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A value proposition video is a video that showcases your keystone product or service and shows customers what problem it solves. If you could distill the reason for your company existing down to a one minute long video, this is it.
Why is a Value Proposition Video important?
- Reason 1: Nearly 50% of internet users look for videos related to a product or service before visiting a store. (Google)
- Reason 2: Before reading any text, 60% of site visitors will watch a video if one is available. (Single Grain)
- Reason 3: Product videos are helpful to 90% of users during their decision process (Hubspot)
People will also be much more likely to remember your product or service and how it works:
- Reason 4: Viewers retain 95% of a message when they watch it in a video, compared to 10% when reading it in text. (Wirebuzz)
The way people get leads is changing, as cold calling and advertising are losing their effectiveness and building trust in your business and a relationship with your customer is becoming all the more important. A video that puts a face to your business is a great start.
What Makes a Successful Value Proposition Video?
According to Google, a value proposition is:
(in marketing) an innovation, service, or feature intended to make a company or product attractive to customers.
That is exactly what we are trying to capture in video form. Clearly and quickly.
Example Value Proposition Video
Take a look at this example Multiverse worked with POG Cinema Advertising to make:
All the better if the visuals and the audio reinforce each other, as the more you can help people to understand both about your product or service and the value it offers the better your chances are of converting them into a customer.
What if you can’t define what you do Clearly and Quickly?
If you can’t define your core value proposition for your keystone product or service then it’s time to go back to the drawing board.
This should already be the core messaging that is utilized on your website and other marketing materials, as well as the primary reason your company exists. Take a look at those materials and come back to it. If you’re still stuck, then figuring this out should be your first priority and don’t worry about a video!
Why a Value Proposition Video can Help Your Company Succeed
People Expect to see Video About Your Primary Product
Here’s a few stats from Animoto that help to express the importance of a value proposition video:
- Reason 5: 4 times as many customers prefer to watch a product video than read about it
- Reason 6: 1 out of 4 potential customers lose interest in a company that doesn’t have video
- Reason 7: 4 out of 5 consumers say a video that shows how a product or service works is important
- Reason 8: 59% of people find it helpful to watch a product video more than once before purchasing
Reason 9: Animoto also expresses that the three most important videos in order of importance are:
1. Product video
3. About the company
2 of the 3 Most Important Videos at Once
As you can see, an About video is the third most important after video testimonials. While video testimonials are important, those aren’t something you are going to shoot at the same time as your value proposition video.
Even if you could, that would be awkward.
An about video is perfect to shoot at the same time. Whoever is the spokesperson for the value proposition should also be a good fit for the about video. Both are central to the business.
Cost of a Video Shoot Might be the Same for 2 Videos!
Keep in mind that if you are already filming a value proposition video for your keystone product or service then it probably makes sense to do an about video at the same time. With video there are certain costs associated with setup and filming that are going to be relatively constant whether you are shooting for an hour or up to a half day.
If you are only shooting one minute of video, there’s a 90% chance you’re not getting as much out of your money as you could be, regardless of who you’re filming it with. While it will take much longer than 1 minute to shoot your video (as multiple takes are a must), it is not going to take a half day. Even if a very involved product demo is part of your video and it does take a half day shoot, it will still be much cheaper on a per video basis to shoot the videos at the same time. Generally the only time this will not be true is if it is going to take two days to shoot or another location will be involved. While these are all possibilities, the best solution for most small businesses is keeping your video shoot to one location for simplicity and cost reasons.
With Multiverse we encourage clients to shoot multiple videos at once so that they can knock out these two important videos at the same time. We generally do them in our green screen studio, as that means we can shoot in a controlled environment and use whatever background we find most appropriate (or multiple).
Proper planning and pre-production go a long way to making sure studio time is maximized both for clients and for crew.
Example About Video (shot during same shoot)
POG Cinema Advertising is one of our most recent clients we did a combined shoot for. Here is the about video we made:
Video: Converting Consumers into Customers
Here’s some other statistics showing how consumers prefer video and are more likely to convert after seeing a value proposition video for your cornerstone product or service:
- Reason 10: 59% of senior executives will watch a video instead of reading text if both are available on the same page ( Digital Information World)
- Reason 11: 54% of senior executives share at least one work related video per week( Digital Information World)
- Reason 12: 52% of marketers name video as the type of content with the best ROI (Syndacast)
- Reason 13: Shoppers who view demo videos are 1.81 times more likely to make a purchase than non-viewers. (Adobe)
- Reason 14: 80% of consumers believe demonstration videos are helpful when making purchases. (Blue Corona)
- Reason 15: 65% of executives have navigated to a vendor’s site and 39% have called a vendor after watching a marketing video. (Forbes)
- Reason 16: Blog posts that incorporate video attract three times as many inbound links as blog posts without video. (Moz)
Video is The Medium of the Future
- Reason 17: Mobile video consumption on YouTube goes up 100% every year (Hubspot)
- Reason 18: 55% of people watch one or more videos online every day (Digital Information World)
- Reason 19: In 2016, over half of all internet traffic was video traffic, at 51% (Recode)
Video is a powerful medium. YouTube is the second most popular search engine next to Google, and according to TechCrunch people now watch over 1 billion hours a day of video just on YouTube.
Hopefully this shows you why you can benefit from a value proposition video. If you’re only going to do one video, make it a value proposition video.
If you do one video, consider doing two videos in the same video shoot to get your money’s worth. The second should be an about video.
Get in touch today if you want Multiverse Media Group to help you make your value proposition video and your about video. Whether you’re in the Jacksonville area or across the country, we can help.