sequence.
It cannot be broken. This means if you are struggling to attract viewers, you should not be focusing on creating BoFu content, you should be focusing on creating compelling ToFu content instead!
Questions to ask include:
o Are you generating enough video views (ToFu)?
o Are your educational videos getting enough watch-time (MoFu)?
o Are you collecting more leads and sign-up or generating more sales (BoFu)?
o Are you getting enough views and watch-time on tutorials and instructional videos (Retention)?
It is possible to answer yes to all the above, and if that is your situation, start at the top of your funnel.
IMPORTANT: To convert more customers, you must start with one major challenge. Challenges must follow the sequence of the funnel. For example, if you are selling a course on how to host and create live events, you cannot drive sales without attracting more viewers and educating them first.
Step two: Plug the hole
Having identified your major challenge, generate content ideas that align with your audience.
Use personas
First, lean into your personas. Get very clear on who they are, what their challenges, needs and problems are, what matters most to them along their journey, and what values they hold dear.
While statistics and figures point to how effective your strategy and content will be, your strategy is ultimately influenced by how well you understand your audience.
Find your competition
Check out the competition and what works for them. Look at the engagement they receive on Social Media and YouTube and see what works with your audience for ideas of what you can create, too.
Plan your videos
With a good understanding of who you are creating content for, it is time to figure out what content you need to produce. Having done the work in step one, the audit should show where your funnel needs attention.
Pro tip: If you find that your audience is small or you do not seem to be getting as many views as you need, you have a ToFu challenge. You need to create more content to attract a larger audience. Once you created enough top-of-funnel video content, then proceed to produce more MoFu content.
Is there a secret ratio that you can apply?
We have seen that creating a 60% (ToFu) and 40% (MoFu) split works effectively to start with. By producing more ToFu content you are able to reach a wider audience, one that will move as many viewers down your funnel as possible. Once you get traction, start stretching that ratio to include BoFu content, but always have more ToFu and MoFu content.
Step three: Get creative
Coming up with great ideas for your videos is not always the easiest thing to do, but the process can be simplified. It’s all about creating a clear picture of what your audience stands to gain by watching your videos. By leveraging knowledge of your buyer personas, and what they want most, you can tap into stronger and more effective creative ideas.
How?
Think in before and after states
Before and after states are a look at the life of your buyer before and after they have watched your video. By identifying your audience’s before and after states, you will be able to create material that resonates with them.
For example, let us say you are creating a video about how video monetisation works on YouTube. Highlighting a pain point (lack of income) as a before state, and how watching your video relieves viewers, (shows how to prevent income loss) as an after state, would work well.
Be a world-class host
While inbound marketing is no longer a new concept, the idea of offering value is stronger today than ever before. And for brands looking to leverage video marketing, the need to show your audience that you really get them and know how to solve their problems is essential.
As you create videos, think of yourself as a world-class host. Serve your audience by offering value that exceeds their wildest expectations.
And value does not have to be hard to share. It can be communicated by offering clearer examples in videos or giving information that buyers would not easily find. While these may appear as small gestures, they make your brand more endearing and strengthen your competitive advantage.
Always share what happens next
People love journeys. To drive results with your video marketing funnel, you will have to connect the dots for viewers. This means including effective calls to action to promote your site, and products and / or services, guiding people along to the next step in their journey.
Here is a simple three-step formula for creating powerful calls to action:
1. Make it personal by using messaging that is relevant to your audience.
2. Clearly communicate the benefit of taking action by sharing what your audience stands to gain by downloading your eBook or visiting a web page, etc.
3. Use action-oriented language to motivate a reaction.
Conclusion
This is the best time to invest in your video marketing funnel. Video is only going to become more popular, and your brand can not risk being drowned out by competitors who use effective video marketing.
While the idea of committing to video may seem overwhelming, all it takes is little planning and creativity. As you create your video marketing funnel, remember that video is like every other piece of content in your funnel. It must be designed with purpose and tracked with relevant metrics.
