Start-ups have been regarded as a primary driving force for growing the economy and creating jobs. These small enterprises are known around the world for stimulating rapid innovation, and it has been proven that most of them succeed because of using innovative elements in their marketing plans, such as video marketing strategy.
Unfortunately, in these uncertain times of pandemic, start-ups have also struggled along with large conglomerates. With the enforcement of quarantine measures, every industry is affected by the disruption of supply chains.
As a result, it isn’t easy to sustain operations. With strict social distancing, coupled with a fearful market that’s staying home, traditional practices can no longer apply. As such, start-ups have to modify their marketing plans.
Since everyone is now online, small ventures need to implement video marketing strategy to remain visible, profitable, and sustainable. Podcasting has become very popular too, which can be a great digital marketing tool as well.
Covid-19 Pandemic is Starving Tech Startups Worldwide
With the advent of the pandemic, every sector of society has been severely affected. Big chains like Starbucks, Subway, and Dunkin Donuts have reported billion-dollar losses.
The majority of the players in the airline, tourism, and hospitality industry are near-bankruptcy because of several months of closure. Career development for most professionals has been impeded as some face lay-offs, reduced work hours, or a shift to a home-based setup.
Freeze-hiring has been imposed by most companies, with unemployment at an all-time high. If major companies with a lot of reserves suffer, more so tech start-ups with less funds to begin with.
- How enterprise-oriented start-ups suffer more
Most start-ups do not have extra money to handle a big loss of profits. Sadly, bills continue to pile up, and loans must be repaid while on lockdown. These small enterprises are poised to go out of business because they cannot serve clients and no longer earn enough profits.
- Why many tech start-ups don’t have the reserves to survive
Since most tech start-ups have invested their money on infrastructure, software, and the like, they do not have the reserve funds to help them tide over this pandemic.
Some may want to implement new video marketing strategy, host a podcast, but they would not be feasible due to the lack of funds. Loans are also now harder to come by, so the much-needed capital infusion to innovate post-pandemic is slim to none.
After Covid-19: What’s Next For Start-Ups?
Even though times are hard, a few start-ups have shown that with flexibility and agility, businesses can still survive and thrive in this pandemic. Some start-ups have resulted in quick action to shift towards digital work to ascertain that they remain productive and relevant even in this crisis.
From moving to telecommuting to offering more online goods and delivery services, these innovators have found new ways to do things to address new needs brought on by the pandemic.
To illustrate, video marketing statistics indicate that 300% more traffic goes to a website when they show a video. Additionally, 64% of consumers are more likely to purchase after watching a branded video. As such, companies have incorporated more videos to improve exposure.
- Unicorns appear out of recessions
Since the time immemorial, innovative entrepreneurs have proven to emerge victorious even in a crisis. An example is Alibaba and Taobao, which came to life post-SARS. The mid-2000 financial crisis also gave birth to Dropbox, Uber, Groupon, Pinterest, and Airbnb.
Despite the economic slump brought on by Covid-19, new opportunities are created by these unique health and economic conditions. As such, current start-ups like telehealth, food apps, and grocery deliveries offer solutions to this changing lifestyle needs and preference.
- eLearning boom
With social distancing in place, parents are reluctant to send their children back to school. Even colleges and universities discourage face-to-face learning without a vaccine. Because of this, the pandemic has inspired an eLearning boom that takes place in virtual online classes with the aid of videos.
In the same token, most companies are afraid to resume normal operations. Those that have gone back to work only have a skeletal workforce.
To mitigate the health risk, non-essential work personnel are encouraged to work from home, relying on video conferencing apps like Zoom. To encourage & motivate your remote workers you can take part in famous podcasts as well as plan and create one yourself.
Implementing Video Marketing Strategy: Why Is This So Effective?
Failure to adapt business practices with the rapid lifestyle and market changes means getting crushed by the competition. With more than 5 billion people owning a mobile device, coupled with constantly staying plugged on PCs, Laptops, and TVs, it is clear that businesses must leverage these numbers to attract their customers. With these devices, over 500 million hours of video are watched daily.
In order to remain relevant, start-ups must incorporate video marketing strategy to expand their brand’s reach. Today, statistics show that 78% of people worldwide watch online videos every week, and 55% view videos daily.
Effective marketing methodologies emphasize that businesses must go to where the consumers are to be effective. The best way to capture their attention is through engaging videos.
- Increases the number of clicks
By incorporating videos on their site and social pages, more clicks are encouraged, which drives up traffic and boosts brand awareness.
Why? Because videos resonate more with people than plain text.
The people of the modern world have diminished attention spans, so they prefer to watch short videos than reading lengthy articles which take up more time. Studies also show that the brain can process audio-visual images much faster than reading.
- Optimizes the ROI of marketing campaigns
Relying on video marketing strategy also help start-ups in optimizing their marketing campaigns. Traditional advertising is no longer effective as people trust word-of-mouth referrals and personalized videos that they see on social media. The typical print ads, radio spots, or TV advertisements are also very expensive.
In contrast, creating video content is more affordable, with some social media platforms offering free postings. Those that choose to avail of boosted post options only pay a minimal fee.
By relying on this approach, start-ups can get a huge return on their small investment because every like, share, comment, and reaction expands exposure to a wider audience base.
- Encourages trust towards eCommerce
When it comes to businesses, reputation is everything. Today, 97% of marketers note that videos helped consumers gain a better understanding of their brand. With this, brand loyalty is fostered because this hinges on how people feel about the company.
Videos explain better and foster more client engagement.
If start-ups want to continue to thrive with new clients and repeat customers, incorporating videos on their official website, social media posts, and blog posts is a must.
Every single business is fighting to survive this turbulent period that’s rife with economic uncertainties. With no clear resolution in sight, those that want to stay afloat must rely on video marketing strategy to secure their target audience.
With the aid of video, start-ups have better chances to create more leads and generate better conversion rates. Both are necessary to increase revenue and improve company bottomline.