Over the coming weeks we'll be outlining our top 9 video trends for 2023. Today, we begin with our first trend, 'The Importance of Interactive Video For Remote and Hybrid Work', and how it will continue to help transform businesses around the world.
Why we see ROI as an important trend
In today's digital landscape, video has become one of the most powerful marketing tools for businesses looking to engage with their customers and boost their return on investment (ROI). A well-produced video can not only increase brand awareness and drive conversions, but it can also help to maximize the lifetime value of a customer. We think it’s important that you start looking at your video content as something that has an impact at the bottom line for your company and not only as brand building content machine.
Why is it important?
Lifetime value (LTV) is a metric that helps businesses understand the total value that a customer brings over their lifetime as a customer. This can include not only the revenue generated from purchases, but also the value of repeat business and customer referrals.One of the most effective ways to maximize LTV is by engaging customers with high-quality video content. Video can capture and hold the viewer's attention, and when done correctly, can create a strong emotional connection with the viewer.
How to Calculate Customer LTV
Customer Lifetime Value = (Customer Value * Average Customer Lifespan)
To find CLTV, you need to calculate the average purchase value and then multiply that number by the average number of purchases to determine customer value.
Our take
One of the keyways to achieve this is by creating video content that is tailored to the specific needs and interests of the target audience. This can include creating product demos, customer testimonials, and educational content that addresses the pain points and concerns of the target audience.In addition to creating targeted content, businesses can also use video to drive customer engagement and encourage repeat business. This can include incorporating interactive elements, such as polls and quizzes, into video content, or using video to provide personalized recommendations and offers to customers.
We help our customers keep track on their ROI by offering them...
1. Dashboards & reports
2. Advanced statistics
3. Analyse your results
4. CRM and Analytics integration
Why you should care
Measuring the ROI of video marketing efforts can be complex, but by tracking key metrics such as views, engagement rates, retention rates, and conversion rates, businesses can gain valuable insights into the effectiveness of their video marketing efforts. By monitoring these metrics, businesses can make data-driven decisions to improve the performance of their video campaigns and achieve their desired business outcomes.