We are Double 8 Media Pty. Ltd. We have over 20 years experience in the Internet Industry. We have been producing online Marketing and Video Advertising Campaigns for our customers for over 20 years. Come talk to us at Double 8 Media Pty. Ltd. to explain your marketing requirements, enabling us to develope a Video Marketing Campaign to help you maximise your R.O.I.
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| Blog Article Publication Date: 21/09/2022 |
| 14 Minute Read |
Video Marketing Funnel Blog Article
Why are Sales Leads vital to your Sales Funnel (Sales Process)?
Over the years that I have been involved in the internet industry, (I built my first business website in 1997), the Sales Process System, (or Sales Funnel), has not changed a great deal. However, it has greatly matured, become more intricate and vastly more expensive for business owners.
The definition of the sales funnel (also known as a revenue funnel or sales process) refers to the buying process that companies lead customers through when purchasing products and / or services. A sales funnel is divided into several steps, which differ depending on the sales model.
One common sales process is divided into seven phases including:
o Awareness Phase - in which prospects become aware of the existence of a product or service.
o Interest Phase – in which prospects demonstrate interest in a product or service by conducting product research and marketplace analysis.
o Evaluation Phase – in which prospects or prospect companies examine competitors’ solutions as they move toward a final buying decision.
o Decision Phase – in which a final decision is reached, and negotiation begins, if applicable.
o Purchase Phase – in which products or services are purchased.
o Reevaluation Phase – in sales, it is common for offerings to involve contracts that need to be renewed. As a customer becomes familiar with a product or an offering, and especially as a contract draws to a close, a customer will enter a re-evaluation phase during which they will decide whether to renew their contract.
o Repurchase Phase – in which a customer repurchases the product or service.
Inside sales managers commonly adopt strategies, tools and tactics aimed at optimising each stage of their sales process.
After developing my own E-Commerce and Streaming Media Software, I started my own E-Commerce and Streaming Media Company in Fulham, London UK in 2000, named Williamson Incorporated Limited.
Over the years, gimmicks and fads have come and gone but video advertising has continued to grow in leaps-and-bounds.
As we preached in 2000 and continue to preach, if a picture speaks a thousand words, how many words does a video speak?
I recall in my early days in 2000 / 2001 negotiating business deals with large Company owners, recommending they adopt the Branded Video Player Software that I developed, to enable their viewers to view their Television Advertisements on their website home pages. Some success came my way but many of the Company owners were reluctant to purchase, citing no one watches videos on websites.
I predicted in the coming years; more and more people will start watching videos on websites using their mobile phones and that this will open the door for huge revenue to be made using videos streamed on the internet to sell products and services.
This was often met with howls of laughter and people claiming, "no one would want to watch videos on their mobile phones!"
Boy, things sure have changed since 2000 / 2001.
We now have YouTube, Vimeo, Netflix, Stan, Facebook, Twitter, Instagram and a growing plethora of businesses and corporations offering streaming services.
Get on a train or bus now days and you can be sure that at least 90% of the people onboard have their eyes glued to their mobile phones watching something online, replying to emails, sending texts, looking at website’s, playing games, etc.
This will only increase in the future as we roll forward in the digital world. Welcome to the metaverse folks!
The Rise of Video Marketing Funnels – How to convert customers into sales using Video Funnels!
If your brand is not using video marketing today, you are being left behind.
66% of video marketers plan to increase or maintain spend, while 79% of marketers who do not use video aim to start in 2022.
That means more brands are turning to video to share the value of their products and / or services, to grow. And there is a good chance that your competition is doing so, as well.
Why does video matter?
Video is booming!
People consume it through social media and video-on-demand platforms and the numbers seem to point to greater and greater adoption.
What is more, a study by Verizon found that 69% of people are watching video on the go, proof that video is not just consumed in the comfort of one’s home or office.
