CHAPTER 2: Building The Road Map To Success
“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.”
― Abraham Lincoln
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If you want to achieve anything, you need a roadmap for it or else you will get stuck at some point where you will have no idea of where to go next. Furthermore, a road map will help you measure your success as you can see where you stand and what more you need to achieve.
So a roadmap for your marketing strategy is as important as its execution. If you have a solid plan, you will be able to differentiate between knowing how much ROI you are getting and seeing which variable of your strategy is working for you the most.
If you already have a video in place and assuming that it is professionally directed with a well-written, audience engaging script, then that’s great.
But if you don’t have a video, then don’t fret, you can make a right video for the right audience even if you are starting from the scratch by working on a video marketing strategy.
Creating a Solid Video Marketing Strategy:
The whole reason behind creating a video marketing strategy is to get more qualified leads and get a higher ROI which cannot be achieved with creating a general video and randomly sharing it. So with that said, let’s see the eight steps to creating a robust video marketing strategy:
- Clearly define the goals of your video marketing efforts
- Researching your video’s target audience
- Deciding the types of videos you will be making
- Setting a budget for your video
- Figuring out who’s responsible for the creation of video
- Establishing a video campaign strategy
- Thinking about where you will publish your video
- Understanding how your video’s performance will be measured
So these are the eight key steps for creating a video marketing strategy, we will dive deeper into these steps so you can clearly understand how you can create a perfectly executable and result-oriented strategy.
- Defining the Goals
How will you know that you are progressing and achieving something through a video marketing strategy? You will measure it in milestones or goals. This is the reason that you need to set short term goals to achieve that long term goal which is the success of your whole strategy from start to finish.
You need to determine both the revenue goals and brand goals. With the revenue goals, you will be focusing on things like increasing the lead form inquiries.
On the other hand, brand goals will encompass things like growing an email list, capturing Google answer boxes, or driving more traffic to your blog not in just explosive quantity but in higher quality as well.
Keep in mind that the brand goals are just as crucial as the revenue because they position you for success in the future. Some of the common video goals can be:
- Promote Brand Awareness: This is typically measured using the brand recognition and recall, video views or quality/frequency of mentions.
- Increase Viewer Engagement: You can measure the viewers’ engagement by looking at the average engagement or simply put, the average length of time your viewers watched the video.
- Get Higher Conversion and Demand: This is obviously measured by looking at the lead count and the impact on conversion rate after you published your video.
So now that you know about the first step of your video marketing strategy which is goal setting, you will be able to create better goals.
- Researching the Target Audience
This is not just related to video, knowing the audience is the key to putting up the ideal showmanship. Whether you are a magician trying to ‘WOW’ the people sitting in his show or a marketer trying to get an email out of the visitors of his blog, knowing what kind of masses you will be dealing with is the key.
You need to define an audience you are going to target and then you will have to learn about what their likes, needs, and pain points. And if you intelligently utilize the data you gather, you can craft a masterpiece.
One misconception that many of the marketers have is that if they do not get a million views for their videos then they are not successful. Well, that is not the case in every situation and that may just result in higher advertising cost in efforts to reach the masses irrespective of their interest in your brand.
Though it is a good approach to go for broad reach when you are dealing with end users (consumers) but when you are doing B2B, things are going to be a little different. It is usually difficult for B2B brands to develop videos that can appeal to the masses due to the nature of products that are not for the end users.
But that doesn’t mean that video marketing is not for you, just because not everyone has a need for your product or service simply means that you need to target those who do. So first make sure to clearly define whether you will be targeting B2B or B2C audience.
Next, you need to need to understand that your content should be interesting to the people in your audience group. It’s OKAY if it is not engaging to people outside of your audience; your aim is to capture the engagement of people in your target audience.
Start looking at the buyers of the products similar to yours and the customers you already have. Research about their video preferences and see if it is a good medium to reach them? If it is, then you need to see what type of video will work best for them and then start creating a profile that your target audience should have.
- Deciding the Kind of Video, You’ll Make
Before you go ahead and start with the video creation process, you need to understand that it is imperative for you to first figure out the type of video you will be making for the audience. Think about the story you will be telling, how you can do it with that video and what video type and style will be best for that purpose?
