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Creating a video is perhaps the most efficacious way for a SaaS company to improve user engagement and reduce churn.
With the recent advancements in technology, graphics, and animation, SaaS marketing videos have become the most powerful tool in a marketer’s toolbox, responsibly casting an even wider net, and effectively increasing the conversion rates.
A study by HubSpot reported that 87% of video marketers are satisfied with the ROI of their video marketing efforts on social media, whereas 93% of marketers who use video say that it’s an important part of their marketing strategy.
Humanizing the brand and simplifying convoluted ideas, well-made videos can even go as far as to generate an emotional connection in the user for the brand. Whether it is with tutorials or testimonial videos, the companies have taken back the reins to their own narrative.
1. Customer retention and Churn Reduction
One of the key factors responsible for any company’s success is being able to retain its customers. Personalizing the SaaS marketing videos according to the needs of new users by designing how-to videos or new feature-explainer videos brings down the rate of potential churn.
Acquiring a new user costs the company far more in terms of money and labor. Thus investing in these videos to help improve customer loyalty is a smart move.
2. Minimizes Support Queries
With effective help and how-to videos continually helping in understanding the product or new updates, there would remain less scope for confusion and therefore fewer queries.
This outreach strategy would inadvertently result in fewer tickets, calls, and mails, bogging down the SaaS company’s resources in solving such problems, thereby reducing the manpower and money invested in the support system.
3. Helps generate referrals and positive reviews
The reason that customer experience is of paramount importance is that it directly influences customer loyalty and therefore future revenue generation. And a large part of how this happens is through referrals and reviews.
Videos get shared on social media and with their network by loyal users who are using the company’s service. So by producing engaging videos, SaaS companies can trigger potential leads to sign up.
4. Consumer satisfaction swells up
With immaculate content and real-time solutions, even low-budget video marketing can make the customer feel heard and cared for. And as long as the customer feels connected to the SaaS company, user engagement will soar and conversion rates will increase, resulting in an even better MRR.
Video marketing today is an unassailable arrow in any SaaS company’s marketing quiver as it brings new customers. Whether it is product explainers, demo videos, case studies on various work environments, high-profile customer testimonials, or tutorials on usage and solutions, these videos are the best shot any SaaS company has to vouch for its product or service.
A planned execution strategy can help specifically in increasing brand awareness, converting customers, and generating leads.
Initial steps of starting a SaaS video marketing –
1. Define the demographics and age bracket of the target audience
Not every product can work for customers of every region. Also, not all types of content can work for every age group. Unless the video resonates with the potential user, simply viewing the video will not trigger a user to sign up for a trial, thereby making the whole process redundant. Therefore narrowing down the audience would be a smart move before mobilizing resources.
2. Target videos based on the economic bracket and career type of the viewership
Most SaaS companies work to solve problems in a niche field, whether it is business, legal solutions, social media, medicine, or even gaming. Even the cost of affording the product or the service is based on the financial background of employees in that field. If we were to make video content keeping these factors in mind, it would be like shooting fish in a barrel.
3. Research on the prime platforms to broadcast your videos
A thorough exploration of the most popular platforms used by SaaS companies to create, broadcast, and host videos would go a long way in getting discovered and increasing the adoption rate. Whether it is YouTube, LinkedIn, or even Facebook and Instagram, find out where your targeted demographic gets its staple feed of video information.
Types of videos that can be created for SaaS marketing-
This is one of the most essential pieces in your SaaS marketing kit. A good demo video not just successfully gives the potential user a tour of the product, it subtly informs the user on the non-highlighted aspects like affordability, relevance, and usefulness, prodding the client into making a decision according to his needs and taking action sooner.
Critical in converting users to loyal customers, a how-to video is what keeps a customer going. They explain upgrades on the product, how to use previously launched products, or even answer frequently experienced problems, thereby severely shrinking the churn rate.
These videos vouch for the company and the product. Clients being interviewed, sharing their experience helps build trust like nothing else does. It humanizes the brand and gives a peek into the actual solutions the product provides. These videos also showcase your work, therefore proving to be a welcome mat to the new leads.