Our interest in video is not all about cats and entertainment either. People use it to solve real problems. Google reports that four out of five people credit video for their acquisition of knowledge, while 90% of shoppers learned about new products through online videos. Statistics and evidence aside, the real value of building a video marketing funnel is in understanding what it is, and how it works.
What is a video marketing funnel?
A video marketing funnel is much like your content marketing funnel. In fact, it is a funnel within your content marketing funnel.
A video marketing funnel guides your target audience all the way through the buyer’s journey.
It is designed to attract, educate, convert, and retain buyers using videos at each stage.
Video funnels follow the same goals as your content marketing funnel, with KPI’s tied to each stage.
For example, if your goal is to attract a larger audience, your videos need to target buyers who are at the start of their journey and trying to define and identify problems with top-of-funnel content.
Your main KPI would be video views that prove your content helpful and is being consumed by the right audience. You might also consider engagement metrics such as view time and click through rate if you offer a call-to-action at the end of your video.
Why video marketing funnels are so effective?
Video marketing funnels are capable of doing more to drive your marketing messaging than other forms of content because of the medium.
Video blends sound and visuals, two powerful tools for altering emotional states. For example, research into the effectiveness of visual design shows that 90% of people are visual learners.
And when it comes to sound, a study on the use of sound shows how it was able to influence the moods of crowds in public areas.
Put together, both findings are further validated by the University of California’s research into the field of advertising. They found that ads that can generate an emotional response do more to influence decision making than the actual content of an ad.
Whether your product is a video membership or subscription site or an eCommerce store, where text and images are successful at promoting your offer, video is far more engaging. As people absorb more visual information and experience altered emotional states through sound, their responses to well-structured videos can lead to better results for your brand.
What is a video marketing funnel made of?
Most marketers understand the concept of a content marketing funnel but often struggle to understand how video marketing funnels work. So, I will dive a little deeper into what each stage of a video marketing funnel should look like. I will also save you a lot of time by sharing the key metrics to pay attention to at each stage.
ToFu: Attract your audience
The top of your funnel is where you create content about a specific problem or challenge that your buyer may be experiencing. Top-of-funnel content is designed to pull buyers in at the beginning of their journey. These are often people who are or have just become problem-aware but need a little more information to define what they are going through before finding a solution.
At the top of your funnel, the key metrics to focus on are video view count and engagement. The more views and engagement you receive, the greater the chance that your message is reaching more of your audience.
Example: Grow better with Hubspot
Almost every marketer has heard about HubSpot. They offer quintessential tools for growth-focused brands. But in a world filled with a growing number of me-too marketing platforms, creating a message that resonates with your audience can be challenging.
To cut through the noise, HubSpot opted to go with something a little closer to home.
Their video zeros-in on the biggest challenges that marketer’s face today.
It highlights the constant pressure to drive revenue above all else and counters it with an idea of a more compelling and humane approach to marketing and sales. If you are a marketer who wants to generate results and feel proud about your work, this video was made for you.
MoFu: Educate your audience
Middle-of-funnel videos are designed to educate. As buyers move along their journey to finding a solution, they become more interested in what a solution might offer, and whether it addresses all of the problems they now clearly understand.
The key metric here is watch-time. As more people watch more of your videos, the greater the probability is of them learning about your solution and why it solves their problems or meets their needs.
Example: How to sell your phone on eBay
eBay was founded in September 1995. And while they are over 25 years old, they are still focused on making sure people know how to use their platform. To help, they produced a short explainer video. It walks customers through the listing process for people wanting to sell their smartphones. While just 30 seconds long, eBay does a stellar job of simplifying how their platform works and makes customers feel empowered enough to sell their smartphones online.
BoFu: drive conversions through proof
Bottom-of-funnel videos are created to convert ready-to-commit audiences. At this stage in the buyer’s journey, your audience has a good understanding of the problems and challenges they face, knows about your products and / or services, (and most likely a host of competitive products and / or services), and is now weighing up their options.
