Oftentimes, when money gets tight the first thing to go is your marketing budget. But hold on now – that could be a huge mistake. When revenues are down, that’s when you need marketing more than ever and as you know, video is a critical component of a strategic marketing plan! If you’re not marketing your services or products, how are you supposed to boost sales and beef up that bottom line?
Learn from the Past
Most of us still remember just how dark things were back in 2008 during the Great Recession. Many people lost their jobs and their homes. Even then, Forbes warned companies against cutting their ad budgets. They cited a study by McGraw-Hill that showed companies that didn’t cut their ad budgets during recessions dramatically outperformed their competition in the long run. “Specifically, companies that advertised aggressively during the recession had sales 256% higher than those that did not continue to advertise.”
Industry Week agrees, saying the best time to invest in marketing is during a recession and during the recovery. Industry Week also recommends organizations constantly assess their markets. If you’re seeing a decline in revenue, maybe it’s time to re-evaluate your audience and your marketing methods.
Marketing after all has changed drastically since the launch of social media. Just a few years ago, video was not likely to be a key part of your social media strategy. Now, video is so crucial to social media – that even Facebook has taken notice. The social media giant is now pushing its Facebook Live platform as well as integrating video as an option for ads.
The Marketing Versatility of Video
In reality, when marketing gets tight, video marketing is one of your best options! You can easily re-purpose video across a variety of platforms. For example, if you invest in a video for your event or your website – an excellent move for SEO (Search Engine Optimization) – you can turn that one video into several for a variety of purposes.
- You can use video footage from your shoot for social media advertising.
- You can take snippets from your interviews and turn them into their own social media post.
- You could even take sections of that video and integrate it into your blog posts (again, good for SEO).
- Turn a piece of that video into a GIF (people on social media love GIFs).
When it comes to video production, there’s this old notion that it’s expensive and will eat up a majority of your marketing budget. That’s just not the case. Cost truly depends on the type of video you want to create, the length and the approach of your video production partner. We’re always happy to talk through your options and help you get the most bang for your buck.