Wistia Product Marketer Naike Romain believes that video has the power to give your company a sustainable competitive advantage.
As many of the SaaSFest speakers have pointed out, competitors present a large challenge in today's SaaS market. Video can give you the competitive advantage you need by connecting with, educating, and converting the largest possible customer base.
In her talk, Naike explains the three ways that video helps your marketing strategies and how you can employ each of these techniques at your SaaS company.
Why Video Puts You Ahead of Your Competition
According to a 1996 Harvard Business Review piece by Michael Porter, a competitive advantage has two components.
One component is operational effectiveness, or optimizing the day-to-day workings of your business. It means doing all of the same things to sustain and grow your business that you've been doing and that your competitors are still doing—but doing them better and faster than your competitors.
Strategic positioning is standing out in your competitive landscape. It means doing something that that your competitors aren't, and differentiating yourself in the eyes of your customers.
Naike believes that video helps SaaS companies gain both of these advantages.
Video's Three Superpowers—Or, How Video Helps You Win
As Naike describes them, video has three specific superpowers that help you build a competitive advantage:
It connects: Video can help more people feel informed of and emotionally connected to your brand, like this.
It educates: Video support can deliver delight to your customers instead of just giving black-and-white answers, like this.
It converts: Video helps your sales team show why your product is important and helpful, which ultimately means fewer prospects going dark in the middle of their outreach, like this.
In these three ways, video makes your marketing strategies more effective than your competitors' (giving you operational effectiveness) and allows you to uniquely communicate with your customers on a personal level (giving you strategic positioning).
Video Provides Human Connection With Your Customers
Videos tell stories in ways that engage multiple senses at once. They're visceral—which can be extremely helpful because studies have shown that after a presentation, 63% of attendees remember stories while only 5% remember statistics. Video can engage your customers' emotions and forge human connections in ways that other media cannot.
Emotional connections are a big factor in purchasing decisions—Wistia CEO Chris Savage believes that people make emotional decisions and rationalize them afterwards.
This translates into monetary value. Customers that feel connected to you have a higher lifetime value, are less price sensitive, and are much more likely to advocate for your business.
How To Connect With Video
The key to connecting with video is understanding your audience and making a human connection on an individual level. Don't try to speak to everyone at once.
Look beyond even the level of quantified buyer personas to connect to a more specific experience:
Within one of your buyer personas, identify a single viewer and the idea that is most important to them and will most capture their attention.
Then distill that idea into a single message you want to share with that individual. Create smaller, more authentic videos for unique audiences.
You don't need to get lost in the production value of the video—the message is more important. You can make something small and authentic with a just a webcam and still deliver your message and connect with your audience.
Video Educates Customers About Your Product and Your Team
The overwhelming majority of buyers want the materials to be able to make educated decisions. They're going to take steps to seek it out—so why not just provide it for them and make the discovery process easy? Doing so will help your customer make an informed decision and heighten their perception of your brand's value.
Video will help you demonstrate the answers to your customers' questions instead of documenting—which will better capture your customers' attention. Diode Digital found that 60% of site visitors will watch a video if it's available before reading any text. The big wigs that you're selling to prefer video, too—a study by WeCapture found that 59% of senior executives prefer video over text.
How to Educate With Video
When you create educational content, look to answer these questions:
What does this product or tool do? A potential customer won't feel comfortable buying your product if they don't have a good understanding of how it solves their problem.
How do I use it? Explaining how to take an action in a product can be more effective and easier to explain in video than in writing.
Why should I care? Video can demonstrate value better than text because viewers can see your tool in action and see other people solving problems similar to theirs. They see that someone else cares, and this humanizes your product and your brand.
Learning from another human voice and face is not only more interesting to your customer, it gives them a glimpse at your team and your company's personality, and reinforces that human connection. To drive the connection home and make your information as clear as possible, keep your tone and language casual and explain any concepts like you would to a friend.
Video Gives Potential Customers the Confidence to Convert
Potential customers want to be sure that they're choosing the right tool to solve their problem and that they're minimizing their risks. They want to trust the sales reps they're speaking to and they're increasingly consuming content to bolster their feeling of control over their industry knowledge.
This boils down to customers wanting to have confidence in their buying decisions. The time and effort you invest in videos helps demonstrate to viewers your commitment to the customer experience. The confidence in your company and product that you project on video helps motivate customers to convert.
How to Convert With Video
Inspiring the confidence to convert in a potential customer starts with connecting and educating. But you can emphasize conversion results by optimizing your videos even further:
Make sure your videos lead with why your product is helpful. Customers won't be able to understand what they're getting if they don't understand why they need it. Crazy Egg did this by creating a video in which they first explained why Heat Maps were useful to a viewer's Webpage Analytics before they talked about their own tool.
Put a video on your landing page. You'll give potential customers a reason to stay on your page for longer—giving you more time to deliver your message. When Crazy Egg put their video on their landing page, they saw a 68% increase in conversion rate.
This is how your video marketing goes from competitive advantage to tangible revenue-increasing asset.
Video's 3 Superpowers Connect to Fortify Your SaaS Business
When you use video to connect and educate, you inspire confidence in your customers to convert. Videos are not the end goal—they are dynamic, powerful tools that help you reach your other business goals.
Videos—by nature of how they're made—also show off your company's personality and give human life to the face of your company. This is why making videos always sets you apart from your competitors in your customers' eyes.