Your goal at the bottom of your funnel is to help buyers do away with any lingering objections they may have towards your solution.
Your key metrics are conversions in the form of sign-ups, leads generated or sales.
Example: ConvertKit demo & tutorial
Finding email marketing software is not the toughest thing to do, but it can be hard to find the right solution. In ConvertKit’s demo and tutorial video, well-known online entrepreneur Pat Flynn walks viewers through the state of your marketing, reasons why ConvertKit is the best solution out there, and then shows how to use the platform.
Demo videos are critical bottom-of-funnel content and more so when they are endorsed by well-known brands, influencers, or public figures. And that is what makes this video so powerful. Flynn leads with stats as he builds a case for email marketing software and ends with practical use in the form of a tutorial.
Retention: keep buyers happy and in your ecosystem
Retention videos are used to familiarise customers with your product. Through educational and instructional videos, your audience begins to explore all your product has to offer, making it easy to use and generate results with.
How to build a video marketing funnel that converts?
With a good understanding of each stage of the funnel, it is time to look at how to build yours. Here is a step-by-step process for creating an effective video marketing funnel.
Step One: Conduct an audit
Conducting an audit is always the best starting point when it comes to designing a video marketing funnel. Like all audits, the goal is to understand how effective your videos have been.
While audits can be complex, yours does not have to be. If this is your first time working with video, reading this section is still worthwhile. It will help you develop a deeper understanding of what makes for an effective video funnel.
If you are looking for ways to elevate your funnel, here are a few questions to ask yourself to establish how effective your video marketing has been thus far.
1. How many videos have you published and how successful have they been (according to key metrics shared for each stage of the funnel)?
2. What is your major challenge?
Your major challenge is the one thing that seems to be preventing your funnel from producing results. The great news is that the funnel works in stages and in sequence.
It cannot be broken. This means if you are struggling to attract viewers, you should not be focusing on creating BoFu content, you should be focusing on creating compelling ToFu content instead!
Questions to ask include:
o Are you generating enough video views (ToFu)?
o Are your educational videos getting enough watch-time (MoFu)?
o Are you collecting more leads and sign-up or generating more sales (BoFu)?
o Are you getting enough views and watch-time on tutorials and instructional videos (Retention)?
It is possible to answer yes to all the above, and if that is your situation, start at the top of your funnel.
IMPORTANT: To convert more customers, you must start with one major challenge. Challenges must follow the sequence of the funnel. For example, if you are selling a course on how to host and create live events, you cannot drive sales without attracting more viewers and educating them first.
Step two: Plug the hole
Having identified your major challenge, generate content ideas that align with your audience.
Use personas
First, lean into your personas. Get very clear on who they are, what their challenges, needs and problems are, what matters most to them along their journey, and what values they hold dear.
While statistics and figures point to how effective your strategy and content will be, your strategy is ultimately influenced by how well you understand your audience.
Find your competition
Check out the competition and what works for them. Look at the engagement they receive on Social Media and YouTube and see what works with your audience for ideas of what you can create, too.
Plan your videos
With a good understanding of who you are creating content for, it is time to figure out what content you need to produce. Having done the work in step one, the audit should show where your funnel needs attention.
Pro tip: If you find that your audience is small or you do not seem to be getting as many views as you need, you have a ToFu challenge. You need to create more content to attract a larger audience. Once you created enough top-of-funnel video content, then proceed to produce more MoFu content.
Is there a secret ratio that you can apply?
We have seen that creating a 60% (ToFu) and 40% (MoFu) split works effectively to start with. By producing more ToFu content you are able to reach a wider audience, one that will move as many viewers down your funnel as possible. Once you get traction, start stretching that ratio to include BoFu content, but always have more ToFu and MoFu content.
Step three: Get creative
Coming up with great ideas for your videos is not always the easiest thing to do, but the process can be simplified. It’s all about creating a clear picture of what your audience stands to gain by watching your videos. By leveraging knowledge of your buyer personas, and what they want most, you can tap into stronger and more effective creative ideas.