For instance, if you want to depict more abstract things and want to explain very complex notions in an easy way, animation video will be perfect for you. The reason behind is that you can show anything you want and get very creative – like a duck flying through the sky with a cape on, which you cannot do with live action videos as easily.
Also, you need to consider where your video will be embedded into the journey of the customer and the marketing funnel. Keep in mind that you may need different kinds of videos for different phases in your buyer’s journey.
So when you are getting started, you need to split test with different styles and video types to see which works the best and which one is not working for you. This is the best way to select the perfect video type for your video marketing strategy.
- Setting a Video Budget
When you are working on your video marketing plan, it is imperative that you set the right budget for the kind of video you have selected. There are a few factors that you need to consider to get an idea of how much you might need to invest in the video production or if you already have a set budget then how to get optimal value out of it.
The whole budget of your video production will depend on the type of video you will be creating. Every type of video ranging from live action videos to a variety of animation videos will require a different budget, time and resources. So, therefore, there is no one answer to what budget you should set for video production. Furthermore, the quality of production and the style of the video will also be the factors that will impact on the overall cost.
In-House Production or External Company:
Another factor that can significantly reduce or increase the cost of your video production is how you choose to get it created. If you are planning on creating the videos by yourself, then you need to decide who is going to be responsible for overseeing the whole production and will you get the services of a video production team or an in-house videographer?
A great way to determine who should be responsible for the production of videos is to see how many videos you will be producing on a yearly basis.
This is because you will have to create different videos for different products or services and different marketing campaigns and you will also be creating different videos for different points in your funnel. So for that, you need to decide how many videos you will pump out each year.
And then you can decide if you have the budget, resources, team, and time to facilitate the production of all those videos on your own or do you want to outsource everything to an external video animation company.
The Cost of Video Production:
We will now tell you an estimated cost for video production so you can get an idea of what to expect from an external company in terms of cost and also from in-house production. This will further help you determine if you should go for the route of external video production or the internal one. So let’s have a look:
External Video Production:
If you outsource the production of your videos then you can expect the price that can range anywhere from just $5,000 to $15,000 per video. This is the standard rate for the videos in the industry for a normal to a pretty good explainer video. But remember that the rates can change if you go for higher quality.
If you want to go for advanced video production that the top brands of every industry use then the cost can go up to $60,000 for each video. But, as a small to medium business or even a large business, you can get a pretty good animation video under the range of $15,000.
So with these costs in mind, if you want to get the production of one video per month, then you may have to set a budget from $60,000 to $180,000 for one year.
The benefit of outsourcing the production of your brand’s explainer videos is that you don’t have to worry about a single thing. You will just hire a company to do everything ranging from scriptwriting to producing a killer marketing video.
In-House Video Production:
If you want to go for the in-house video production then you will have to invest in getting your own equipment, train your staff member to shoot the video or even get a videographer. But keep in mind that the video producer will not be cheap, according to Payscale; they usually earn $54,000 on an average.
If you train your own employee then they should have the idea of how to properly conceptualize a scene, capture it and then edit it to make it presentable. On the other hand, getting a video producer will provide you with the benefit of years of professional experience they will bring with them and the advanced level shooting and editing techniques that they have mastered over the years.
Whether you ask your employee to do the video production or hire a videographer, they should be creative, know how to come up with and properly use good metaphors and puns, and know who the target audience is and what they would like to see in your videos. They should also be quick when it comes to delivering the videos and know how to direct people when shooting.
Things You’ll Need If You Plan on Doing In-House Production:
An external video production company will not bother you for anything or demand any equipment because they already have everything. But, if you plan on going the in-house route, there are some things that you will have to do even if you decide to keep things at a basic level. So for the production of a professional video, you may need the following things:
- A professional video camera
- Tripod stand
- Camera stabilizer
- Complete set of lighting equipment
- Complete set of audio equipment
- Video and Audio editing software
These are the must-to-haves if you want to get a basic level of video done for your brand without seeming like you are recording a video from a smartphone. Keep in mind; your videos need to be very professional because quality advertisements or explainer videos have an impact on your brand’s value.
- Who Will Be Responsible for Video Creation?
Now that you know the budget of both in-house production and outsourcing the production, it is important that you also establish who will be responsible for the whole process of video creation. So keep the following factors in mind:
- Who will be coming up with the creative concepts and working on storyboard?
- Who is going to write scripts of the videos whenever needed?
