Did you know that it costs 5-25x more to find a new customer, than to keep an existing one? Or that customers who continue to support your brand spend 67% more over time than new ones? You can read plenty more statistics like this here, however, our point is, there are plenty of benefits to encouraging your customers to stick around and continue to support your business. In the business world, this is referred to as creating brand loyalty.
What Is Brand Loyalty?
Think about it – is there a particular brand that you associate with quality? Do you think of this brand whenever you need the products or services they provide? If so, you are a loyal customer to that business.
According to the Pareto Principle, 80% of your company’s future revenue will come from 20% of your current customer base. Creating loyal customers is important for several reasons. Marketing budget-wise, recruiting new customers is costly, and having loyal recurring customers creates a sustainable cash flow. Having loyal customers also boosts word of mouth (60% of customers will tell friends and family about a brand they’re loyal to), while driving public relations and attracting media opportunities.
What’s Video Got to Do with It?
Video is one of the most engaging forms of content. Video instantly communicates who you are, what you do and what you have to offer in a personal, easy-to-consume way that helps customers form a relationship with your brand. This is important, because 80% of consumers indicate they are more likely to do business with a company if it offers a personalised experience. Video is also highly entertaining, and it gives brands the ability to combine various elements of content into one easily digestible format (you can read more about the benefits of video in our blog).
Which Video Formats Increase Brand Loyalty?
Education – Tutorials, FAQs
Educational videos make your customers feel supported, and ensure they know the benefits of what they’ve purchased. You can create simple tutorials, provide exclusive tips and tricks, or even publish ‘Q&A’ videos where you respond to frequently asked questions.
A Day in the Life
‘A day in the life’ videos give customers a more intimate understanding of how your business operates. These videos will make your customers feel closer to your brand by giving them more insight into who you are and what you do, as well as the core values your organisation lives by.
Your customers want value, and providing them with free education in the form of webinars is a great value-adding service. High-quality webinars position your business as an expert in your field, and give you the opportunity to teach your customers why your products or services are more valuable than others. Webinars also allow you to directly communicate with your customers, and this builds a genuine brand-customer relationship.
Whichever formats you use, try to personalise your videos as much as possible. Make sure your videos are mobile-optimised, based on customer data (like age, communication preferences, location, viewing habits), and that they contain a clear, concise call to action. Your main goal is to add value to your customers’ lives – and when you do, brand loyalty will follow.
If you’d like to read more about increasing brand loyalty, check out this great article from Forbes.
And don’t hesitate to get in touch if you have any questions!
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