With no end in sight, startups are booming more than ever. 2020 saw the biggest increase of new startups in the past decade by a longshot, with a 27 percent increase. This means increased competition and higher expectations for companies in all industries- meaning smart and sustainable growth is more important than ever. Businesses are growing faster than they can scale, and many are faced with a myriad of unyielding questions to which they don’t have answers.
Navigating these unknowns means staying ahead of the curve when it comes to tools and technology, and putting your customers first to help their needs steer your ship. Doing this can seem challenging, but thankfully Video Social Proof (the strategic capability of using remote video capturing and publishing to apply the phenomenon of social proof to every aspect of your business) is here to help! Video Social Proof offers answers and solutions to five of the toughest challenges we see businesses face as they grow.
Using real-life examples, we will break down how brands in many different industries have optimized their marketing cycles and buyers' journeys to overcome these common problems.
When it comes to building trust, the strength is in numbers. As humans, we rely on numbers for everything in our lives: test grades, game scores, product prices, and so much more. Numbers play a vital role in how we perceive something and when it comes to people trusting a brand, numbers are just as important.
The term “Social Proof” was first coined by Robert Cialdini in his 1984 book, “Influence: The Psychology of Persuasion." Through experimentation, Cialdini proves that, while we all indeed have personal preferences, people will conform and make certain decisions in order to be liked by, similar to, or accepted by others. Strength in numbers works because groups of people have more power and influence than individuals. With the reputation that everything is not as it seems, many customers are wary of ever buying anything online these days. Protalus, the innovative insole company, created a library of video testimonials to help their shoppers see how real people like them used their products. By curating this community of loyal, satisfied customers, potential customers were able to see that Protalus was a reputable company, backed by tons of real people.
Today's consumers are more informed than ever before and their expectations and preferences have shifted accordingly. Over 70 percent of Americans say they look at product reviews before making a purchase. The ability of consumers to amplify or curtail a brand’s story through what they’ve read, seen or heard, offline and online, places responsibility on brands to make sure their messages are consistent – and placed within the channels where they can gain maximum impact.
Customers may still have questions about the uses, durability, or even size of a product. Average Joe’s Eyewear, an affordable eCommerce optical brand, used video reviews from their actual customers to show how their glasses and frames looked on real people. By showcasing their product in realistic scenarios, Average Joe’s Eyewear’s potential customers were left with fewer questions, paving the way for a more seamless buyer’s journey and, therefore, increasing the likelihood of conversion. This should be top priority for every brand looking to grow its sales, and Average Joe’s Eyewear saw a 40 percent increase in conversions on their website due to their use of video.
There are now 3.5 billion active daily users of social media throughout the world - that’s 45 percent of the world’s population! With the age of social media in full swing, consumers are becoming increasingly skilled at weeding out authentic content from fake content. Hop on any social media platform, and you’ll quickly find that no one likes to interact with staged content. As a result, companies are constantly seeking new, innovative ways to generate more authentic content.
By leveraging Video Social Proof, brands can generate content that can be repurposed across the buyer's journey, from social media posts to website landing pages to top-performing sales channels. Companies can turn a single customer-submitted video into a variety of modes of high-converting content. EcoFlow Tech, an eCommerce brand specializing in portable power, used video testimonials from their real customers to generate organic social media content, SEO content, and ads. This saved them time and money as they were able to generate high-converting content that could be applied across multiple sales channels to maximize impact.
Expanding your current product or service to meet the evolving needs of customers can be extremely difficult no matter what type of business you are. Should you add this new feature that could possibly weaken your product? Or should you head into this direction that might potentially go against your mission? The possibilities for expansion and optimization are endless.
Understanding your target audience and their needs is vital to knowing what your next steps should be as a brand. Because your customers are the ones that keep your business running, taking the time and effort to gather and understand their feedback is a fundamental part of growing your business. Washabelle was able to develop their Voice of Customer program by collecting video reviews and video testimonials about their experience with their mattresses. Using feedback that you accumulate, your company will be better equipped to make adjustments that keep your customers coming back time after time.
Videos tell a story that words on paper can’t. According to cognitive psychologist, James Bruner, stories are 22 times more memorable than facts. Our best advice for getting the funding that you need? Tell your story with maximum impact. By incorporating Video Social Proof into a mode of communication for your brand’s story, people will get a closer and more authentic feel for what your brand represents and does on a day to day basis.
American Heritage Worldwide collected video testimonials from the parents who use their stay at home curriculum to teach their children to show their board the real impact they are having around the world. As a result of these videos, their board decided to increase their funding and wrote out a generous check to help their program continue.
Growing a business is gritty work that never stops, and it’s no surprise that 50 percent of businesses fail after five years. Our aim here at VideoPeel is to help your business succeed where others have faltered. By highlighting problems and answers for what we think are the hardest problems that growing businesses encounter, we hope to better equip your brand to flourish no matter what stage it’s at. Stay up-to-date with the other posts like this published by the world's most powerful solution for Video Social Proof by visiting our blog.
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