Boom! Your Video Marketing Strategy Revealed + ROI and Stats for 2023

The State of Video Marketing for Small and Local Businesses

In the last decade or so, video marketing, along with social media (Facebook, Twitter, Google Business Profile, etc.), have become increasingly—many would say critically—important aspects of marketing for each and every kind of business.

In fact, we would argue the issue has become existential, even if this sounds hyperbolic to some, because social media in general and video marketing in particular has become so important to small business success, particularly at the local level.

The ugly reality of 2023 is that it is more than just a nicety, it is a necessity to have some kind of effective social media presence online. Realistically, it’s never been more important, and will only get more so as time goes on. This is as true for mom-and-pop operations as it is to mega-nationals—and everything in-between.

The big difference (and the even bigger problem) is that the likelihood of a business fully and effectively taking advantage of the “new media” is directly proportional to the size of said operation. Medium to large enterprises will almost certainly have a social media presence (even if not using video effectively), because they can afford to hire an in-house person or hire out. For small and local businesses, this is not typically the case.

The ROI of an Effective Video Marketing Strategy

Typically, solopreneurs and small operations do not do enough video and/or social media, because A) they don’t know how to create a video marketing strategy, B) it takes real techie-nerd skills to be effective — something most individuals don’t have—and C) it takes something that is always in short supply and therefore very precious. That being, time! And this doesn’t even address the other big bugaboo—cost. Further, many small and local businesses literally don’t use new media effectively or well (or even at all) because the process is so heavily front-loaded with time commitment, budgetary issues and seemingly endless hassles.

It’s for this reality that social media management has become one of the fastest-growing and most in-demand hiring categories in the world today, with no immediate end in sight. In fact, the U.S. Bureau of Labor Statistics says job demand for marketing managers is projected to increase by 10% from 2020-2030.

In simple terms, what this all means is that most small businesses either don’t use video marketing and/or social media all at, or don’t use it consistently or well enough to make a material difference in lead generation, sales, etc. This is a shame, because developing a video marketing strategy and implementing it—combined with the ROI of video marketing—makes incredibly good sense, even if that’s all the “social media” one does. Beyond that, one can argue that ignoring video in today’s day and age is tantamount to business malpractice!

How Investing in Video Can Pay Off

It is beyond the scope of this article to address what we call the “social media gap” writ large or even the broader social media video marketing strategy; these are subjects for future articles. However, one can argue that of all the different kinds of social media one can engage it, there is considerable evidence (both empirical and subjective) that video marketing is the most effective of them all, and in terms of ongoing effort, requires the least amount of it.

In other words, video has long legs. Yes, video takes more “up front” effort and usually has higher costs than other marketing methods. But here’s the thing: long after a Twitter tweet or Facebook post has been “off-paged” and long forgotten, video will continue to bring you business—new and old alike.

We believe one video, professionally produced and effectively positioned (i.e. video SEO), is often more effective in both the short and the long term than any amount of more-or-less static social media posts, particularly for a new business or one which has not engaged in much social media/video marketing.

There are many reasons for this we won’t go into here (again, this would make an article in and of itself), but suffice it to say that in today’s world, people are looking for video(s) first, and Google/Youtube are going out of their way to make sure videos get seen — especially if they’re well made, on topic and well received by viewers (Google has many ways of evaluating “video quality” and rewards the good stuff).

The Biggest Bang for Your Business Marketing Buck

In short, video is an incredibly effective way to connect with audiences, tell stories, and showcase products or services. For small and local businesses, video marketing can be particularly and often disproportionately valuable, offering a range of financial benefits that can help drive growth and success, because the “competition” (if you can call it that) isn’t doing it well—or isn’t even in the game at all!

In the rest of this article, we’re going to explore the power of having a good video marketing strategy and (hopefully) demonstrate the ROI of video marketing for small businesses. We’re going to show why investing in video can pay off in terms of lead generation, increased sales, improved customer loyalty and more.

Lead Generation

One of the key benefits of video marketing for small businesses is its ability to effectively generate leads—much more so than static text (which nobody wants to read anymore!) or pictures. By creating videos that showcase products or services, businesses attract potential customers who are interested in what they have to offer. These videos can be used in a variety of ways, such as on social media, on a business’s website, or as part of an email marketing campaign.

One example of a small business that has successfully used video marketing to generate leads is a boutique clothing store we work with in Los Angeles. The store created a series of short videos showcasing its latest collections and posted them on Instagram and Facebook. By using hashtags and targeting specific demographics, they were able to reach a large audience of potential customers who were interested in fashion. As a result, there was a significant increase in website traffic, inquiries and action.

