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New Study: The ROI of Video in Email Marketing
Posted on June 25th 2013
We want video and we want it now!
While these exact words may not be coming out of consumers’ mouths, their actions are screaming them loud and clear. YouTube alone has more than 1 billion unique users a month who watch over 6 billion hours of video. Not only are consumers watching a lot of video, but they are also sharing it. At least seven hundred YouTube links are shared on Twitter every minute and 100 million people take a social action on YouTube each week. Sounds like a golden opportunity for marketers, right?
But wait. A recent study done by The Relevancy Group and sponsored by StreamSend looked at the effectiveness of video in email marketing. The Relevancy Group interviewed 266 marketing executives, and out of those 266, only 25% are using video in their email marketing efforts, while 80% responded that they were somewhat or very likely to begin using video.
Here’s the big thing: the study found that including video in email marketing campaigns increased email marketing revenue by 40%.
Wait, what? Yeah. Forty percent, y’all.
It may come as a bit of a shock, then, that so few marketing execs are currently using video when the ROI is so high. The study did find a couple of reasons for the lack of participation in video marketing:
- 43% responded that they didn’t have enough content
- 27% cited increased costs of video production
- 24% said they had other email marketing priorities. (Hmm…sounds like a cop out. Are those “other email marketing priorities” giving you 40% higher ROI?)
While the production of video content offers new challenges, this doesn’t mean that marketers and SMBs should shy away from it; in fact, the reverse is true. If you’re not sure where to start, here are three tips to get that video content pumping and driving higher conversion rates on your email marketing campaigns:
Repurpose Content for Video. So you don’t have any content for videos? Start by taking a stroll through your past content pieces, like blog posts, eBooks, tip sheets, etc, and think about how you can repurpose them as video content. Different media allow you to highlight information in different ways, so don’t feel like you’re being redundant by repurposing content. Video lets you be more conversational, taking a “show-don’t-tell” approach. Remember, too, that shorter-form videos tend to play better (given the general busyness/ADD-ness of the digital media consumer), especially if they are confined to a single, focused topic.
Start Small. When you start doing video, don’t come at it as a huge production with special effects, dramatic lighting and the like. Think of a camera, a simple background, some microphones and one or two people talking about a topic of relevance to your consumer. Then press record and get talking. Even the most stripped down (authentic) types of video marketing take some initial monetary investment, but it shouldn’t take too much time; it should be simple by design. Your goal is to get your message in front of your audience in an easily digestible manner. You can accomplish as much without a huge production - save that for J-Biebs.
Look forward. As the stats show, consumers love and share video. So while video may be intimidating, it’s the future for connecting with your audience. Think about video marketing as a chance to sit down one-on-one with your consumer and answer their questions and address their concerns. Remember, marketing is about getting the right message in front of the right audience at the right time. If your consumers are loving video, shouldn’t you be giving them video?
Engaging in video marketing now will position you ahead of the competition. Don’t be the late one to the party – invest now and reap the benefits sooner rather than later.