Fighting Austerity with Video
Economic downturns effect most industries, and income suffers. Reacting to downturns positively will help ensure your turnover is unaffected and competitors won’t overtake. This article discusses a strategy to put you in the lead.
So, interest rates have increased, energy prices are soaring and general operational costs are rising. The pressure is on business wise to either get in more business or save costs. Increasing turnover to make more money or finding ways to save on operational costs will be on all of our minds.
However, unless you had considered how to approach these two challenges, months ago, reacting to them now, will possibly force the organisation to make some poor decisions that will affect its brand and profitability.
Sadly, our experience shows that marketing and promotion is one the first cuts made with some of our past clients. Followed by cuts in internal staffing and operational costs.
The thing is, in a period of austerity, marketing and promotion should be leaned into rather than pulled back from, and there are a number of reasons for this. Firstly string evidence shows publicity in tough times reinforces your brand and actually encourages trust.
Secondly, there is a good chance that your competitors with either pull back or take their foot off the gas so to speak. This gives you a brilliant opportunity to pull some market share away from them. If they’re not pulling back, then now more that ever is the time to get in front of them.
Thirdly, in real terms, customers won’t stop buying, however they will be looking for deals or assurances that their purchase will be a good one. The strategy is to strengthen the messaging.
Thinking strategically first is the key to any marketing or promotion campaign. What’s the objective? How does it fit into the current processes? Who exactly is the target from the message. Then what’s the communication journey? For example, a good plan that has considered the entire journey of the prospect will be the key to success of any campaign.
Saving money by considering operational cost is the another approach. Again short term actions, can be detrimental you the business success. Decisions that slow the organisation down can give your competitors the edge. Taking staff out of the operation can compromise your processes, putting undue pressure on the others at a time you’ll need them the most.
This is the point I am going to ask you consider video. Bare with me, as video now has some great functionality that can empower the way an organisation communicates both outwardly to make money and inwardly to save money.
Video now, if made properly has direct interactivity. Video can be built into frameworks that can function productively with in CRM systems. Video can now give multiple choice user options within the player itself that enables the viewer to experience their own information journey.
Cisco’s research recently revealed that product demonstrations have played an important part in 83% of buying decisions in manufactured tech products and software.
This takes video way beyond social media and website front pages. It opens up the realm of true functionality and productivity. Lead generation, up-selling, sales conversions for example to make money. Customer onboarding, product demonstrations, staff training, are just some of the cost saving applications.
Video give an organisation a strong way to communicate in any way. I personally believe it’s the Apex communication tool now, as we have not yet been shown a challenge or circumstance where video cannot support the process or strategy to answer it.
Making video work strategically, strengthens the way an organisation communicates. In times of austerity, communicating confidently to generate more money, to builds stronger teams and processes are ways to combat economic pressures and build a stronger more robust organisation.