The COVID-19 pandemic has had a significant impact on the global economy, leading to a recession that has affected businesses of all sizes. CEOs, business owners, and employees alike worry about recessions because they know they can result in less funding, plummeting sales, decreased profits, and even potential redundancies. But all is not lost: a recession can much less daunting when you’re prepared for it.
In times of economic uncertainty it's crucial for businesses to find new ways to stay afloat and continue to reach their target audience. One effective strategy for doing so is by utilising video. While there’s no way to 100% recession-proof your business, there are ways to limit the impact a potential recession can have. Let’s take a look at 7 ways you can use a video strategy to help you stay afloat, even with the current crisis.
Save time with an end-to-end video platform
You may need to halt recruitment processes during a recession, but there’s still just as much work to be done. You don’t want to add strain and stress by increasing the workload of your existing employees, so it’s time to get creative. By using an end-to-end video platform, like Quickchannel, that offers businesses a one stop shop to fulfil all their video needs in one place businesses can simplify their workflows saving ample amounts of time and boosting efficiency in the creation, editing and distribution of great video content that will draw in the crowds and propel you ahead of the competition. This brings us on to our next point, increasing engagement.
Increase your engagement
Video is an incredibly engaging medium, and it's more likely to grab the attention of your target audience than text or static images. In a recession, it's essential to keep your customers engaged with your brand to maintain their loyalty and trust and keep them coming back. By using video in your marketing strategy, you can create content that is both entertaining and informative, helping to keep your audience engaged with your brand. Video platform editors enable anyone of any experience level to produce high quality professional videos that can be used across your website, email marketing campaigns, and social media accounts. You can also choose to host webinars as opposed to just creating shareable video content. Webinars tools come with an array of interactive features like moderated chat rooms, great for Q&A sessions, and polls to keeps viewers interacting and involved in the conversation. This leads us on to our next point, increasing your reach.
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Increase your reach
Video platforms an offer you a range of features whether you’re producing live, on demand or shareable content. Video editing tools such as the Quickchannel tool enables you to crop and trim your longer videos into bite sized pieces of information for your audiences and then embed codes across your platforms for shareable content. This helps to boost your online visibility and get your content in front of your target audience in the right place, at the right time. Adding in audio, brand colour overlays, closed captions and editing with images and video will not only make your video content visually appealing and recognisable, it'll make sure it's inclusive to all. Cropping your best bits enables you to repurpose content helping you to make the most out of your videos while saving valuable time and resources. These videos can then be optimised for search engines, making it easier for people to find your content and become familiar with your business.
Use data to optimise conversions
During a recession, your company may be reluctant to spend on paid ads or campaigns to drive more traffic to your site and boost lead generation and conversions. When you host webinars from a video platform, you can analyse live data and statistics on your audience engagement including average watch time, number of attendees, drop off rates, minutes watched and more. By carefully analysing this data, you’ll be able to make smarter decisions on future content improving each time. By analysing what’s working and what isn’t you can ascertain what content resonates most with your audience. This is sure to help boost the effectiveness of your video content yielding results from your efforts while ensuring you're not spending valuable time creating content that no one will engage with.
Read more on how you can get the most out of your content with our analytics tool.
Cost-effective video marketing
In a recession, businesses often have limited marketing budgets, making it crucial to find cost-effective ways to reach their target audience. Video production can be relatively inexpensive, especially compared to traditional forms of advertising like print or television ads. Additionally, once produced, a video can be distributed in multiple ways, such as on your website, social media, and in email campaigns, maximising your return on investment. Video is a flexible medium that can be used in a variety of ways to meet the changing needs of your business during a recession. Some other examples include, using video to provide virtual tours of your products or services, offering virtual consultations, or even providing online training for your employees. The flexibility of video makes it an excellent tool for businesses looking to adapt to the challenges of a recession. With the rise of end-to- end video platforms anyone can produce great content, no matter their experience level.
Building trust in a recession
It's important to build and maintain trust with your customers. Video allows you to connect with your audience on a personal level, showing them the human side of your business and building a stronger connection with them. You can use video to showcase your products and services, answer frequently asked questions, or even provide behind-the-scenes access to your business. It’s key to allow your audiences to feel they are a part of your brand, have a voice and are heard – ultimately it promotes loyalty. By doing so, you can build trust with your customers and show them that your business is reliable and trustworthy.
Top tips for using video to increase your online presence
- Embed video on blog articles to deliver content insights “face-to-face” and build your authority and credibility in your field.
- Post shorter ‘best bit’ videos on your social channels to share quick tips and insights.
- Include videos content in emails to personalise your outreach process.
- Encourage followers to share their videos on your social media for word of mouth visibility.
- Consider asking customers to create testimonial videos that you can include on your website.
- Utilise videos on crucial website pages like your about and service pages to explain your value proposition quickly.
Turbulent times often create stress and anxiety for many business owners and companies but it doesn’t always have to be like that. Many businesses that are prepared and strengthen themselves early on experience great outcomes and significant growth. Using video in your marketing strategy during a recession can help keep your business alive by increasing engagement, reach, cost-effectiveness, building trust, and offering flexibility. Don't be afraid to get creative with your video content and think outside the box to reach your target audience in new and innovative ways.