Question for you. What’s your CAC? It’s not some new textspeak; it’s the cost to acquire a customer. What?!?! You don’t know. In its simplest form, it’s the cost of your sales and marketing efforts over a specific period divided by the number of customers attained in the same period. I’ll give you a moment to calculate. (Jeopardy music)
Gasp! That much, huh? Obviously, it’s worth it, because you wouldn’t be anything without your customers. Still, as a wise businessperson, you are always trying to reduce costs and if you aren’t, well, maybe you should stop reading this post and get back to Snapchatting your besties.
For the rest of you, I’ve got some tips on how to decrease the cost of customer acquisition by using video marketing.
Embed video in original content.
Aberdeen Group conducted a study and found a lower average cost-per-customer acquisition of 19 percent from companies using video. Simply embedding a video in your email campaign or blog posts will engage your target longer and lead to higher conversion rates.
Not sold on the power of video? Click the play button below.
Amp up your homepage with video.
If you aren’t already using video on your homepage, chances are you’ve unintentionally bounced a lot of visitors, hurting your SEO and search engine ranking. More often than not, when someone is on your homepage, they were seeking you out. They’re already interested in your company and they probably aren’t going to stick around to see what else your website has to offer if they have a bad first impression.
Your homepage has the purpose of telling the visitor they are in the right place and letting them know how you can provide the solution to whatever it is they are there looking for, all while speaking to them on an empathetic level. Considering the time deficiency most people are faced with, visitors to your homepage will be more likely to watch a short video than take the time to read through descriptions of services. Furthermore, embedding a video on a homepage increases click-throughs by an average of 30 percent.
Use video on individual landing pages.
Companies that provide video stimulation on their landing pages experience 800 percent more conversions. Yes, the zero is in the right place. Counterintuitively, even though it takes less time to watch a video than read a text version of the same material, visitors stay longer on a site with video – probably because they are engaged on multiple levels.
Promote with video.
Video promotion has proven to be six times more effective than print and direct mail combined. Also notable is that before reading any text, nearly two-thirds of site visitors will watch a video if available.
I’m not suggesting you forego other marketing tactics altogether. If it’s working, by all means, keep doing it! Just make sure you are combining efforts with the richest form of media to increase audience engagement.
Promotional video marketing is extremely effective in generating excitement. Use video to raise awareness and introduce new offerings. Not only are they powerful tools of persuasion for first-time customers, but they’re also incredible influencers, capable of driving loyalty and repeat business and stirring up anticipation of the launch of a new product or service.