Increased Sales & Profits

Video marketing can also help small businesses increase sales. By creating videos that demonstrate the benefits of a product or service, businesses can convince potential customers to make a purchase. These videos can be particularly effective for businesses that sell complex or high-end products, where it can be difficult to communicate the value proposition through text alone.

One example of a small business that has used a smart video marketing strategy to increase sales is a software company we worked with to create buzz for their  project management tools. We created a series of videos demonstrating the features and benefits of its software suite, highlighting how it saves time and increases productivity. By including customer testimonials and showcasing the software in action, the company was able to convince many more potential customers to make a purchase. As a result, sales went up by over 14%, and the video marketing ROI was, frankly, off the charts.

Improved Brand Awareness and Customer Loyalty

Finally, a smart video marketing strategy helps small businesses improve customer loyalty. Studies have shown that people don’t remember much of what they hear or read, but they retain almost 90% of information they see and hear (i.e. by way of video). By creating content that showcases a business’s values, culture, and personality, it can connect with customers on a gut, emotional level. This can helps build brand trust and loyalty, leading to repeat business and positive word-of-mouth recommendations.

Another example of a small business pursuing an effective video marketing strategy, specifically to improve customer loyalty, concerns a coffee shop we consulted with in Portland, Oregon. The owners created a series of videos showcasing its commitment to sustainability, featuring interviews with the owner and employees discussing their efforts to reduce waste and support local farmers. By highlighting its values and mission, the business was able to connect with customers who shared those values. As a result, the coffee shop saw a measurable increase in repeat business and many positive reviews on social media, which in turn boosted the operation not only onto page one of the local search results, but into a highly coveted slot in the Google three pack.

In Summary: Video Marketing Strategy, ROI and Impact on Your Business

To sum up, video marketing is a very valuable tool for small businesses looking to generate leads, increase sales, and improve customer loyalty in 2023—and well beyond! It’s arguably the single most important tool one has in his or her business marketing toolkit.

Our experience and that of the data shows that nine times out of ten, video simply outperforms every other kind of media—and this includes paid advertising! If you’re not doing video, you’re leaving money on the table.

Worse yet, you’re taking money out of your pocket and handing it to the competition. And in many cases, this is only because they’re doing a marginal job of marketing themselves (or being marketed), and you’re not doing enough.

Or anything at all! 😣

NOTE: Paid advertising has the advantage in that it can provide “instant” results. In as little as a few hours, you can have people hitting your content. But it is expensive (Google Adwords clicks can cost upwards of $5 in many markets) and has no intrinsic “legs” of it’s own.

Video Marketing Strategy Hot Takes

Things to consider and stuff you probably should be doing for your small/local business marketing. More to come… stay tuned!

Invest in high-quality video production. Investing in a professional video production company can ensure that your videos look and sound professional. This can help you create a strong brand identity and increase customer trust.
Focus on creating content that is interesting, informative, and entertaining. Try to create videos that are unique and will stand out from the competition.
Leverage user-generated content. Encourage customers to share their experiences with your business on social media or video platforms. This will help to create a more personal connection with your customers.
Create a series of videos. Instead of creating one-off videos, consider creating a series of videos that tell a story and build anticipation for future videos.
Use customer testimonials. Testimonials from real customers can be a powerful way to show potential customers that your business is trustworthy.

Your Video Marketing Strategy, ROI and Stats: How We Can Help

By creating videos that showcase your products or services, you will attract potential customers and help to convince them to interact with you (you’ll also re-engage past customers, too). By creating videos that demonstrate your business values and personality, you will build trust and loyalty with customers. And by using video marketing effectively, your small (medium or large) business can see a significant ROI from a well-planned video marketing strategy, one that can significantly helps drive growth and success.

Here at WMS, we are expert video marketers (as you can probably see from the example video posted above). As of the time of this writing, we’re re-launching that aspect of our business (dormant for a long time, by choice) and offering a full 50% OFF video production services; this can include everything from concept and scripting right through to full video production, as well as all “backend” matters, such as video/youtube SEO, social media marketing and more.

If you’re really serious about taking advantage of video (not to mention of us), then we strongly recommend you watch our video (if you haven’t already), then jump on this limited special offer NOW—it could end at any time! We can also plan and implement an effective social media/video marketing campaign for you, and even automate it. Giving you great video marketing ROI is our goal!

FINAL TIP: Once you’ve got a video ready, the first step in pursuit of your video marketing strategy has little to do with “conventional” or “new media” marketing at all. In fact, it’s definitely “old school” and largely forgotten in this day and age of instant gratification and the internet. And perhaps for this reason, it’s even more powerful. Further, it’s certainly the biggest thing you can do for fast results (including an immediate SEO boost and even local media exposure). What is this strange, mysterious and wondrous beastie? Well, it’s a powerfully crafted press release! Yup. And we can help you that as well. Contact us.