How?
Think in before and after states
Before and after states are a look at the life of your buyer before and after they have watched your video. By identifying your audience’s before and after states, you will be able to create material that resonates with them.
For example, let us say you are creating a video about how video monetisation works on YouTube. Highlighting a pain point (lack of income) as a before state, and how watching your video relieves viewers, (shows how to prevent income loss) as an after state, would work well.
Be a world-class host
While inbound marketing is no longer a new concept, the idea of offering value is stronger today than ever before. And for brands looking to leverage video marketing, the need to show your audience that you really get them and know how to solve their problems is essential.
As you create videos, think of yourself as a world-class host. Serve your audience by offering value that exceeds their wildest expectations.
And value does not have to be hard to share. It can be communicated by offering clearer examples in videos or giving information that buyers would not easily find. While these may appear as small gestures, they make your brand more endearing and strengthen your competitive advantage.
Always share what happens next
People love journeys. To drive results with your video marketing funnel, you will have to connect the dots for viewers. This means including effective calls to action to promote your site, and products and / or services, guiding people along to the next step in their journey.
Here is a simple three-step formula for creating powerful calls to action:
1. Make it personal by using messaging that is relevant to your audience.
2. Clearly communicate the benefit of taking action by sharing what your audience stands to gain by downloading your eBook or visiting a web page, etc.
3. Use action-oriented language to motivate a reaction.
Conclusion
This is the best time to invest in your video marketing funnel. Video is only going to become more popular, and your brand can not risk being drowned out by competitors who use effective video marketing.
While the idea of committing to video may seem overwhelming, all it takes is little planning and creativity. As you create your video marketing funnel, remember that video is like every other piece of content in your funnel. It must be designed with purpose and tracked with relevant metrics.
We are Double 8 Media Pty. Ltd. We have over 20 years experience in the Internet Industry. We have been producing online Marketing and Video Advertising Campaigns for our customers for over 20 years. Come talk to us at Double 8 Media Pty. Ltd. to explain your marketing requirements, enabling us to develope a Video Marketing Campaign to help you maximise your R.O.I.
Share this Blog Article on Social Media |
Tweet | |||
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|
|
Blog Article Publication Date: 21/09/2022 |
|
14 Minute Read |
|
Video Marketing Funnel Blog Article
Why are Sales Leads vital to your Sales Funnel (Sales Process)?
Over the years that I have been involved in the internet industry, (I built my first business website in 1997), the Sales Process System, (or Sales Funnel), has not changed a great deal. However, it has greatly matured, become more intricate and vastly more expensive for business owners.
The definition of the sales funnel (also known as a revenue funnel or sales process) refers to the buying process that companies lead customers through when purchasing products and / or services. A sales funnel is divided into several steps, which differ depending on the sales model.
One common sales process is divided into seven phases including:
o Awareness Phase - in which prospects become aware of the existence of a product or service.
o Interest Phase – in which prospects demonstrate interest in a product or service by conducting product research and marketplace analysis.
o Evaluation Phase – in which prospects or prospect companies examine competitors’ solutions as they move toward a final buying decision.
o Decision Phase – in which a final decision is reached, and negotiation begins, if applicable.
o Purchase Phase – in which products or services are purchased.
o Reevaluation Phase – in sales, it is common for offerings to involve contracts that need to be renewed. As a customer becomes familiar with a product or an offering, and especially as a contract draws to a close, a customer will enter a re-evaluation phase during which they will decide whether to renew their contract.
o Repurchase Phase – in which a customer repurchases the product or service.
Inside sales managers commonly adopt strategies, tools and tactics aimed at optimising each stage of their sales process.
After developing my own E-Commerce and Streaming Media Software, I started my own E-Commerce and Streaming Media Company in Fulham, London UK in 2000, named Williamson Incorporated Limited.
Over the years, gimmicks and fads have come and gone but video advertising has continued to grow in leaps-and-bounds.
