Attention is the new currency
According to a recent study by Wyzowl.com, 73 per cent of consumers prefer a short form video to educate themselves on new products and services.5 A large majority of studies point to the use of video being the best form of marketing across many industries. One can see this by simply looking at the social media platform trends over the past decade.
Every major platform, including text-based platforms such as X (formerly known as Twitter) have embraced the use of video for their users. The reason is because video captures the most attention, which keeps people engaged on the platform for longer. If a business can capture someone’s attention long enough, the viewer is more likely to buy. One of the best platforms to use for this reason is YouTube. According to a study posted by SproutSocial.com, people who spend time on a brand’s YouTube channel are twice as likely to make a purchase.6 In fact, Neville Medhora (owner of Kopy Group LLC) recently stated YouTube provides the best quality traffic to their website. Those who visit his website after watching a YouTube video, “have very high sign-up rates, and very, very high purchase intent.” He also goes on to say, “They take it more seriously and there’s more of a connection that comes from YouTube traffic.”7
During an interview between NFL Hall of Famer, Shannon Sharpe, and long-time entertainer, Steve Harvey, the two discussed a fascinating interaction Harvey had with Denzel Washington. Washington pointed out to Harvey the profound connection viewers have with TV stars, opposed to movie stars. The reason was because viewers invite TV stars into their homes more regularly, creating a bond similar to that of a relative.8 Now that most people have adopted different streaming services for entertainment purposes, including YouTube, this is where the competitive advantage can be found. A business could develop an “entertainmerce” approach (combining entertainment with e-commerce) by creating their own “TV show” on YouTube.
If video creates a bond with viewers, then a company can pre-build a connection with potential customers before the customer even steps foot in the store. One of the simplest methods for creating content is paying attention to the conversations customers are already having and the questions customers tend to ask. Producing videos that address these questions not only results in valuable content, but it also has the potential to significantly reduce the time businesses spend explaining details over the phone.
Before the pandemic, the author created several YouTube videos to help homeowners when selecting a liner. Most of those videos received at least 2,000 views, with one having more than 14,000 views (and counting).9 While these videos appeared amateurish, they grabbed significant attention. If just 20 per cent of the average views resulted in time saved from a two-minute phone call, the estimated time saved is roughly 13 hours (i.e. 400 views x two minute phone call = 800 minutes or 13.33 hours). In relation to the few hours invested in creating the videos, this translates to a remarkable 300 per cent return-on-time. Establishing a video resource library not only contributes to an improved customer experience but also provides an additional avenue for suppliers to establish a connection with new employees in advance.
Consider a scenario where a business brings on a new customer service employee unfamiliar with the industry. During the initial learning curve, this new employee will require guidance and support. This is where a video resource library would be perfect, as people retain 95 per cent of information in video format opposed to just 10 per cent of information from text.6 A supplier could create a YouTube channel, or video resource library on their website, to help aid in troubleshooting and answering various questions about their product. This gives the new employee (and veteran employees) a tool they can use to either learn from, or pass along to their customer to help answer questions. This approach presents an excellent opportunity to gain a competitive edge in areas where other businesses are currently not focusing.