- Who will be editing and approving the content?
- Who will be responsible for the video shoot if you are doing a live action video?
- Who will animate the video if you are doing animation explainer video?
- Who will edit the video content?
- Who will distribute the final videos?
Please remember that you will also need to create an editorial board consisting of major stakeholders who will watch the finished video and provide you with feedback.
- Establish a Video Campaign Strategy
You need to think about the approach of your video content in advanced so that you plan your video productions accordingly. There are two primary approaches for doing this, have a look at them below:
Approach #1: Videos for Website:
This approach involves creating videos in a series with content that will be uploaded at the core pages of your business’s website. These can be how-to videos that will be used on your support pages, videos of customer testimonials for credibility, and other types of videos that will be put to your website for a long time.
Approach #2: Advertising Videos:
These are the videos that usually have a short lifespan because you will be using them in advertisements for the promotion of your brand, new product or anything that needs to be promoted. You may also create social videos or seasonal videos like announcing giveaways for Christmas or promoting your products that align with a FAD or a trend.
No matter which approach you go for, you will have to establish a strategy for your video marketing campaign that’ll basically be a smaller version of your primary Video Marketing Strategy which means that these small videos will be the milestone points of your Video Marketing Strategy.
So to ensure that everything goes smoothly, you will have to set the cost and the timeframe for each small video campaign in your big Video Marketing Strategy. This means that if your overall video marketing strategy consists of one year time period, your small video campaigns will be divided to fill that period of one year. So if you have planned on creating 6 videos for the year, you may run a video campaign after every two months.
To get a general idea of how you will plan the timeline of a single video campaign will be like, have a look at the sample breakdown of the timeline below:
- It may take one week to come up with the purpose of the video and determining its research options
- You may need up to two weeks to develop the concept of the video
- Up to two weeks to decide on a script and details of pre-production
- One week for the production of the video
- Up to three weeks for edits and other post-production works
This timeline will provide you with a general idea of what to expect from each of your individual video campaign strategies but the timeline can vary depending on which type of video you are going for. For instance, if you are creating an animation video, then you may get it done quicker than the live action video as it requires more time, effort and resources than the animated video.
- Where Your Content Will be Published?
Now once you have created a video, you need to think about where you will publish it on the internet and on your website. Remember, it is important that you use different distribution channels when releasing the video to get optimal engagement and reach. Some of the channels that you should consider can be:
- Different pages on your website such as product page, blog, service page, homepage, etc.
- Inbound marketing such as guest posting
- Outbound marketing such as email marketing
- Social media websites where your prospects are present
- Uploading videos on YouTube
- Getting your sales rep to distribute the video
When you are starting with the video production, make sure to create a list of all the distribution channels that are highly relevant to your video and the audience you are targeting. For instance, if you are targeting youth, you might want to focus on Instagram than Facebook.
- How You Will Measure the Video’s Performance?
Now that is one of the most crucial factors of your whole video marketing strategy because it will ultimately help you decide how effective your overall campaign was. Just like you track the performance for the written content through KPIs (key performance indicators) you will do the same for the video content.
Once you have released the video, you will review the engagement data of your video to assess if you have made the right investment in the right type of video and see how well the video is performing.
We can understand that the word ‘metrics’ might be scary for some but honestly, it is easier to track the metrics of video and measure them than one might imagine. Here are a few metrics you would want to track:
- Number of Views: You need to see how many people have seen your video and how many of them were ‘unique visitors’ to so you can see if your video is working.
- Attention Span: How many people came to your video and made it to the end and how many of them abandoned the video? At least 60% of the people should watch till the end.
- CTRs: Click through rate of emails with and without the video will help you determine how many people are actually interested in opening your video.
- Demand Generation: See how many new leads you have generated through your video and how it is influencing your revenue and pipeline.
- Consumption of the Video: Determine how many individual leads are watching your video in a day, week or month.
You need to determine how you will collect all of this data which is usually done with the use of online video analytics platforms. Once you understand how the videos are aligning with your objectives, you can then start leveraging this asset in a more effective way.
So this was the second chapter. Now that you know what a video marketing strategy typically encompasses, you need to understand how you can create a video that tells a compelling story to resonate with your audience and help them connect with your brand on an emotional level. So for that, have a look at chapter three of this guide.