As we preached in 2000 and continue to preach, if a picture speaks a thousand words, how many words does a video speak?
I recall in my early days in 2000 / 2001 negotiating business deals with large Company owners, recommending they adopt the Branded Video Player Software that I developed, to enable their viewers to view their Television Advertisements on their website home pages. Some success came my way but many of the Company owners were reluctant to purchase, citing no one watches videos on websites.
I predicted in the coming years; more and more people will start watching videos on websites using their mobile phones and that this will open the door for huge revenue to be made using videos streamed on the internet to sell products and services.
This was often met with howls of laughter and people claiming, "no one would want to watch videos on their mobile phones!"
Boy, things sure have changed since 2000 / 2001.
We now have YouTube, Vimeo, Netflix, Stan, Facebook, Twitter, Instagram and a growing plethora of businesses and corporations offering streaming services.
Get on a train or bus now days and you can be sure that at least 90% of the people onboard have their eyes glued to their mobile phones watching something online, replying to emails, sending texts, looking at website’s, playing games, etc.
This will only increase in the future as we roll forward in the digital world. Welcome to the metaverse folks!
The Rise of Video Marketing Funnels – How to convert customers into sales using Video Funnels!
If your brand is not using video marketing today, you are being left behind.
66% of video marketers plan to increase or maintain spend, while 79% of marketers who do not use video aim to start in 2022.
That means more brands are turning to video to share the value of their products and / or services, to grow. And there is a good chance that your competition is doing so, as well.
Why does video matter?
Video is booming!
People consume it through social media and video-on-demand platforms and the numbers seem to point to greater and greater adoption.
What is more, a study by Verizon found that 69% of people are watching video on the go, proof that video is not just consumed in the comfort of one’s home or office.
Our interest in video is not all about cats and entertainment either. People use it to solve real problems. Google reports that four out of five people credit video for their acquisition of knowledge, while 90% of shoppers learned about new products through online videos. Statistics and evidence aside, the real value of building a video marketing funnel is in understanding what it is, and how it works.
What is a video marketing funnel?
A video marketing funnel is much like your content marketing funnel. In fact, it is a funnel within your content marketing funnel.
A video marketing funnel guides your target audience all the way through the buyer’s journey.
It is designed to attract, educate, convert, and retain buyers using videos at each stage.
Video funnels follow the same goals as your content marketing funnel, with KPI’s tied to each stage.
For example, if your goal is to attract a larger audience, your videos need to target buyers who are at the start of their journey and trying to define and identify problems with top-of-funnel content.
Your main KPI would be video views that prove your content helpful and is being consumed by the right audience. You might also consider engagement metrics such as view time and click through rate if you offer a call-to-action at the end of your video.
Why video marketing funnels are so effective?
Video marketing funnels are capable of doing more to drive your marketing messaging than other forms of content because of the medium.
Video blends sound and visuals, two powerful tools for altering emotional states. For example, research into the effectiveness of visual design shows that 90% of people are visual learners.
And when it comes to sound, a study on the use of sound shows how it was able to influence the moods of crowds in public areas.
Put together, both findings are further validated by the University of California’s research into the field of advertising. They found that ads that can generate an emotional response do more to influence decision making than the actual content of an ad.
Whether your product is a video membership or subscription site or an eCommerce store, where text and images are successful at promoting your offer, video is far more engaging. As people absorb more visual information and experience altered emotional states through sound, their responses to well-structured videos can lead to better results for your brand.
What is a video marketing funnel made of?
Most marketers understand the concept of a content marketing funnel but often struggle to understand how video marketing funnels work. So, I will dive a little deeper into what each stage of a video marketing funnel should look like. I will also save you a lot of time by sharing the key metrics to pay attention to at each stage.
ToFu: Attract your audience
The top of your funnel is where you create content about a specific problem or challenge that your buyer may be experiencing. Top-of-funnel content is designed to pull buyers in at the beginning of their journey. These are often people who are or have just become problem-aware but need a little more information to define what they are going through before finding a solution.