The monthly log-ins of platforms like Facebook, Instagram, LinkedIn and YouTube ranges over a billion users. With its blindingly wide reach, each platform has a different video specification. With their astounding ROI, placement of social media videos is imperative for SaaS companies.
Interviews and insight videos from experts of the field can engage the customer helping to convert them. Trending news videos raises awareness, bringing new eyeballs to the SaaS company and increasing sign ups.
An active webinar strategy can change the face of a SaaS company. According to research carried out by Demio, 78 of the brands in Forbes’ The Cloud 100 2019 list run webinars for their audiences. Engagement of customers, working with primary industry stakeholders, increasing brand awareness, producing new leads, and showcasing the product are just a few of the gains of broadcasting SaaS webinars.
1. Budgeting and allotment of resources
Strict outlines on the division of money and resources in aspects like hiring a team, compiling software and production equipment will reduce wastage of time and money. It will also speed up the process and increase ROI.
2. Creating an engaging
Audiences of all demographics respond to the message in the SaaS company’s video. Not only does your content have to be alluring, but the story also needs to be well written to echo with them, inadvertently making them respond to your call-to-action.
3. Research on length of the video
Short videos have been known to be most effective in converting leads. Most users are consuming content on their mobile phones and do not have the attention span to watch long videos, just like they don’t prefer reading texts. A survey done by HubSpot showed that videos that are less than 90 seconds long have a 50% retention rate. Therefore quick and uncomplicated videos would be the safest bet.
4. Focus on innovation and imagination
Being uniquely creative is what will make the product stand out and put the SaaS on the map. With the world shouting out to catch the consumer’s attention, new ways of introducing, appealing visual graphics, interactive scripts are vital to increase revenue and maintain ROI.
5. Analysis of market trends
Rigorous research is imperative to abstain from losing money in the process of strategizing video marketing campaigns. Figuring out the platforms to broadcast on, trends, the type of content that works for that audience will critically impact the traction you receive.
Data from SaaS video marketing studies show towering retention of information by leads. According to a study by Insivia, Viewers retain 95% of a message when they watch it in a video, compared to 10% when reading it in the text.
By disentangling complicated aspects of the product, the SaaS video encourages customers to convert.
Video embeds encourage share-ability on social media platforms, thereby increasing awareness and visibility substantially. According to Small Biz Trends, Social videos get 12 times more shares than text and images combined.
There is an increase in measurable results, with more traffic on the landing page and more people attempting the call-to-action. According to a study by Optinmonster, 84% of people say they’ve been convinced to buy a product or service by watching a brand’s video.
These videos aptly showcase the SaaS company’s personality, thereby drawing the attention of similar-minded people and businesses.
It increases traction across platforms and therefore puts the company on the map and increases revenue. As per a survey by WordStream, Marketers who use video grow revenue 49% faster than non-video users.
According to Content Marketing Institute, 31% of B2B marketers say that email newsletters are the best way to nurture leads, and stitching such videos in emails accelerates this growth significantly.
Video marketing helps SaaS companies to stick out, unravel complex concepts, accelerate growth and increase engagement. This helps the brand in digging its roots and solidifying its place with the customers.
An average person will spend 100 minutes per day watching online videos in 2021 (Zenith Media), and more than 75% of all videos are played on mobile devices (eMarketer). Video marketing almost guarantees an increase in MRR, reduces CAC and churn rate, and increases conversion ratio.
SaaS companies increase engagement through multiple active and passive ways. Some active ways are to develop a user-friendly UI and create video courses to help users adopt the product. Passive ways are putting out short onboarding and how-to videos that help in understanding the product which may be circulated through email newsletters and social media pages.
Videos can help users in understanding the product more clearly, getting value sooner, and adapting better to the multiple features through the onboarding process. These videos not only increase user engagement initially for a potential lead but also throughout the journey of a new customer.
Most companies target getting in a good first impression by collecting customer feedback, sharing easy-to-understand onboarding videos, and focusing on customer support. Many other SaaS companies go a step further to gamify the experience and provide incentives to the new users as well as provide a video academy for better onboarding.
One method is making the video in-house in which case an in-house team needs to work strategically on the type of video, video style, script, visual effects, voice-over, sound effects, production, hosting, and analytics. Another way of going about it is to outsource the video to a video production agency or a freelance video designer.