A proven formula to achieve maximum ROI on your next video
Tue 31 March 2015 - 4:05 pmEditor's Choice | Marketing | Marketing | Opinion | Sales and advertising | Small Business | Tech
Statistics prove that video is a very effective communication tool when the message resonates with your audience. Did you know that 51.9% of marketing professionals worldwide name video as the medium with the best ROI?
Would you like to be 100% certain that the next video you make is going to make you the most money possible? Absolutely!
Whether you are thinking about your first ever video or your next one, the following formula is going to provide you with an easy method to determine which video is the best one for you to make next. If you just take a stab in the dark at your next video, without implementing the formula, you will be wasting a golden opportunity.
The Formula is simple:
- Goal + Resources = Maximum Impact Video
What is your goal?
Your goal is what you want to achieve with the video. By starting with this question, you are starting with the end in mind. When you become very clear and precise about what your preferred outcome is, then everything else will fall into place. You have to work backwards to go forwards.
It’s pretty easy to work out your video goal. All you need to do is to carefully look at your business and work out where your biggest challenge lies. This is the area that is in most need of a big boost. Your business is only as strong as its weakest part. You probably already know what this is.
What are your resources?
Once you have your video goal clearly established, the next step is to look at your resources. How much time and money can you allocate to achieving your goal? Often this answer is closely connected to the perceived importance of the goal. If your goal is of critical importance then you will often be able to find more resources to work with.
When you add together your goal and resources you can determine your maximum impact video. You will know exactly which video solves your main challenge with the resources you have available today and that is going to have the biggest impact on your business.
Your Maximum Video ROI Strategy
What is most important here is the strategy behind the video. It will make the difference between a successful video and an unsuccessful one.
You might choose to have the most high-end video made for you, but if it has a weak strategy you are wasting money. On the flip side, a basic yet well-made DIY video, when aligned with a carefully considered strategy, will usually be successful. If you combine a high-end video with a killer strategy then you are looking at rocket fuel for your business.
Keep in mind your video strategy needs to be closely aligned to your marketing strategy. Make sure you seamlessly incorporate your new maximum impact video into your business. This could be done in a number of ways:
- on a website or landing page
- social media boosted posts or video ads – Facebook, YouTube, Instagram
- direct email to new or existing customers
- sales reps showing these videos to leads during meetings.
Whilst there isn’t a straightforward answer to the question of which video you should make next, there is a simple formula to work it out.
- Goal + Resources = Maximum Impact Video
There isn’t a single most important video about which anyone can say, “Yes, that’s the one to do”. There is only a video that best achieves your goal. To achieve the best ROI, you need to focus on your specific business needs and make sure that the next video you produce clearly delivers a solution to a specific problem.
Look at your business and apply the Goal + Resources = Maximum Impact
Video formula. See what video you can uncover that is going to have the most impact on your business today. That is the video that you should make a priority. The sooner you can make that video the sooner you can benefit from its impact on your business.
About the Author:
Marcus Seeger is the Managing Director of video marketing and production agency, Video Experts. He is also the #1 Amazon bestselling author of “Video Marketing for Profit; 14 Proven Strategies for Accelerated Business Growth”. Details on Marcus’s book and new video marketing podcast can be found at www.videomarketingforprofit.com.au.