At the top of your funnel, the key metrics to focus on are video view count and engagement. The more views and engagement you receive, the greater the chance that your message is reaching more of your audience.
Example: Grow better with Hubspot
Almost every marketer has heard about HubSpot. They offer quintessential tools for growth-focused brands. But in a world filled with a growing number of me-too marketing platforms, creating a message that resonates with your audience can be challenging.
To cut through the noise, HubSpot opted to go with something a little closer to home.
Their video zeros-in on the biggest challenges that marketer’s face today.
It highlights the constant pressure to drive revenue above all else and counters it with an idea of a more compelling and humane approach to marketing and sales. If you are a marketer who wants to generate results and feel proud about your work, this video was made for you.
MoFu: Educate your audience
Middle-of-funnel videos are designed to educate. As buyers move along their journey to finding a solution, they become more interested in what a solution might offer, and whether it addresses all of the problems they now clearly understand.
The key metric here is watch-time. As more people watch more of your videos, the greater the probability is of them learning about your solution and why it solves their problems or meets their needs.
Example: How to sell your phone on eBay
eBay was founded in September 1995. And while they are over 25 years old, they are still focused on making sure people know how to use their platform. To help, they produced a short explainer video. It walks customers through the listing process for people wanting to sell their smartphones. While just 30 seconds long, eBay does a stellar job of simplifying how their platform works and makes customers feel empowered enough to sell their smartphones online.
BoFu: drive conversions through proof
Bottom-of-funnel videos are created to convert ready-to-commit audiences. At this stage in the buyer’s journey, your audience has a good understanding of the problems and challenges they face, knows about your products and / or services, (and most likely a host of competitive products and / or services), and is now weighing up their options.
Your goal at the bottom of your funnel is to help buyers do away with any lingering objections they may have towards your solution.
Your key metrics are conversions in the form of sign-ups, leads generated or sales.
Example: ConvertKit demo & tutorial
Finding email marketing software is not the toughest thing to do, but it can be hard to find the right solution. In ConvertKit’s demo and tutorial video, well-known online entrepreneur Pat Flynn walks viewers through the state of your marketing, reasons why ConvertKit is the best solution out there, and then shows how to use the platform.
Demo videos are critical bottom-of-funnel content and more so when they are endorsed by well-known brands, influencers, or public figures. And that is what makes this video so powerful. Flynn leads with stats as he builds a case for email marketing software and ends with practical use in the form of a tutorial.
Retention: keep buyers happy and in your ecosystem
Retention videos are used to familiarise customers with your product. Through educational and instructional videos, your audience begins to explore all your product has to offer, making it easy to use and generate results with.
How to build a video marketing funnel that converts?
With a good understanding of each stage of the funnel, it is time to look at how to build yours. Here is a step-by-step process for creating an effective video marketing funnel.
Step One: Conduct an audit
Conducting an audit is always the best starting point when it comes to designing a video marketing funnel. Like all audits, the goal is to understand how effective your videos have been.
While audits can be complex, yours does not have to be. If this is your first time working with video, reading this section is still worthwhile. It will help you develop a deeper understanding of what makes for an effective video funnel.
If you are looking for ways to elevate your funnel, here are a few questions to ask yourself to establish how effective your video marketing has been thus far.
1. How many videos have you published and how successful have they been (according to key metrics shared for each stage of the funnel)?
2. What is your major challenge?
Your major challenge is the one thing that seems to be preventing your funnel from producing results. The great news is that the funnel works in stages and in sequence.
It cannot be broken. This means if you are struggling to attract viewers, you should not be focusing on creating BoFu content, you should be focusing on creating compelling ToFu content instead!
Questions to ask include:
o Are you generating enough video views (ToFu)?
o Are your educational videos getting enough watch-time (MoFu)?
o Are you collecting more leads and sign-up or generating more sales (BoFu)?
o Are you getting enough views and watch-time on tutorials and instructional videos (Retention)?
