A well implemented sales funnel is critical to any company’s success and can be optimized in many different ways. Today, with more than 57% of people watching one or more videos a week on their smartphone alone, marketing videos can easily help you optimize your company’s sales funnel.
In a simplified sales funnel, the main phases include: the awareness phase, the decision phase, the purchase phase and the repurchase phase. Your funnel should be taking in lots of prospects at the top (awareness phase) and letting out only qualified leads at the bottom (purchase and repurchase phases). Most people drop out between the phases as unfruitful sales opportunities’. By optimizing your sales funnel, you should be getting only the highest quality leads that are ready to buy or repurchase.
Awareness Phase Optimization
This is the phase where potential customers become aware of the existence of your brand or product. At this stage, you get to make a first impression. Your objectives at this point should be to reach as many members of your target demographic as you possibly can and to make a good enough impression so that you can get many of them to stick around for the remainder of the stages.
This is where product videos or demo videos help inform and attract prospects into your funnel. A product or service video explaining what your company does, how it does it, and what makes it different is the key here. This type of video is great for optimizing the awareness phase, but it’s still effective in optimizing all the other phases of your sales funnel.
BlueBird Turf builds tough and reliable turf care products for a wide range of applications. Their demo and product videos help attract customers to their brand and show the superior durability of their products. This awareness has helped increase awareness of specific products and attract new customers to the brand.
When you show people what your company does, you are essentially introducing them to your brand. When you tell them how your company operates, you are letting them know what your values are, and many customers consider this when they are making purchase decisions. Telling people what makes your product or service unique helps them understand why you are better than your competitors, or why it’s worth it to upgrade to a newer version of your product.
Decision Phase Optimization
After prospects are aware of your product, they will show an interest in it, and evaluate it (by comparing it to products from your competitors) before deciding to buy. The decision phase is pivotal, and you should do everything you can to optimize it. You can achieve this by putting out videos that provide useful information on your product, extol its positive attributes, and offer testimonials from other customers. According to Vibrant Media Productions (https://vibrantmediaproductions.com), 61% of clients surveyed said that product videos helped increase sales, as opposed to no videos. This falls in line with similar research on product videos.
Prospects are more likely to purchase your product if they connect emotionally with your brand. These types of marketing videos can help spark that emotional connection with your customers, and it can help transition them from the awareness phase to the decision and later the Purchase phase.
Rosco Vision Systems is a manufacturer of automotive vision safety products and uses product videos to inform customer’s of product features and build awareness.
Culture videos are effective in sales funnel optimization because people want to know that the products they purchase are made by companies that care about their workers, and are dedicated to innovation and excellence.
Purchase Phase & Repurchase Phase Optimization
The Purchase and Repurchase phase are when goods or services are purchased. The repurchase phase doesn’t apply to all products and services, but it’s essential in lots of areas e.g. software subscriptions, consumer products, and even electronics that require periodic replacement. In these phases, customers decide whether to keep using your product, or whether to purchase a new and improved version of your product. To optimize this phase, you have to make it as easy as possible for your customers to get their hands on your products.
Big Ass Fans is a leading producer of fans for both commercial and residential use. They use their testimonial videos in marketing material and on their site to assure potential clients of their efficiency and effectiveness. This builds trust in the Purchase Phase.
Marketing research indicates that people tend to trust customer testimonials more than endorsement messages from the makers of a product, so a video that showcases the effectiveness of a product from the point of view of real customers can go a long way in convincing prospects to purchase your product. Testimonial videos are particularly effective in optimizing the decision phase of the sales funnel.