Video Content Is The Solution To Marketing In An Economic Slowdown
The increasing layoff, high inflation, and market conditions are causing widespread apprehension about a possible recession in the forthcoming. While the 2020 recession lasted for over a year, no one can possibly assume how long this looming economic slowdown can abide.
It is reasonable that organizations might be concerned about their chances of achieving long-term success and sustainable expansion. Businesses typically decide to scale down their marketing initiatives in order to save money if the economy is in decline.
There has never been a better time to intensify your video marketing and audience-building efforts since it will help your business establish the credibility and trust necessary to start generating new sales when things start to improve. But, do you think using video during an economic slowdown is a wise move?
Well, businesses that utilize video content effectively build better brands, especially during an economic slowdown. However, doing so haphazardly would only result in short-term financial security and leave a company floundering when the tides change.
So, if you provide valuable and entertaining content to your target audience, they will reward you with loyalty and help in boosting revenue by purchasing your products and services. So, what can be better than video content? In this article, we will talk about how video content is the solution to an economic slowdown.
Video Content Is The Solution To Marketing In An Economic Slowdown
According to a survey performed at the outbreak of the pandemic, 78% of individuals want companies to assist them in their everyday lives. So, what better way to accomplish this than to generate more visual information about what they're looking for?
Internet use soared during the initial months of the pandemic due to stay-at-home requirements. While internet usage has decreased slightly since then, businesses that recognized a chance to expand and better engage customers during that time period took advantage of the surge in screen time. The same could be said about the approaching downturn.
We can all agree that we want to get out of a recession as soon and as securely as possible, and when that moment comes, your brand should be in a trustworthy position. And this is possible through marketing. You can continue your sales funnel with more-educated customers if you stick to providing them with valuable and entertaining visual content.
Marketing needs patience and perseverance. Thus, you should focus on strategizing your marketing strategy that will affect your quarterly objectives after you have a solid audience ready to activate.
Ways to Use Video Content for Economic Slowdown
Simplify Your Products
A recession promotes cautiousness, making customers more concerned about every purchasing decision they make You should concentrate your marketing efforts on the areas that make the most sense to customers. Understanding, what exactly is necessary and what is optional?
It's crucial to emphasize the worth of your products and services. Customers aren't now seeking trendy, personalized products. Instead, they are looking for things that are valuable. They want to obtain the greatest value possible for their money and trust that the products you're offering are of high quality.
Attention-Grabbing Video Ads
As a marketer, it is important to understand which ad format can help your business to generate the best ROI. A survey shows, that around 87% of company owners are satisfied with video marketing ROI and over 66% consider video content as the most impactful form of marketing content.
Compared to written content and images, video content not only has a higher click-through rate but is also processed much more quickly. People digest visual media, like videos 6x times quicker than textual content, which enables you to convey a great deal of information in a short period of time. Given that many consumers have a limited attention span, having them learn about your product or service through video increases the likelihood that they will finally pick it.
Increase Sales Through Videos
You can increase your sales while still being relevant to consumers throughout and after the economic recession by making educational and tailored videos. People are more inclined to use social media during windy times, if not to stay in touch with friends and family, then to stay up to date on current events or entertain themselves. Thus, leveraging mobile-optimized videos will help you to generate better outcomes even in drought-like situations.
Moreover, while creating video content make sure to make it mobile-friendly and responsive. As the tech-savvy world has moved toward mobility, which is why we can see users of smartphones are more inclined to watch and share advertisements than users of desktop computers or televisions. Because they provide a rapid overview of the product, video content is ideal for smartphone watching because it increases customer likelihood to buy, which boosts sales.
Foils Marketing Strategy
Video content is popular, useful, and entertaining. The wonderful thing about video marketing is that it can completely support your present marketing plan, especially in the low times, the video content can thrive your marketing strategy.
If you already post blogs on a weekly basis, you may turn those posts into videos or even add more video material like video podcasts, webinars, tutorials, and many more. How-to videos can be created from informational articles and thought leadership content. This gives your audience another method to interact with you and converts your material into a different, more widely used format.
Be Relevant and Affordable
If there was ever a time when shoppers were looking for bargains, it would be the time when the economy is struggling. Use your advertising to draw attention to fee waiver programs, payment options, or temporary price reductions.
But keep in mind how customers perceive costs. If people get too accustomed to the cheaper costs, they can stop buying from your company once the economy starts to rebound in favor of the lower prices they experienced during the recession. One method to prevent this is to release a standard version of your product at a lower price point, taking into consideration the demand for affordability, but try to avoid linking your premium products with lower costs.
Influence Customers Decision
YouTube is being used by an increasing number of individuals for entertainment and education. A few individuals check YouTube before making a purchase. Video product evaluations are well-liked, in contrast to an advertisement, they provide information about the product and are typically honest. This also applies to product videos that are integrated into the website's real product pages. It's helpful to have videos of your products and services.
Additionally, there's a chance that vloggers, influencers, and micro-influencers will write reviews of your items on their particular social media profiles. It makes sense to attempt to have your items appraised by industry-relevant personas as influencer marketing is the online customer acquisition channel with the greatest growth. They'll aid in expanding your audience and creating a really outstanding return for your efforts.
Top Reasons Why Smart Marketers Stand Strong During Downturns
- They are aware that because many businesses would be stopping their marketing initiatives, the brand will become more well-known.
- It will lead to an increase in the company's market share.
- People would regard the brand as steady if it used strategies to be prominent in the market, which would improve Brand Credibility over time.
Instead of cutting back on your marketing efforts during a recession, strike now. During a downturn, devote more of your marketing resources to boosting or sustaining your video content. Also, make sure your videos are appropriate for the occasion and your target audience's requirements. You will not only distinguish yourself from the competition and gain the confidence of both present and new customers, but you could also experience improved ROI. Want to learn more about video marketing? Reach out to experts at Support@pixeldino.com.