It is possible to answer yes to all the above, and if that is your situation, start at the top of your funnel.
IMPORTANT: To convert more customers, you must start with one major challenge. Challenges must follow the sequence of the funnel. For example, if you are selling a course on how to host and create live events, you cannot drive sales without attracting more viewers and educating them first.
Step two: Plug the hole
Having identified your major challenge, generate content ideas that align with your audience.
Use personas
First, lean into your personas. Get very clear on who they are, what their challenges, needs and problems are, what matters most to them along their journey, and what values they hold dear.
While statistics and figures point to how effective your strategy and content will be, your strategy is ultimately influenced by how well you understand your audience.
Find your competition
Check out the competition and what works for them. Look at the engagement they receive on Social Media and YouTube and see what works with your audience for ideas of what you can create, too.
Plan your videos
With a good understanding of who you are creating content for, it is time to figure out what content you need to produce. Having done the work in step one, the audit should show where your funnel needs attention.
Pro tip: If you find that your audience is small or you do not seem to be getting as many views as you need, you have a ToFu challenge. You need to create more content to attract a larger audience. Once you created enough top-of-funnel video content, then proceed to produce more MoFu content.
Is there a secret ratio that you can apply?
We have seen that creating a 60% (ToFu) and 40% (MoFu) split works effectively to start with. By producing more ToFu content you are able to reach a wider audience, one that will move as many viewers down your funnel as possible. Once you get traction, start stretching that ratio to include BoFu content, but always have more ToFu and MoFu content.
Step three: Get creative
Coming up with great ideas for your videos is not always the easiest thing to do, but the process can be simplified. It’s all about creating a clear picture of what your audience stands to gain by watching your videos. By leveraging knowledge of your buyer personas, and what they want most, you can tap into stronger and more effective creative ideas.
How?
Think in before and after states
Before and after states are a look at the life of your buyer before and after they have watched your video. By identifying your audience’s before and after states, you will be able to create material that resonates with them.
For example, let us say you are creating a video about how video monetisation works on YouTube. Highlighting a pain point (lack of income) as a before state, and how watching your video relieves viewers, (shows how to prevent income loss) as an after state, would work well.
Be a world-class host
While inbound marketing is no longer a new concept, the idea of offering value is stronger today than ever before. And for brands looking to leverage video marketing, the need to show your audience that you really get them and know how to solve their problems is essential.
As you create videos, think of yourself as a world-class host. Serve your audience by offering value that exceeds their wildest expectations.
And value does not have to be hard to share. It can be communicated by offering clearer examples in videos or giving information that buyers would not easily find. While these may appear as small gestures, they make your brand more endearing and strengthen your competitive advantage.
Always share what happens next
People love journeys. To drive results with your video marketing funnel, you will have to connect the dots for viewers. This means including effective calls to action to promote your site, and products and / or services, guiding people along to the next step in their journey.
Here is a simple three-step formula for creating powerful calls to action:
1. Make it personal by using messaging that is relevant to your audience.
2. Clearly communicate the benefit of taking action by sharing what your audience stands to gain by downloading your eBook or visiting a web page, etc.
3. Use action-oriented language to motivate a reaction.
Conclusion
This is the best time to invest in your video marketing funnel. Video is only going to become more popular, and your brand can not risk being drowned out by competitors who use effective video marketing.
While the idea of committing to video may seem overwhelming, all it takes is little planning and creativity. As you create your video marketing funnel, remember that video is like every other piece of content in your funnel. It must be designed with purpose and tracked with relevant metrics.
We are Double 8 Media Pty. Ltd. We have over 20 years experience in the Internet Industry. We have been producing online Marketing and Video Advertising Campaigns for our customers for over 20 years. Come talk to us at Double 8 Media Pty. Ltd. to explain your marketing requirements, enabling us to develope a Video Marketing Campaign to help you maximise your R.O.I.
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